Big money investors, such as Singapore wealth fund Temasek, said they’re continuing to go green even though U.S. President Donald Trump pulled out of the Paris climate change deal.
Going green was just good business, said Robin Hu, head of the sustainability and stewardship group at Temasek, in a television interview on Monday.
“If you are sitting on the board, whether as a director or an independent director, you must be caring about not just profit, but also the community that you belong to,” Hu said on the sidelines of the Ecosperity conference in Singapore on Monday.
“You can not be a sustainable business if you are doing harm to the world around you.”
At the end of March, a portfolio of about 242 billion Singapore dollars ($175.20 billion) is owned by Temasek.
By saying he wanted a more “fair” deal for American businesses and workers, Trump had announced that the U.S. would withdraw from the Paris climate agreement in a controversial move last week.
There was an immediate outcry from the world community by that decision.
“Promising to recreate the 19th century is not a visionary strategy for a successful 21st century”, said former U.S. Vice President and long-time environmental activist Al Gore said on “Meet the Press” on Sunday while referring to Trump’s vow to bring back coal jobs.
He would renegotiate a “better” Paris deal, said other who were skeptical of Trump’s claim.
“That’s like O.J. Simpson saying he’s going to go out and find the real killer,” John Kerry, a former U.S. Secretary of State, said on “Meet the Press” on Sunday.
Support for Trump’s decision was offered by Scott Pruitt, administrator of the U.S. Environmental Protection Agency (EPA) and a climate-change denier.
“The is a decision that was right for this country from a jobs perspective, an economy perspective, and an environmental perspective,” Pruitt said on “Meet the Press”on Sunday.
The fund remained focused on how going green was a good investment, Temasek’s Hu said.
Indications of around $12 trillion worth of untapped business potential if companies take sustainability seriously, were made in a report “Better Business, Better World Asia,” from the Business & Sustainable Development Commission produced in partnership with the Singapore fund and AlphaBeta and he pointed to that report.
“Sustainability is not a cost. It’s actually a growth driver,” Hu said.
(Adapted from CNBC)