Amsterdam-headquartered environmental solutions provider, ACT, has opened a second office in Asia Pacific, to better serve clients in the region as they work towards climate action goals.
The new Singapore base builds on the firm's established Asian presence in Shanghai, and brings its global footprint to a total of five offices, adding to its Western bases in Amsterdam, Paris and New York.
The news follows a pledge by leaders of the 21-member Asia Pacific Economic Cooperation (APEC) at a virtual forum hosted by New Zealand in November, to address environmental challenges in the region. Among other discussion themes that included heightened regional trade and geopolitical tensions, and the employment gap resulting from Covid-19, the body vowed to address the climate-related issues affecting the continent, where 70 per cent of global climate-related natural disasters occur.
Managing director for Asia Pacific at ACT, Federico Di Credico called the development “a giant step in the right direction in terms of reducing greenhouse gas emissions.”
He told FinanceAsia that, not only are companies now actively acknowledging that climate change exists, but they are also willingly investing time and resource to work to combat it.
“There is increasing public pressure on companies to improve their sustainability practices, and we’re excited to work with companies throughout Asia to help them do that.”
Di Credico confirmed that the Singapore office had opened with a team of nine, but that ACT plans to add another six people to the base within a couple of months, and to hire an additional 25-30 employees across varying levels of seniority, by the end of the year.
“Singapore’s economic importance and proximity to the fast-growing Asia Pacific markets played a large role in the decision to open an office there.”
While acknowledging that Asia’s large and fragmented nature means that each market’s characteristics vary and may require differing sustainability solutions – “For example, Japan, China, Korea, Australia, and New Zealand might see more corporate voluntary initiatives. Indonesia, Malaysia, and Vietnam might focus more on nature-based solutions and carbon projects” – Di Credico said that ACT is positioned to help across each of Asia’s geographies, and it is able to leverage experience dealing with clients in other parts of the world.
Established in 2009, ACT has participated in a number of international ESG-related initiatives. Last month, a biochar (charcoal that is added to compost) project led by the firm alongside wood products manufacturing company, Freres Lumber Co., was selected by Microsoft to participate in its Carbon Removal Programme. ACT has also been working with Microsoft as part of the tech giant’s $1 billion Climate Innovation Fund.
In spring last year, ACT was involved with Mexico-headquartered Grupo Bimbo – the world’s largest bakery – to sign its first Virtual Power Purchase Agreement (VPPA) to purchase renewable energy for its operations in Canada, as part of its transition to rely on sustainable power sources.
“Corporate entities have a huge role to play as leaders of both compliance-driven and voluntary climate action. In today’s world of globally interlinked supply chains that move incredibly fast, it’s more important than ever that service providers like ACT be on the ground to provide the timely guidance that corporates need to achieve their goals.”
Di Credico pointed to some of the global sustainability best practices that Asia can tap into including; the International Financing Reporting Standards (IFRS) that have created a clearer accounting standard for climate change impact; The Glasgow Pact, which enables countries to draw upon on its global framework to define, account, and develop their own sustainability efforts; other industry-wide international initiatives that offer uniformity and best practices for voluntary corporate initiatives.
Concluding his discussion with FA, Di Credico shared, “The biggest lesson of the pandemic is that the status quo can be challenged, and that humanity is more resilient than we sometimes think.”
“We need to realise the urgency of climate change and act upon that sooner and stronger than ever before. We have the technology, and further enhancements will be possible by simply having the right scale and investment.”
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