The widespread adoption by the corporate sector of sustainable practices will not come automatically, or quickly enough, if this is left entirely to market forces, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam last night. The companies that have moved beyond the rhetoric of sustainability, to actually alter business models and practices, are in the minority everywhere in the world, he pointed out. "If we wait for markets to provide the incentives, we will lose a critical window of opportunity to address the looming challenges of climate change, depletion of natural resources and loss of biodiversity - all of which will threaten the next generation."This is why governments and regulatory bodies need to step in to implement policies that will incentivise sustainable practices; why all countries have to move together; and why there is a critical role for collective leadership through international and multilateral organisations."

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Straits Times