--- title: "Shaping a Responsible Tomorrow: Why Sustainable Economic Growth Matters" description: Watch H.E. Pedro Reis, Portugal's Minister of Economy, as he discusses sustainable growth, innovation, and entrepreneurship for a resilient future. image: https://39936595.hs-sites.com/hubfs/Imported_Blog_Media/Shaping%20a%20responsible%20tomorrow%20Why%20sustainable%20economic%20growth%20matters-1200x720-fs%20(1)%20(1).png --- ![](https://39936595.hs-sites.com/hubfs/Imported_Blog_Media/Shaping%20a%20responsible%20tomorrow%20Why%20sustainable%20economic%20growth%20matters-1200x720-fs%20(1)%20(1).png) # Shaping a Responsible Tomorrow: Why Sustainable Economic Growth Matters [ GFTN ](https://39936595.hs-sites.com/sff-2024-session-recordings/author/gftn) Nov 19, 2024 12:00:00 AM     **Key Highlights** **1. The Imperative of Sustainability** - **Challenges Ahead:** Climate change, resource depletion, and social inequality demand innovative and tailored responses beyond traditional paradigms. - **Opportunities for Growth:** Sustainability is not just a moral responsibility but a strategic pathway to long-term economic prosperity.   **2. Europe’s Commitment to Sustainability** - **Ambitious Climate Goals:** - EU Climate Law targets a 55% reduction in greenhouse gas emissions by 2030. - The European Green Deal integrates sustainability into actionable plans to leave no person or place behind. - **Budget Allocation:** - 30% of the EU’s long-term budget (2021–2027) is dedicated to climate-related projects. - A fiscal stimulus package focuses on building sustainable and inclusive economies. - **Carbon Neutrality Leadership:** - Portugal was one of the first countries to set a carbon neutrality target for 2050. - By 2023, 83% of Portugal’s electricity came from renewable sources, with the grid running entirely on renewables for several days in November 2023.   **3. Enabling a Green Transition** - **Capital and Regulation:** - A substantial mobilisation of capital is essential, supported by clear regulations and effective incentive schemes. - Striking a balance between innovation and regulation ensures economic growth while fueling green investments. - **The Role of the Private Sector:** - A vibrant private sector is critical to financing and driving the green transition. - Startups and entrepreneurs are pivotal in delivering innovative solutions for sustainable development.   **4. Financial Sector as a Catalyst** - **Impact Economy:** - The financial sector plays a central role in funding sustainable economic growth and accelerating climate transition. - FinTechs are crucial in democratizing access to financial services, fostering inclusion, and supporting marginalised communities. - **ESG Standards and Incentives:** - EU regulations on ESG-related disclosures and green bonds facilitate capital flows to sustainable businesses. - Companies integrating ESG principles attract more investment, talent, and customers while reducing risks.   **5. Twin Transition: Sustainability and Digitalisation** - **Transformational Technologies:** -  Digital tools such as AI, IoT, and cloud computing enhance resource efficiency, reduce waste, and optimise supply chains. - **Portugal’s Role:** - Startups and scale-ups in Portugal are spearheading innovative solutions, establishing the country as a testbed for sustainable and digital transitions. - Events like the Web Summit in Lisbon are catalysts for connecting global innovators and driving progress.   **6. Collaboration on a Global Scale** - **Portugal as a Bridge:** - Portugal’s unique position as a gateway to Europe, Africa, and Latin America allows it to connect global markets and drive sustainable innovation. - **Global Trade and Cooperation:** - Achieving a sustainable economy requires worldwide collaboration, promoting innovation, and ensuring equitable economic growth.   **7. A Just and Inclusive Transition** - **Social Inclusion:** - Financial schemes should protect vulnerable populations, offering reskilling programs and access to jobs in new economic sectors. - Building resilience involves preparing for climate events while strengthening economic frameworks for the most vulnerable.   **Conclusion** The journey towards sustainable economic growth is a shared endeavor. Governments, businesses, and individuals must collaborate to ensure resilience, prosperity, and justice for future generations. Let us embrace financial innovation and shared responsibility to leave a lasting legacy.   Watch Full Session   Speaker: - H.E. Pedro Reis, Minister of Economy, Portugal     [Inclusion](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/inclusion), [Sustainability](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/sustainability), [Singapore FinTech Festival](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/singapore-fintech-festival), [Video](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/video), [Artificial Intelligence](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/artificial-intelligence) ## Read On [![](https://39936595.hs-sites.com/hs-fs/hubfs/Imported_Blog_Media/Cross-border%20data%20flows_%20Powering%20the%20future%20of%20trade%20with%20open%20finance.png?width=352&name=Cross-border%20data%20flows_%20Powering%20the%20future%20of%20trade%20with%20open%20finance.png) ](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/cross-border-data-flows-powering-the-future-of-trade-with-open-finance) ### [Cross-Border Data Flows: Powering the Future of Trade with Open Finance](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/cross-border-data-flows-powering-the-future-of-trade-with-open-finance) {% video_player "embed_player" overrideable=False, type='hsvideo2', hide_playlist=True,... 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