Sustainability Summit - Dr Amy Khor

Speech by Dr Amy Khor, Senior Minister of State for Sustainability and the Environment, at Sustainability Summit on 19 June 2024

Distinguished guests, ladies and gentlemen,

Introduction

1 Good afternoon. It is my pleasure to join you at the Sustainability Summit.

Significance of the Sustainability Summit

2 Today, climate change is a global threat of unprecedented scale and magnitude. The increasing frequency and intensity of extreme weather events, from devastating floods to prolonged heatwaves, have posed significant risks and disruptions to human lives, livelihoods and ecosystems. These events send a clear message on the pressing need for immediate action.

3 At COP28, the inaugural Global Stocktake highlighted the imperative to accelerate efforts in curbing carbon emissions. While countries have made progress in deploying renewable energy and improving energy efficiency, the stocktake revealed the need for further action to keep our goal of limiting global warming to 1.5°C within reach. Looking ahead to COP29, we must drive bolder and more impactful initiatives to accelerate the transition to a low-carbon future.

4 Against this backdrop, the theme of the Sustainability Summit, "Towards a Net Zero City”, resonates with the urgent need to re-envision our cities as hubs of sustainability and resilience. This calls for decisive climate action by leveraging low-carbon technologies and innovation to reduce our carbon footprint. It also demands resource resilience through promoting sustainable consumption and production practices to reduce emissions. At this summit, government leaders, businesses and communities converge to discuss transformative policies and solutions that drive climate action and resource resilience.

Driving Climate Action

5 Driving climate action in cities requires careful stewardship and long-term planning. A comprehensive masterplan is essential, serving as the linchpin that outlines clear climate strategies and targets. Realising the masterplan is a shared responsibility, involving all segments of society to collectively achieve our environmental goals.

6 In Singapore, we have pledged to peak emissions before 2030 and achieve net zero by 2050. Achieving net zero is a whole-of-nation effort, involving the public and private sectors, communities, as well as individuals. That is why we launched the SG Green Plan 2030, outlining concrete policies and measures aimed at galvanising all stakeholders to reduce our carbon footprint.

7 The carbon tax is a key enabler to facilitate Singapore’s transition to net zero. Since the beginning of this year, we have increased our carbon tax from $5 per tonne to $25 and will further raise it to between $50 and $80 by 2030. The revenue from carbon tax is used to support decarbonisation efforts, facilitate the transition to a green economy, and cushion the impact on businesses and households.

8 The development and operation of well-functioning carbon markets will be critical to Singapore’s and other countries’ transition to net zero. International carbon credits (ICC) also channel much-needed finance to emissions reduction or carbon removal projects globally. We have introduced an ICC framework which allows taxable companies to offset up to 5% of their carbon tax liability. We are concurrently building a supply of high-quality carbon credits aligned with Article 6 of the Paris Agreement, and have signed Implementation Agreements with Papua New Guinea and Ghana. These Implementation Agreements set out the framework and processes for the generation and international transfer of Article 6-compliant carbon credits between Singapore and the respective countries.

9 We also need to partner the private sector in driving sustainable practices. To reduce carbon emissions, we support industries in improving energy and carbon efficiency. Our local enterprises have access to support measures to green their business, such as capacity-building programmes on decarbonisation, and financial support for sustainability reporting and energy-efficient equipment. For instance, the recent expansion of the Energy Efficiency Grant now supports local enterprises in more sectors, including construction and maritime, to invest in energy-efficient equipment. The grant offers two tiers of funding support, with higher grants available for companies seeking to make larger investments in energy efficiency. These measures equip local enterprises with the necessary tools and resources to embrace green solutions and thrive sustainably in today's competitive market.

10 Households can play their part in driving climate action as well. We have enhanced the Climate-Friendly Households Programme to help households in Singapore become more energy- and water-efficient, while saving on utility bills in the long-run. Since April this year, every HDB household can claim $300 in Climate Vouchers to purchase 10 types of energy- and water-efficient household products, such as refrigerators and washing machines. These 10 product types account for about 60% of an average household’s electricity consumption, and 90% of water consumption. This initiative empowers every household to contribute to our collective sustainability goals.

Pursuing Resource Resilience

11 As we strive for greater efficiency, let us also prioritise resource resilience in the journey towards net zero. Our resources are finite. With each use, we not only deplete valuable resources but also contribute to harmful emissions, incurring significant costs along the way. It is a cycle that we must break. We must reduce waste and recycle materials to create a more robust and sustainable economy.

12 This is important for Singapore, a nation constrained by limited land and resources. In response to these challenges, we launched the Zero Waste Masterplan in 2019, which embodies our circular economy approach to maximise resource use through sustainable production and consumption, and comprehensive waste and resource management.

13 Let me share about Singapore’s efforts to tackle our three priority waste streams – electrical and electronic waste (or e-waste), packaging waste, and food waste.

14 In 2021, we took a significant step of implementing an Extended Producer Responsibility (EPR) scheme for e-waste. This scheme requires producers, such as manufacturers and importers, to take responsibility for the collection and end-of-life management of their products. It signals our commitment to protect the environment in the face of a growing e-waste challenge, by ensuring the responsible end-of-life management of these products and the recovery of valuable materials.

15 For packaging waste, which includes plastic waste, we introduced the Mandatory Packaging Reporting scheme in 2021, to raise awareness among companies of the amount of packaging waste they generate and encourage them to take proactive steps to reduce packaging waste. We also rolled out the disposable carrier bag charge last year, to nudge consumers to reduce the use of disposables and bring their own reusable ones as a more sustainable practice.

16 We also have plans to divert food waste for resource recovery. Under the Resource Sustainability Act, we are progressively implementing mandatory reporting of food waste and its segregation among large commercial and industrial food waste generators. This took effect for new large commercial and industrial food waste generators in March this year. The reporting will help raise awareness of the amount of food waste generated and encourage building managers to work with the building occupants to minimise food waste.

17 More initiatives are in the pipeline, such as the beverage container return scheme. This scheme will raise the recycling rate of beverage containers like plastic bottles and metal cans, and aggregate clean, quality recyclables which can be made into new products. It will also foster a culture of recycling in society and reduce the overall amount of waste disposed of.

18 As we set our sights on the future, Singapore's commitment to sustainability remains resolute. We will continue to explore and embrace innovative, low-carbon solutions that reduce our carbon footprint and bolster our resource resilience. The steadfast pursuit of sustainable practices is essential to fulfill our commitment to reduce carbon emissions, transform challenges into opportunities, and secure a vibrant and healthy future for generations to come.

Conclusion

19 In conclusion, allow me to express my heartfelt gratitude to our esteemed speakers and participants. Your presence here today signifies a shared commitment to advancing climate action and the sustainability agenda.

20 Our pursuit of net zero sets out our ambition for transformation across our economy and society over the next few decades. I am hopeful that the insights shared at this summit will not only inspire, but also catalyse action for sustainable change across our cities.

21 I wish everyone a fruitful summit. Thank you.