SINGAPORE - The global cost-of-living crisis has reached a tipping point in recent months. Consumer prices are soaring - the United States consumer price index again topped expectations in August, and millions risk facing dire energy shortages in the Northern Hemisphere as winter approaches.

These shocks serve as harsh reminders of the immediate impact that resource scarcity can have on both lives and economic growth. And this burden will only rise as the world becomes more populated, urban and affluent in the decades to come.