01/30/25
TLDR: A month filled with new lessons and beginnings. I started working with a new team at work and started adapting to their new ways of working. I had multiple gatherings with friends to catch-up on their lives and to reconnect with my life in Singapore.
This month started off the year at a high note. I kick-started the month with a meaningful conference (7 - 8 Jan): Investments into Forestry & Biodiversity Summit, hosted by CE-EM. It was a moment to take in when I saw my school mates at the conference. It dawned on me that all of us are moving on to another phase of our lives together. It was a bittersweet realisation. Besides that, I had a lot of takeaways from this conference and I had some time to share some of my findings during our team's weekly meeting. Some of them are as below. And my own personal opinion in one-liner? Generally, not enough spotlight on diverse conservation funding models, which is misleading.
- Massive challenge surrounding securing long-term land ownership or leases for long-term forestry contracts, where benefit-sharing does not seem to satisfy the aboriginal owners of the land
- Both additionality and permanence remains as clear struggles of the forestry carbon business as short-medium term carbon storage is what defines forestry business and additionality for carbon projects should go beyond emission reductions but also include co-benefits such as improving the livelihood of the vulnerable communities
- An emerging convergence of social impact assessment concepts (e.g., theory of change) becomes an increasingly important cornerstone of any forestry carbon projects – stemming from the understanding that the commitment from local communities will ensure project longevity and integrity
- The role of insurance companies is increasingly more defined: as a market player - providing insurance coverage for carbon projects or as a project beneficiary - providing revenue flows for carbon projects diverted from project premiums
- Contentious point on making biodiversity credits tradeable is an external reflection of a market power play versus the intrinsic value of biodiversity
- Biodiversity credits market is positioned as a scalable mechanism that could be suited to close up the short-term conservation funding gap
- Clear trend of forestry business owners in SEA actively considering a business transformation to diversify their portfolio to include carbon credits generation from forestry (incl. ARR, IFM)
- Forestry-related carbon credits could be isolated from global standards and frameworks including Article 6.4 methodologies and CORSIA – hence, there is still a strong consensus for the need of VCM; there is clear displeasure from project developers on the diverging methodologies and is calling for standardisation instead
- Blue carbon projects face significant operational hurdles at the onset, but thereafter the challenges are significantly reduced as the local communities become more experienced with managing mangroves and knowing what works (i.e., reduction in OPEX costs is expected
I had ~4 gatherings with friends this month, roughly once per week. It is pretty surreal to think that I was just in BKK in the entire month of December. And before I realised, I am back in Singapore - as though nothing has changed since I left. My Thai friend, P'Namwaa, came to Singapore for a visit and I caught up with her over dinner at Pasir Panjang Hawker Centre and sent her to the airport afterwards. We had a conversation on how volatile the political environment is and how it feels like sustainability professionals like ourselves would lose our relevance anytime. Truth be told, doing the work that I am doing is a dream come true. The issue is really the fact that we are in pursuit of a greater good that is seemingly worthless to certain groups of the global population. But who is to blame when everyone is living different realities and have different perspectives of what is ultimately important to them? Who am I to say that what I hope for the world is more important than another girl in the United States who needs cheaper electricity just to get by. The energy trilemma is as real as it gets. Ultimately, the long-term upsides will always be blindsided by the short-term downsides. All of us are just trying to get by, fighting for something that means something or anything to us.
With that being said, it is true that I do need to be able to build a sustainable niche in sustainability. And I need to figure this out somehow. If I take Ms RY as an example, she cares so deeply for the world and the impact of her portfolio on the environment and communities, but she still needs to manage the day-to-day demands of her work. I am sure it is difficult for her to strike that balance between realism and idealism, but it is fascinating how she navigates it. Question is always how to integrate and build a business that matters and lasts. She is an inspiration for me. To be honest, infrastructure investment and designing business models fascinate me. That is one area of work that I would love to explore more further in the future.
Your life, Hui, no one else.