HAPPENINGS
“The built environment is particularly exposed to climate risks; take a look at the increasingly frequent extreme weather events. We tend to build our cities by water bodies; storms and fires cause permanent damage, which we are already experiencing with that 1 degree Celsius increase in temperature. Hence, we need to reduce carbon emissions to net-zero, to halve it by around 2030,” Saelens observed.
The number of companies referring to strategies to neutralise their impact on the climate has been growing in the past few years. Yet, the terms carbon neutrality, climate neutrality and increasingly, net-zero, have often been used interchangeably and sometimes inconsistently, she commented.
“Net-zero emissions means achieving a state in which the activities within the value-chain of a company results in no net impact on the climate from greenhouse gas emissions. This is achieved by reducing value- chain greenhouse gas emissions, in line with the 1.5-degrees-Celsius pathways, and by balancing the impact of any remaining greenhouse gas emission with an appropriate amount of carbon removals,” Saelens advised.
Achieving inclusive and resilient growth
Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Heng Swee Keat, charted the path to recovery for Singapore and explained how the country’s medium-term economic strategy will evolve to achieve inclusive and resilient growth. DPM Heng also provided an update on the overall response to COVID-19, and outlined a three-pronged approach to a refreshed economic strategy that builds on the Industry Transformation Maps:
• Remaking Singapore as a Global-Asia node of technology, innovation and enterprise
• Redoubling our efforts to foster inclusive growth • Investing in economic resilience and sustainability
Economic resilience We must therefore act now to improve our economic resilience. In doing this, we may have to creatively combine the efficiency of having things ready “just in time” with the resilience of building buffers “just in case”. Will this drive for resilience come at the expense of growth and efficiency? Not necessarily so, said DPM Heng. For example, firms that embrace technology raise not only productivity, but also resilience. One key way to enhance our resilience and to grow is to produce essential supplies locally, which can be used both for local consumption and export. One example is medical supplies, such as masks and test kits, he said.
Minister Heng Swee Keat Sustainability
Singapore is increasing the deployment of renewable energy sources, such as solar energy, at both the national and industry level. In addition, the country will invest in new capabilities and solutions such as hydrogen and carbon capture, utilisation and storage to complement the nation’s existing research and development efforts. In time, the country hopes that these promising technologies can become commercially viable decarbonisation pathways.
For the full Ministerial Statement delivered in Parliament on 5 October 2020, please visit:
https://www.singaporebudget.gov.sg/budget_2020/ ministerial-statement-oct-2020/ministerial-statement-oct-2020.
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