Depth report

　　

Singapore's Ministry of Trade and Industry recently launched the Green Economy Regulatory Innovation Initiative to support businesses in seizing new green development opportunities, developing green products and services, and contributing to global climate action.

In recent years, in order to accelerate the development of green economy and encourage innovation in related fields, various government departments in Singapore have been strengthening the overall coordination. The Green Economy regulatory Innovation Initiative is one of the fruits of its efforts. The initiative consolidates existing business development support programs across different regulatory agencies. It helps companies save time and effort in consulting or seeking assistance from different agencies, so that companies can determine the feasibility of development projects in a shorter period of time, and greatly facilitates projects that require cross-agency services.

Under the initiative, companies can submit project plans through a one-stop platform, and relevant institutions will give review opinions within 30 days. Some of the more feasible and promising proposals will be evaluated quickly, their proposed concepts, plans, etc. will be tested more quickly, and if successful will be formally launched as new green solutions. At present, the green economy regulatory innovation initiative covers a total of eight key areas, including carbon services and trading, circular economy, electric vehicles, energy industry, sustainable aviation and maritime, and sustainable tourism.

The Singapore Government is committed to promoting green development. In February 2021, the Singapore government released the "Singapore Green Development Blueprint 2030", which sets out the green development goals for the next 10 years, and green economy is one of the key development areas. The Singapore government hopes to further promote sustainable economic development, create new engines of economic growth and job creation, and seek new investments that focus more on energy conservation and emission reduction.

To encourage innovation in the green economy, the Singapore government has implemented a series of incentives. Singapore's National Environment Agency has launched an "Energy Efficiency Fund" to support companies in adopting energy-efficient technologies, offering subsidies of up to 70 per cent of costs. Through the fund, a Singapore steelmaker switched to a more energy-efficient air compressor, saving about 48 tons of carbon emissions and more than 30,000 Singapore dollars ($1.30) a year in costs. The Enterprise Development Authority of Singapore has launched a S $180 million Corporate Sustainability Programme. It works with businesses, chambers of commerce and other government agencies to help Singapore enterprises, especially smes, strengthen their sustainability capabilities through subsidised training workshops, assistance in product and service innovation, and better access to green finance. Seize new opportunities for green development. It is estimated that at least 6,000 businesses will benefit from the scheme.

Singapore is also actively encouraging businesses to promote green innovation. A number of government agencies, including the Ministry of National Development, the Energy Market Authority and the Monetary Authority of Singapore, have launched special support programs to encourage enterprises to carry out green innovation and active practices, creating an environment for enterprises to implement innovative solutions, providing financial support and easing regulatory requirements under certain conditions.

In order to promote the development of green economy, the Singapore government is committed to building a green financial center. In 2021, the Singapore government and the financial industry jointly launched the green trade finance standard, and in 2022, the green bond framework was introduced to issue the first government green bond. Singapore plans to issue up to S $35bn of green bonds by 2030 to finance green infrastructure projects in the public sector. Integrating sustainability into national and corporate development plans is central to Singapore's long-term competitiveness, said Ngan Kim Yong, minister for Trade and Industry.