Search

3.12. [Becoming a 'Bright Green Spark'] Creating a green finance ecosystem. Under the Green Economy pillar of the Singapore Green Plan 2030 [6], Singapore seeks to grow as a leading centre for green finance in Asia. The Green Finance Action Plan was developed by the MAS in 2019 to (i) strengthen the financial sector's resilience to environmental risks, (ii) develop green finance solutions, (iii) build knowledge and capabilities, (iv) support green FinTech innovation and (v) enhance data and disclosures. Some initiatives include a USD 2 billion Green Investment Programme to place funds with asset managers committed to deepen green finance activities and capabilities in Singapore, and Project Greenprint, a technology platform aimed at promoting a green financial ecosystem through mobilizing capital, monitoring commitment and measuring impact of green and sustainable projects.

[6] Launched in 2021, the Singapore Green Plan 2030 is a whole-of-nation movement to advance the national agenda on sustainable development. The Green Plan charts ambitious and concrete targets over the next ten years, which will strengthen ongoing efforts towards achieving UN's 2030 Sustainable Development Agenda and Singapore's commitments under the Paris Agreement. It also positions Singapore to achieve its long term net-zero emissions aspirations as soon as viable.

3.13. [Becoming a 'Bright Green Spark'] Towards a zero waste nation. Under the Sustainable Living pillar of the Green Plan, Singapore hopes to encourage a greener citizenry that consumes and wastes less. The inaugural Zero Waste Masterplan launched in 2019 maps out Singapore's key strategies to build a sustainable, resource efficient and climate resilient nation. This includes adopting a circular economy approach to waste and resource management practices and shifting towards more sustainable production and consumption. The plan supports businesses in turning "trash to treasure" – namely, to recycle or transform waste into useful inputs for production. Notably, JTC Corporation, the government agency which champions industrial development, is working with companies on Jurong Island to build a more sustainable Jurong Island.

5.2. Singapore strongly supports efforts to reform the WTO, including adoption of innovative pathways to ensure it is fit-for-purpose in the 21st century. In this regard, Singapore supports the Joint Statement Initiatives (JSIs) as a means to address key emerging issues such as electronic commerce (E-Commerce), and trade and environmental sustainability. (...) Singapore is also actively involved in ongoing WTO discussions on forward looking issues like trade and health, and trade and environmental sustainability.

6.1. (...) , Singapore has 26 FTAs that represent over 85% of global GDP. However, current trade rules and policies do not adequately address the needs of the future economy specifically for the digital economy and the green economy. Therefore, Singapore has also sought to drive ambitious agreements in these two areas with like-minded and progressive countries. These agreements can forge the pathway for new multilateral agreements at the WTO.

6.4. Singapore is also exploring Green Economy Agreements (GEAs) with like minded trading partners, that seek to (i) facilitate trade and investment in environmental goods and services, (ii) strengthen environmental governance, and (iii) enhance capacity to address climate change. Some areas of cooperation could include carbon trading, green financing and clean energy solutions.

6.9. As a founding economy, Singapore plays an active role at the Asia Pacific Economic Co operation (APEC), (...) Following the APEC Ministers Responsible for Trade (MRT) Meeting on 5 June 2021 and in line with the consensus MRT Joint Statement, Singapore is committed to work with other APEC economies to: (...) (ii) advance the work on environmental goods and services, (...).

8. (...) A strong supporter of the rules based multilateral trading system, Singapore (...) takes part in the Trade and Environmental Sustainability Structured Discussions. (...).

15. (...) Import prohibitions and import licensing requirements (mostly non-automatic) are applied mainly for health, safety, security, and environmental purposes, or to comply with international agreements. (...).

17. Export controls are maintained on a number of products on security, safety, health, and environmental grounds, or to fulfil international commitments. (...)

25. While Singapore's total energy supply grew during the period under review, its CO2 emissions started to decline in absolute terms as at 2017. Singapore revised its energy efficiency legislation and standards in 2017 and introduced a tax on greenhouse gas emissions in 2019. (...).