Singapore-The Republic relies on three means to reach its Net Zero goal by 2050. This includes policies to more meaningfully incorporate environmental sustainability into everyday life, private funding to fund sustainable projects, and more sustainable research and development (R & D). .. Long-term solution.
The Coordinating Minister for Security, Teo Chee Hean, outlined these three measures taken on Tuesday (June 7) at Singapore’s investment firm Temasek Ecosperity Week, the annual Sustainability Conference. He said it was part of Singapore’s strategy to accelerate the transition to.
He said the country’s long-term low-emissions development strategy will be updated later this year.
First announced in 2020, this strategy will halve carbon dioxide equivalent emissions from its peak in 2030 to 2050 to 33 million tonnes, achieving net zero emissions as soon as feasible in the second half of the century. Is aimed at. ..
“Before finalizing the plan, we will work closely with a group of industry and citizen stakeholders. We all need to work together and play a role in meeting this climate change ambition,” he said. Added.
Policy has a “significant role” in the fight against climate change, not only to reduce carbon emissions, but also to achieve Singapore’s Sustainable Development Goals, Theo said. increase.
This includes building a circular economy that eliminates waste and maximizes the value of natural resources.
“Government needs to have the right policies to reach the root of the problem and create solutions at the system level,” he added.
“Singapore, for example, was the first country in Southeast Asia to introduce a carbon tax, and recently set a clear schedule to raise the broader carbon tax from $ 50 to $ 80 per ton by 2030.”
Climate change is a “wicked problem,” said Theo, who needs to put all his hands on the deck, including the private sector.
“Companies are affected not only by the main impacts of climate change, but also by secondary and tertiary impacts, disrupting operating models and supply chains. Increasing awareness of the climate crisis makes people value in their business. We have also changed the way we define ourselves, and the values that companies support. “
Therefore, companies can no longer focus solely on short-term gains from liquid assets and business areas, but instead incorporate decarbonization and climate risk into their strategies to remain competitive in the long run. is needed.
Temasek said on Monday (June 6th) that Temasek launched Gen Zero, an investment company focused on accelerating the carbon market and decarbonization solutions.
This will direct more private capital to green opportunities and put more emphasis on providing sustainable long-term economic benefits for businesses, Teo said.
Finally, research and development is needed for Singapore to overcome resource constraints and unleash more environmentally friendly and sustainable solutions.
In particular, the Republic needs to continue to look for new technologies that have the potential to provide more sustainable solutions in the long run, such as carbon recovery, utilization, storage and green hydrogen.
“Singapore also develops robust methods for accounting in early areas, such as blue carbon’s nature-based solutions, and explores satellite technologies for measurement and surveillance, resulting in highly consistent carbon. We are introducing building blocks to support the credit ecosystem, “he added. ..