According to a climate market map of India and Southeast Asia (SEA) authored by Hemant Mohapatra, Partner at Lightspeed, Singapore appears to be “far ahead” in terms of the role of companies, although urgency and compliance vary across the SEA region mitigating the effects of climate change.
There are several examples, including SGX’s carbon accounting mandate for public companies, which threatened delisting for those who failed to comply by 2024.
But Mohapatra wrote that the “most exciting development” in companies’ role in addressing the impacts of climate change is the shift of talent from “non-green” to “green” job options.
“Employees are increasingly acquiring green skills and moving into green and green jobs, leading to positive net transitions into those jobs. Younger generations are the biggest sources of new talent in green careers globally, with millennials taking the lead,” he explained.
“Companies like terra.do are helping to accelerate this change. While this volume of talent is dying due to climate
Roles are still too minor to have transformative impact on their own; We are encouraged by these changes.”
Also read: Beyond buzzwords: How climate tech startups can make an impact on the green recovery
In addition to trends in talent and jobs, Lightspeed has also noted the spectrum of companies in SEA and India that are solving climate change challenges. The company found that these companies can be divided into four main categories:
– Companies that measure and report the carbon or GHG footprint of individuals or institutions
– Companies that reduce the footprint of other companies through operational or efficiency-related changes
– Companies replacing the current corporate footprint with greener options
– Companies that offset whatever is left over by sequestering carbon directly or by buying credits for it
via a marketplace that performs the sequestration on behalf of the customer.
“Given how early the entire climate change category is, there is still a lot of misunderstanding about what is needed, what is urgent, and what is being sold as a product or as a service. We’re trying to simplify some of it,” Mohapatra wrote.
He also added that Lightspeed, having evaluated climate investments in India since 2019, found the exercise “both sobering and alarming.”
Capitalism is part of our professional profile, so it wasn’t easy to come to terms with the role we, as venture capitalists, may have played in damaging our world. Huge amounts of venture and entrepreneurial resources have been used to provide more targeted advertising to drive the overconsumption of things — clothes, gadgets, household items — that are themselves designed to last only a few years,” he concluded.
The full report can be found here.
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