Rebecca Mikula-Wright heads the leading network of Asian institutional investors mitigating climate risks. Helen Clarkson is CEO of the global non profit that’s driving climate action with 600+ of the world’s leading corporates.
Ahead of the Climate Group Asia Action Summit, the two leaders talk about the impact of the Iran conflict, why the economic argument is on our side, and where the money is likely to go next.
HELEN: Rebecca, how much of a growth opportunity is climate action in Asia right now? What are you seeing?
REBECCA: It’s the investment opportunity of the century. And we're really starting to see that come through in Asia – as an investment theme. The world's growth engine is going green, whether that's China, Indonesia, you name it. And Asia has always been known for the “leapfrogging effect”, jumping directly to more advanced technologies, like EVs or renewables. The economics are on the side of climate action, and Asia is taking advantage of that.
HELEN: Having worked in sustainability for a long time, I've always said: “Let's make the business case, not the moral case.” Because I think you don't get very far on the moral case.
REBECCA: And now we’re in a place where the economic argument can really back us up. We can make this move faster – because of cost factors. That’s a nice place to be in, and definitely something we weren’t able to say five or ten years ago.
HELEN: We used to say to businesses that, to be here in 20, 30 years’ time, you'll need to have done this or that. But it was always quite conditional, trading on future counterfactuals. Now the economic case is in place – that’s really changed things.
REBECCA: But not everybody knows that yet. Making sure we tell that economic narrative is a really critical piece of work now. How we position our work – and the role of investors, particularly. This may have arrived with the top levels in policy, but having to wash it through the entire system – that’s the hard work.
HELEN: There's definitely a lot of misinformation still. The active type, but then also the stuff that just won't go away. All the way up to some of the big broadcasters. People are saying things about China they read about ten years ago. They haven't updated their thinking in any way.
HELEN: What’s getting the attention in Asian boardrooms right now?
REBECCA: We’re seeing a more granular approach. That’s what global investors want to see from companies in Asia now. They’re saying: You’re setting these short, medium, long-term targets, that’s great – but are your corporate transition plans going to match up? What is your capital allocation that you're putting to that? Are you putting enough capital into R&D around the solutions you're saying are going to help you decarbonise?
HELEN: And then, how can that be matched by policy as well?
REBECCA: Exactly, and in Asia, we’re sometimes reaching the limits of where corporates can go now. Because the policy settings aren't there. This is where the work is now, because many companies are waiting for the policy signals to move.
HELEN: That mirrors our evolvement as an organisation driving climate action. From aggregating a corporate demand signal – to also being an active driver of policy in key markets. For exactly this reason. What are some dynamics in the investor space?
REBECCA: It's been really interesting – and encouraging – to see the evolution in Asia. Similar to the corporate side, investors are starting to test the frameworks. They’re implementing climate risks and opportunities into their portfolios, and they’re using corporate engagement as a real-time test case. What’s exciting is what can happen when we’re bringing investors, corporates, and policymakers in a room together – and start to fast-track some of this policy problem-solving.
Rebecca Mikula-Wright and Helen Clarkson are key speakers at this year's Climate Group Asia Action Summit on 21 May in Singapore.
HELEN: At the Climate Group Asia Action Summit last year, tariffs were the news story of the day. But at our event people weren't talking about them that much. That really struck me. It was much more: the US is over there, we're over here. We care about what China's doing. We care that CBAM is coming. It was nice to be in that space, and not to be bombarded with “Trump chat” the whole time. I'm going to guess that's changed a bit.
REBECCA: You know, similarly, I was at the Boao Forum for Asia about a month ago – Asia's World Economic Forum equivalent. It’s hosted by China, with all Asian nations there, and leading global corporates, from across the region. And one thing came through was that climate wasn't necessarily mentioned. It was very much about green integration. About lower costs of production, lower cost of energy inputs. It was about strengthening regional supply chains, strengthening regional cooperation – and all within this green growth frame. But then, that was early on in the Iran conflict.
HELEN: It's difficult to say, isn't it? Where we were before the conflict, and where we are now. I can see two stories coming out of the countries that are really downstream of the current energy price increases at the moment. One is about various countries pushing their coal phase-out dates – but then, on the flip side, suddenly people are understanding just how much renewable energy can deliver in terms of energy security. To the extent that you're no longer trapped into a geopolitical system.
REBECCA: Yes, remember Pakistan?
HELEN: A spectacular consumer-led boom in solar. Put cheap Chinese panels into the hands of people dealing with skyrocketing electricity prices and severe grid reliability issues – and simple economics will do the rest. South Korea has confirmed ambitious renewables targets, so has Indonesia. And in countries like Malaysia and Thailand companies are buying their own renewables – at scale. They’re pouring billions into installations, because it makes business sense.
REBECCA: Right across Asia, countries are saying: we’ve got to fast-track this now. And they're definitely doing that.
HELEN: And still, many countries haven't been able to move fast enough – for different reasons.
REBECCA: That’s why groups like ours need to reinforce the message that there's no shortage of global capital. Investor money wants a home to support this transition. It's the policy piece we need to crack – to make sure that capital can be unlocked. That's the biggest barrier. Where can we work, with organisations like yours, to push that message forward? How can we get the scale so the big pension funds, who hold all this capital globally, can invest into this transition.
HELEN: That's always the bit that baffles a non-financial person like me. Here are global investors with all that capital to invest – and here are all those projects that need the money. Why doesn’t this connect?
REBECCA: A lot of what we’re trying to do is demystify this misconception. Every market is different and there's different types of asset owners: sovereign wealth funds, pension funds, corporate pension funds. They all operate slightly differently, but large institutional investors tend to avoid small climate solution investments. They just can’t make the numbers work, because evaluating a $10 million deal requires nearly the same time and resources as assessing a $1 billion deal. They know they need to deliver strong financial returns for clients, so they're not structured to spend time on many smaller, riskier deals.
AIGCC’s new Asset Owner 2030 Playbook shows how Asian asset owners are combining strong long-term financial performance, material emissions reductions, and increased allocation to climate solutions.
HELEN: What’s needed to fund early-stage climate projects?
REBECCA: Venture capital and blended finance can test and de-risk them first. Once those solutions are proven, institutional investors can participate more easily by investing in larger, aggregated funds that bundle many smaller projects together. In the meantime, shareholders need to keep pushing major companies to decarbonise and create demand for climate solutions.
HELEN: What’s a major investment we can both agree on?
REBECCA: The grid. That's a good, safe, long-term investment. That's the kind of stuff that a pension fund will like. But then, grids are complicated – they’re often state-owned, there’s a lot of players in the picture.
HELEN: Yet another reason why it’s so important to keep talking to investors, corporates, policymakers – every kind of stakeholders in this ecosystem – and bring them together in a room, at one table.
The Climate Group Asia Action Summit convenes forward-thinking leaders from business, government and civil society, from across Asia and beyond, to tackle the challenges and chart new pathways for solutions.
Rebecca Mikula-Wright is the Chief Executive Officer of the Asia Investor Group on Climate Change (AIGCC) and Investor Group on Climate Change (IGCC). Rebecca has worked in climate change, sustainability and investment banking for over 20 years in Hong Kong, Europe and Australia. For her full bio, please visit AIGCC’s website.
Helen Clarkson has been the Chief Executive Officer of Climate Group since 2017. She has worked on climate change and sustainability for the last 20 years, focusing in particular on systems change in partnerships with businesses and governments. Read her full bio here.
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The Climate Group Asia Action Summit, on 21 May 2026 in Singapore, goes to the frontiers of competitive, clean growth. Our flagship event convenes forward-thinking leaders from business, government and civil society, from across Asia and beyond, to tackle the challenges and chart new pathways for solutions. Rebecca Mikula-Wright and Helen Clarkson are both key speakers.
Discover the Climate Group Asia Action Summit