Tan Sri Andrew Sheng moderated Asia Global Dialogue 2022 on the topic of Asia in a Changing Economy – Pathways to Green Growth on 18.11.2022 in Hong Kong.

The discussion was centered around the matter of the utmost importance for human beings and planet Earth: climate change and a sustainable future. Many countries in 2022 have witnessed firsthand the effects of climate change and the consequences of downplaying of it. Yet despite the urgency, the world still does not have a solution for it. In this session, moderator Andrew Sheng invited panelists from the financial sector to share practical plans and actions that help mitigating climate change.

Barbara Meynert believes that the financial sector needs to re-examine the existing institutions and rules to adapt to the new era of climate challenge. She established a social enterprise that aims to provide global connectivity for SMEs so that they can get the knowledge, talent and technology they need to transit to sustainable growth.

Similarly, Sally Chen of Bank of International Settlement noticed that many people, especially the young, the poor, and women, are excluded from loans and other financial tools because they lack the collateral that traditional banks require. Without capital and financial tools for a wider population, transition to green growth will be impossible to achieve. The solution to that, Chen believes, lies in financial innovation, a great example of which is the booming virtual banks in Asia which leverage big data and digital assets to allocate capital to smaller borrowers.