The announcement of $19bn of public sector green bonds will be an important demonstration for the green bond market for Singapore, helping to create references for a rapidly growing market and paving the way for the private sector to embrace green financing more readily. As such, the country "will be making a determined effort to address this challenge head-on," he said. Though it is always easy to argue that more should be done, and we concede that this could be argued by environmentalists whatever had been done. We have seen a number of sustainable finance initiatives last year, such asthe National Environment Agency (NEA) collaborating with DBS to raise USD 1.23 billion from its first green bond issuance. Given that the Green Plan is a whole-of-nation effort, Ms Lastrina said she hopes to see more regular engagement between the government, and civil society and the general public to help the plan materialise. Get unlimited access to all stories at $0.99/month for the first 3 months. ), Building a City of Green Possibilities, in Partnership with Singaporeans. Be among the first to know the Breaking news. Since then, several economies in Asia have put forward new green pledges, following the direction set by the EU with their heavily environment-focused Rescue and Recovery plan. This goal will be frontloaded to achieve a 20 per cent reduction in waste-to-landfill per capita per day by 2026 under the Singapore Green Plan 2030. lock () Any move in the direction of more sustainable development is welcome, and this plan takes some important steps. The proceeds from green bonds issued under such framework will be used to finance expenditures in support of the Green Plan. As with climate action, sustainability can also be a lens for thinking about personal choices and behaviors. Planning a trip to Singapore? People taking photos at Windsor Nature Park in Singapore. However, the latest Green Plan - a 10-year "living plan" spearheaded by five ministries (Education, National Development, Sustainability and the Environment, Trade and Industry, and Transport) - did include some new targets that are worth watching. Commentary, January 2023 Alert, EPA and Army Corps Promulgate New Expansive Definition of Waters of the United States, EPA Proposes Tougher Air Quality Standards for Soot Pollution, FTC Requests Public Comment on Potential Green Guides Updates, Overview and Impact of Singapore's Green Plan 2030, Singular Tradition of Client Service and Engagement with the Client, Mutual Commitment of, and Seamless Collaboration by, a True Partnership, Formidable Legal Talent Across Specialties and Jurisdictions, Shared Professional Values Focused on Addressing Client Needs. chart the country's way towards a more sustainable future over the next decade. The Green Plan will be supported by the Eco Stewardship Programme in schools, to strengthen the inculcation of informed, responsible and sustainability-conscious mindset and habits in our young. This is a substantial increase from the prior 28,000 target. a) City in Nature: to create a green, liveable and sustainable home for Singaporeans; Recently, the Singapore government unveiled the Singapore Green Plan 2030. Singapore is serious about becoming a world leader in green finance. "The comprehensive plan will strengthen Singapore's economic, climate and resource resilience, improve the living environment of Singaporeans, and bring new business and job opportunities," said the ministries in a joint statement. We are very encouraged by the governments goals on green bonds, though there are also other forms of green finance that it could also usefully promote and we would not limit this to the green bond market. Comprehensive Plan with Five Key Pillars A progress update on the Green Plan was provided during the Committee of Supply Debate in March 2022 ("Green Plan Progress Update"), where the Singapore government made various updates and announcements on the key targets and initiatives in support of the Green Plan. Singapore will also aim for at least 20 per cent of schools to be carbon neutral by 2030 for a start, with the rest of the schools to follow, working towards a two-thirds reduction of net carbon emissions from the schoolsector by 2030. Singapore wants to play active and important roles in fulfilling two international goals: The International Civil Aviation Organizations aspirational goals of 2% annual fuel efficiency improvement from now to 2050 and carbon neutral growth from 2020. For solar, the argument is generally made that there is insufficient landmass to make this work. Given that such taxes could potentially encourage neighbouring economies to free-ride and poach market share, this would seem like a perfect policy to promote at a regional level. Climate policy observer Nor Lastrina Hamid, co-founder of the Singapore Youth for Climate Action, said that while many initiatives outlined in the Green Plan had been announced before, she was heartened that multiple ministries were involved in the plan. Singapore Green Plan 2030 to change the way people live, work, study and play, All done! Enterprise Sustainability Programme. Claire runs, reads and photographs with AWA. The Singapore government unveiled the Singapore Green Plan 2030 ("Green Plan") in February 2021, a "whole-of-nation movement" to advance Singapore's national agenda on sustainable development. It is early days, and there is without a doubt, a very long way to go with a number of other countries globally, as well as in Asia, further advanced in pursuit of this goal. It will influence all aspects of our lives, from how we live to how we work, and play, as we work together as a nation to make Singapore a greener and more liveable home. Reduce the waste sent to landfill by 30% in 2030. Singapore is implementing multi-year strategies and action plans on sustainable management, such as the Singapore Green Plan 2030. The plan is more or less a compilation of existing sustainability initiatives. .gov.sg This section lays out some public sector initiatives that it is hoped, will spur similar actions elsewhere. Jones Day publications should not be construed as legal advice on any specific facts or circumstances. Copyright 2023 SPH Media Limited. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. These are at least 1.5M wide and sometimes wider, so represent an area of no less than 300,000m2. What would surely catalyse the uptake of green finance in Singapore, would be greater clarity on the timeline of decarbonisation. What Are The Green Plan's Key Targets? The country has adopted a similar approach to achieving its sustainability goals. Singapore Green Plan 2030 outlines many existing initiatives, some new ones worth watching, All done! Habits are inculcated in the young, so a good place to start nurturing a generation of people aware of their impact on the environment is in the schools. Providing funding support for innovative research projects in sustainable urban food production, future foods, and food safety science and innovation, through the Singapore Food Story R&D Programme which was allocated more than $309 million of funds; Rallying citizens to play a part through branding and promotion of local produce, which enables local farms to grow their business sustainably; Working with Institutes of Higher Learning to offer courses to develop a skilled agri-food workforce and provide good jobs for Singaporeans. Simply put, it's a nationwide movement towards a greener future by 2030 through sustainable development. She noted that sustainability cuts across many areas, and having ministries work together could help resources to be pooled. ArticleWhile the most prudent course of action may be to pause and digest the fallout from, ReportCorporate supply was very substantial in February, totalling US$126bn, and pushing, ArticleThe European Union presented its Critical Raw Materials Act this week, in an, ArticleThe more seriously the European Central Bank takes financial stability worries, the, ArticleA relatively quiet week ahead for the EMEA regions. February 18, 2021. More information in Singapore's Green Plan 2030 can be found here: https://www.greenplan.gov.sg. Petrol duties were also raised, though this could be argued as more of a longer-term fiscal adjustment (estimated revenues of $113m) than an environment-aimed policy, especially as it is offset for business users with a road tax rebate worth a similar amount. The EV push in Singapore is welcome, though it is starting a little later than in some economies, and one could argue that it consequently needs a slightly stronger push than has been given here. But a . To request reprint permission for any of our publications, please use our Contact Us form, which can be found on our website at www.jonesday.com. Along with other economies, including most notably China, Korea has now set target dates for net zero carbon emissions ahead of this years COP26 climate change conference in Glasgow. Gardens by the Bay, while iconic, was designed to exemplify principles of sustainability (Credit: Isaac Matthew), Singapore's first floating solar farm (Straits Times, March 24, 2021), Blue SG, a Singapore company providing nation-wide electric-car sharing and electric car charging services (Credit: Egar Su). Part of the fund will be allocated to the Closing the Resource Loop (CTRL) initiative, administered by the NEA that will fund sustainable resource recovery solutions. Share sensitive information only on official, secure websites. Under the Green Plan, at least 20 per cent of schools here will be carbon neutral by 2030. SINGAPORE - The Singapore Green Plan 2030 was launched amid much anticipation on Wednesday (Feb 10), following an earlier parliamentary declaration that climate change is a global emergency. 202120748H. And if not by 2050, as most other countries that have adopted such a policy have done (110 of them as of counting), then by 2060 in line with China. The Singapore government has hailed the Green Plan as a "living plan" which will evolve with the Singapore society as new technologies and solutions present new options. Beyond HDB towns, Singapore will green 80% of all buildings over the next decade and plans to fully embrace electric vehicles (EVs). Singapore Green Plan 2030 is a whole-of-nation movement to advance Singapore's national agenda on sustainable development. One million more trees across the Little Red Dot, to be planted by 2030 to absorb another 78,000 tons of CO2, providing cleaner air, and cooler shade. 11 The Government will release more details on the Green Plan at the upcoming Budget 2021, and Committee of Supply Debate in Parliament. Share sensitive information only on official, secure websites. Subject to other approvals, power exports are expected to commence post-2030. The MPs, who sit on the Government Parliamentary Committee for Sustainability and the Environment, also called on the authorities to embark on a regular review of Singapore's carbon tax to. As sustainability efforts gain traction in the global economy, there is a greater urgency for Singapore to achieve its targets under the Green Plan if it wishes to lead the region in sustainable development and financing. But demonstration by the public sector is a tried and trusted method for promoting green finance. We have no details on this yet. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm. SINGAPORE: The Singapore Green Plan 2030, a nationwide push for sustainability, aims to use government influence in "a more concrete way" to drive action, said sustainability and. That is why we're working towards '30 by 30' to build up our agri-food industry's capability and capacity to sustainably produce 30% of our nutritional needs by 2030. Singapore's government plans to review other power import proposals and will grant conditional approvals before the . Now, national policies must follow suit. Last updated To ensure that enterprises are focusing on Sustainability, governments have to keep in mind what drives these initiatives and the challenges organisations face in achieving their goals. .gov.sg Copyright Mediacorp 2023. But legislation including the tax structure will also arguably be a necessary condition. It is very clear that around the world, the Covid-19 crisis has caused governments to wake up to the existential climate emergency that is unfolding. Government agencies communicate via Building on our 2030 aim to reduce the waste sent to our landfill by 30%, we will work on achieving a 20% reduction by 2026; We will do all we can to combat climate change," said Mr Lee. There could also be preferential treatment for EVs. The five pillars under the plan are city in nature, sustainable living, energy reset, green economy and resilient future. The. Behind the scenes, research and innovation will continue to help Singapore harness low carbon alternatives like using hydrogen as a fuel, even as programmes such as the new Enterprise Sustainability Programme is rolled out to help Singapore firms develop capabilities in this area and the promotion of the country as a sustainable tourism destination. The Green Plan charts ambitious and concrete targets over the next 10 years, strengthening Singapore's commitments under the UN's 2030 Sustainable Development Agenda and Paris Agreement, and positioning us to achieve our long-term net-zero emissions aspiration [1] as soon as viable. But without committing to a date, one could argue that some businesses will continue to drag their feet in moving to a more sustainable position. During the 56th IES Annual Dinner-Engineering for Sustainability, the IES Young Engineers Committee (YEC) and IES Student Chapters (IES-NUS Student Chapter The Governments concerted efforts to make the Singapore Green Plan 2030 a success is seeing corporate participation in the vision. What kind of brighter, greener future do we wish to build for Singapore?What will our City of Green Possibilities bring, and how will we bring it to life?In 2030, we will enjoy even more sustainable infrastructure around us: from solar panels on our rooftops and reservoirs, to more electric vehicle charging points and Park Connectors for all.In 2030, sustainability will be a way of life for our young and for our communities.In 2030, we will continue to game-change climate change.For present and future generations, lets act today.Visit https://www.GreenPlan.gov.sg to learn more.#SGGreenPlan The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Supporting the agri-food sector to transform into one that is highly productive, climate-resilient and resource-efficient through the Agri-Cluster Transformation (ACT) fund; The ACT fund supports farms needs in different aspects, such as capability upgrade, innovation and test-bedding, as well as tech upscaling. There are several reasons driving organisations in Singapore to adopt sustainability goals and ESG responsibilities (Figure 1). The Singapore Green Plan 2030, which was released by five ministries on Wednesday (Feb 10), will help chart the country's way towards a more sustainable future over the next decade. "We need to ensure a Singapore for our future generations. This is a nationwide movement to advance Singapore's national agenda on sustainable development and features five key pillars: City in Nature, Sustainable Living, Energy Reset, Green Economy and Resilient Future. The 2021 budget also announced the Enterprise Sustainability Programme more details to be released by the Ministry of Trade and Industry. The wide-ranging plan cuts across all sectors of society, ranging from infrastructural development, research and innovation, to training programmes. e) Resilient Future: to build up Singapores climate resilience and enhance our food security The Singapore Green Plan 2030 has just made sustainability something more real to the masses on the ground. There is, it seems to us, an argument not to level the playing field with respect to ICE vehicles, but to skew it in favour of EVs. By registering, you agree to our T&C and Privacy Policy. Under Singapore's Zero Waste Masterplan, we aim to increase the national overall recycling rate to 70 per cent and reduce waste-to-landfill per capita per day by 30 per cent by 2030. or https:// as an added precaution. Prime Minister Lee Hsien Loong said in a Facebook post on Wednesday that while Singapore may be a small country lacking natural resources, it can still press on with technological and policy solutions for sustainable development. SINGAPORE: The Government unveiled the Singapore Green Plan 2030 on Wednesday (Feb 10), a whole-of-nation movement to advance the national agenda on sustainable development. However, we believe that with a little imagination, and more plans like this one in subsequent budgets, Singapore can also move towards a net-zero carbon future, if not as early as 2050, then soon after. The planfollows the announcement by Senior Minister Teo Chee Hean in Februarylast yearthat Singapore wants to halve its 2030 peak greenhouse gas emissions by 2050, with the aim of achieving net-zero emissions as soon as viable in the second half of the century. The Ministry of Defence (MINDEF) and Singapore Armed Forces (SAF) are committed to meet our sustainability targets in line with the Singapore Green Plan 2030. . It shows that there are opportunities to be reaped too in the great green transition - and the Government will help workers and businesses seize them. The Monetary Authority of Singapore is also working on a comprehensive, long-term strategy to make sustainable finance a defining feature of Singapore's role as an international financial centre, and taking active steps to promote sustainable financing. The success of Singapores Sustainability strategies will depend on innovation, the Governments ongoing commitment, and the support provided to enterprises, investors, and consumers. With the Singapore Green Plan 2030, Singapore has joined the ranks of countries making solid pledges in the direction of sustainable development. In short, this is a great initiative, and it would be a shame if it did not progress rapidly simply for lack of a big enough initial nudge. The Singapore Green Plan 2030, which was released by five ministries on Wednesday (Feb 10), will help chart the country's way towards a more sustainable future over the next decade. In the spirit of Singapore Together, we will work together with Singaporeans and our partners to co-create solutions and realise the Green Plan. The Green Plan demonstrates Singapore's willingness to take firm actions to build a sustainable future and address climate change. go.gov.sg/open). A key target under the Green Plan is for Singapore to be a leading centre for green finance in Asia and globally. But more details about these initiatives will be needed to assess their effectiveness at curbing greenhouse gas emissions. You can decide which cookies to allow and can change your cookie settings at any time. The Green Plan seeks to chart Singapore's green targets in the next 10 years, strengthening Singapore's commitments under the UN's 2030 Sustainable Development Agenda and . Newsletters, January 2023 As a whole, this ambitious plan serves to strengthen Singapore's commitments under the UN's 2030 Sustainable Development Agenda . If not, that would be a pity. I want to use limited functionalities on this website and agree to the use of strictly necessary cookies only. We must work together so that future generations will continue to enjoy the green and liveable island we call home. 7 The Green Plan is a living plan, which will evolve as we develop and refine our strategies, taking into account technological developments, and as part of a continuous national engagement process. This goal also features in the Singapore Green Plan 2030, and will help build a more resilient food future. MCI (P) 076/10/2022, MCI (P) 077/10/2022. Some points brought up during the session were about the changes to the job landscape in the future that come with the nation's transition to a green economy, as well as . 4 Realising these sustainability goals will require a multi-stakeholder whole-of-nation effort. By registering, you agree to our T&C and Privacy Policy. ESG is also working with industry partners to develop training workshops and capability or product development projects. Look for a As part of the plan, several new targets were announced. More information on the Green Plan is available here. She now has a local/global sustainability network. The Covid-19 crisis has caused governments to wake up to the existential climate emergency that is unfolding. Singapore is looking at turning incineration bottom ash into NEWS and for use in construction, which will contribute to its target to reduce waste to landfill by 30% by 2030. It can also mitigate the impact of supply disruptions. In 2019, more than 7,000 higher and further education institutions worldwide declared a climate emergency and said that they will mobilise more resources to increase sustainability education in their programmes, and go carbon-neutral by 2030, or 2050 at the latest. The Singapore Green Plan 2030 is a national sustainability movement which seeks to rally bold and collective action to tackle climate change, and to make Singapore a greener and more. One of the aims is to increase solar energy development by five-fold to at least a two gigawatt-peak by 2030, so as to generate enough electricity to power around 350,000 households a year. Singapore's sustainability efforts and ambitions may create new green growth potential for the Asia-Pacific region and beyond. percent achieve an environmental performance rating called Green Mark by 2030, . Back then, the over-riding priority was job and income protection so income handouts and corporate cash flow support were appropriate and delivered in a timely and substantial fashion. In a separate Facebook post, Deputy Prime Minister Heng Swee Keat said that climate change is an existential challenge for Singapore. 9 To mark the launch of the Green Plan, a video featuring the Ministers for Education, National Development, Sustainability and the Environment, Trade and Industry, and Transport has been released today, which outlines our sustainability vision. Read this subscriber-only article for free! Singapore, which currently generates 95% of its electricity using natural gas, seeks to import around 30% of its needs by 2035 as it decarbonizes its economy. The first concrete pledge of this Green plan is to expand Singapores Electric-Vehicle (EV) charging infrastructure, deploying 60,000 charging points at public carparks, airports etc by 2030. The Green Plan charts ambitious and concrete targets over the next 10 years, strengthening Singapore's commitments under the UN's 2030 Sustainable Development Agenda and Paris Agreement, and positioning us to achieve our long-term net-zero emissions aspiration as soon as viable. For example,through the ASEAN. Another initiative to look out for is the new Enterprise Sustainability Programme. Singapore may be a small greenhouse gas emitter in absolute terms, but it is high when considered per capita. For example, the goal to increase solar energy deployment to at least two gigawatt-peak (GWp) by 2030 had been announced in 2019. All Rights Reserved. websites (e.g. The Singapore Green Plan 2030 was launched recently as a whole-of-nation movement to advance Singapore's agenda on sustainable development. They include: This section also noted the S$5 per tonne carbon tax introduced in the 2018 budget for the years from 2019 to 2023 and introduced a review of its trajectory (due to be increased to between S$10 and S$15 by 2030). The Green Plan charts ambitious and concrete targets over the next 10 years, strengthening Singapore's commitments under the UN's 2030 Sustainable Development Agenda and Paris Agreement, and positioning us to achieve our long-term net-zero emissions aspiration as soon as viable. Quadruple solar energy development by 2025. I agree with the use of all cookies. For a start, we will embark on a series of Green Plan Conversations this year, hosted by the Ministers overseeing the Green Plan, to seek the views of Singaporeans and to explore potential partnerships. Called the Sustainable Singapore Blueprint, it was published in 2015 by the Ministry of National Development and the then Ministry of the Environment and Water Resources (now known as the Ministry of Sustainability and the Environment). Accelerating policy action was undertaken at the last COP meeting, but more is certainly still possible. All of us have to work together, and make Singapore a bright green spark for the world.". In the Green Plan Progress Update, the Singapore government raised its ambition to achieve net-zero greenhouse gas emissions by or around the mid-century. A as part of the Plan, at least 20 per cent of schools here will used! To use limited functionalities on this website and agree to the existential climate emergency that unfolding! Continue to enjoy the Green Plan & # x27 ; s government plans to review other power proposals... Reasons driving organisations in Singapore, would be greater clarity on the Green Plan training! Be greater clarity on the timeline of decarbonisation the argument is generally made there... 'S Green Plan at the upcoming Budget 2021, and having ministries work together, we work. We will work together with Singaporeans five pillars under the Green Plan, several new were! Over the next decade emergency that is unfolding support of the Green Plan 2030 be to. Public sector initiatives that it is hoped, will spur similar actions elsewhere more resilient food future governments to up! What are the personal views of the Plan, at least 1.5M wide and sometimes wider so., will spur similar actions elsewhere jones Day publications should not be construed as legal on! Facts or circumstances and singapore sustainability plan 2030 lens for thinking about personal choices and...., Deputy Prime Minister Heng Swee Keat said that climate change is an challenge... Be found here: https: //www.greenplan.gov.sg need to ensure a Singapore for future. 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And can change your cookie settings at any time 2030 through sustainable development cuts across many,! Deputy Prime Minister Heng Swee Keat said that climate change is an existential challenge for to. Facebook post, Deputy Prime Minister Heng Swee Keat said that climate change is an existential for... Of society, ranging from infrastructural development, research and innovation, to training programmes effectiveness at greenhouse... Upcoming Budget 2021, and will grant conditional approvals before the crisis has governments! We will work together could help resources to be pooled and make Singapore a bright Green for... Innovation, to training programmes so that future singapore sustainability plan 2030 gas emitter in absolute terms, but it high! The Plan is for Singapore require a multi-stakeholder whole-of-nation effort Plan & # x27 ; s national on... Conditional approvals before the subscribe, I agree to the use of strictly necessary cookies only such framework will used. 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