Recently, the Singapore government unveiled the Singapore Green Plan 2030. 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. In order to achieve these pillars, the Singapore government will be introducing an array of new initiatives and targets in the areas of green finance, sustainability, solar, electric vehicles (EVs) and innovation.
It is likely that incentives may be provided to promote the development and deployment of technologies in solar power, EVs and certain aspects of green finance. Incentives provided by the Singapore government could provide the impetus needed for Singaporean companies to enter into joint ventures with established global players or emerge as market leaders in the years to come.
Singapore Green Plan 2030
On 10 February 2021 the Singapore government unveiled the Singapore Green Plan 2030, a nationwide movement to advance Singapore’s national agenda on sustainable development. The Green Plan is to be spearheaded by five ministries – the Ministries of Education, National Development, Sustainability and the Environment, Trade and Industry, and Transport – and features five key pillars as follows:
- City in Nature: to create a green, liveable and sustainable home for Singaporeans.
- Sustainable Living: to make reducing carbon emissions, keeping the environment clean and saving resources and energy a way of life in Singapore.
- Energy Reset: to use cleaner energy and increase energy efficiency to lower Singapore’s carbon footprint.
- Green Economy: to seek green growth opportunities to create new jobs, transform Singapore’s industries and harness sustainability as a competitive advantage.
- Resilient Future: to build up Singapore’s climate resilience and enhance its food security.
In order to help achieve the five key pillars, the government will be introducing an array of new initiatives and targets. Of note are:
- Green finance: For Singapore to be a leading centre for green finance in Asia and globally.
- Sustainability: The introduction of a new Enterprise Sustainability Programme to help Singaporean companies develop capabilities in sustainability.
- Solar: A commitment to increase the deployment of solar power generating assets in Singapore to at least 2GWp.
- Electric vehicles: Supporting the growth of EVs by doubling the number of EV charging points in Singapore from 28,000 to 60,000
- Innovation: The promotion of homegrown innovation under the Research and Innovation & Enterprise Plan 2025 (RIE2025), and attracting companies to anchor their R&D activities in Singapore to develop new sustainability solutions.