Gov’t grooms Singapore as regional green finance hub

This comes as opportunities arise from sustainability drives.

The government is looking at positioning Singapore as the green finance hub in the region, Minister Lawrence Wong said.

Wong said this comes in light of opportunities arising from drives towards sustainability and green economy.

“There are many opportunities. This is an existential threat because of the climate emergency we face, but there are also many new opportunities in this area,” Wong said during his Fireside Chat at the virtual CNBC Evolve Global Summit.

“So we are investing in renewable energy. We are investing in decarbonisation technologies like Hydrogen Carbon Capture and we are also looking at building Singapore as a hub for the region when it comes to green finance.”

Wong said the concept of the green economy is still a work in progress, but they are participating in discussions and forum that tackle standards in terms of going “green.”

He added for the government’s part, they are using a whole range of measurements and criteria, particularly looking at the carbon intensity and the use of energy amongst others.

The government has also taken other initiatives, such as imposing a carbon tax, which it will likely adjust.

“We potentially will review the quantum of carbon tax going forward to adjust it higher in accordance with our plans to lower emissions and to achieve greener growth.