Green Plan 2030: Accelerating Decarbonisation

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Early in May this year, Singapore has joined the First Movers Coalition (FMC) together with countries like Japan and the UK. The Coalition aims to promote global initiatives to decarbonise emissions-intensive sectors. As the major contributor of a country’s economic growth, top companies in private sector such as Amazon and Apple have officially joined as the founding members of FMC to boost the use of zero-carbon technologies. Take an example, the e-commerce giant, Amazon has implemented strategies to reduce carbon emissions across its operations. The company has purchased 100,000 electric delivery vehicles to help them achieve carbon neutrality when making deliveries. At the same time, these early adopters can harness their purchasing powers to encourage the use of innovative clean technologies among business partners in the supply chain.

Singapore’s efforts towards sustainability

As reported by CNA in 2020, the Senior Minister Teo Chee Hean has announced the plan for Singapore to halve its 2030 peak greenhouse gas emissions by 2050 and achieve net-zero emissions possibly by the second half of the century. Although Singapore contributes only 0.1% of global greenhouse gases, achieving environmental sustainability remains a challenge to Singapore. Despite high awareness of environmental issues, the adoption of green practice is still lagging behind. This happens especially when the perceived cost of transition is high and when it is likely to cause inconvenience. Thus, the government has unveiled the Singapore Green Plan 2030 early last year to bolster sustainable development of the nation.

What is covered in Green Plan 2030?

The Green Plan outlines several concrete green targets for the next 10 years, including but not limited to the following:

1. Creating a green environment for Singaporeans by doubling annual tree planting
2. Reducing household water consumption to promote sustainable living
3. Encouraging the use of existing public transportation which can lower the carbon footprint
4. Better water conservation and waste management
5. Improving energy efficiency and promoting the use of renewable energy for buildings
6. Adopting the best-in-class approach to sustainability investments

Summary

To avoid catastrophic impacts such as extreme weather events and depletion of natural resources, it is vital for companies in both public and private sectors to start embracing ESG practices. In Alder, our team of experts are able to help clients who are asset managers, investors and portfolio companies with the integration of ESG strategies into their processes and operations.

How we can help

While moving towards a more sustainable economy, Alder helps integrate the ESG framework into your business. Our services include:

• Assisting to set up ESG frameworks
• Providing support on ESG reporting
• Providing ongoing ESG advice and support
• Facilitating effective communication of the company’s ESG approach with internal and external stakeholders
• Reviewing and rating the existing governance framework

Reference Materials

Ang, H. M. and Mohan, M. (2021). ‘Singapore unveils Green Plan 2030, outlines green targets for next 10 years’, CNA, 10 February. Available at: https://www.channelnewsasia.com/singapore/singapore-green-plan-2030-targets-10-years-1883021

Meisenzahl, M. (2021). ‘Amazon’s first electric delivery vans are now making deliveries — see how they were designed’, Business Insider, 4 February. Available at: https://www.businessinsider.com/amazon-creating-fleet-of-electric-delivery-vehicles-rivian-2020-2#:~:text=Amazon%20first%20revealed%20its%20electric,zero%20net%20carbon%20by%202040

Mohan, M. (2020). ‘Singapore targets to halve peak emissions by 2050, achieve net zero emissions ‘as soon as viable’ in second half of century’, CNA, 28 February. Available at: https://www.channelnewsasia.com/singapore/singapore-targets-halve-peak-emissions-2050-achieve-net-zero-emissions-soon-viable-second-half-century-1338776

OCBC Bank (2021). ‘OCBC bank, partnering with Eco-business, launches OCBC climate index to measure environmental sustainability awareness and climate action in Singapore. Available at: https://www.ocbc.com/iwov-resources/sg/ocbc/gbc/pdf/sustainability/climate-index/media-release.pdf