Ms He Ting Ru: To ask the Minister for Trade and Industry (a) whether the economic agencies such as Enterprise SG and the Economic Development Board have any formal targets or incentives to bring in and promote green businesses; (b) whether these agencies have Environment, Social and Governance (ESG) frameworks that they consider while evaluating businesses; and (c) whether these targets and frameworks can be made public.
Written Answer by Minister for Trade & Industry Mr Chan Chun Sing
1. The Government has a suite of economic incentives and tools to support the establishment of green businesses and adoption of green practices in Singapore. These include the Economic Development Board’s (EDB) Resource Efficiency Grant for Energy and the National Environment Agency’s (NEA) Energy Efficiency Fund to encourage industrial facilities to improve their energy efficiency, as well as the NEA’s 3R fund to encourage organisations to implement waste minimisation and recycling projects. Last year, the Monetary Authority of Singapore (MAS) also unveiled the Green Finance Action Plan, which will catalyse green investments in Singapore.
2. As the demand for sustainable products and services increases, companies who invest in sustainability can develop a competitive advantage and capture new opportunities in the green economy. Our economic agencies, such as the EDB and Enterprise Singapore also support companies to make bold moves in the sustainability field. For example, Neste Singapore produces the world’s cleanest renewable diesel, that has 90% lower greenhouse gas emissions compared to conventional diesel over its life cycle. Greenpac, one of our progressive local SMEs, specialises in innovative, environmentally friendly packaging products and solutions, and it counts some of the largest global companies as its customers.
3. Sustainability is not only an emerging area of opportunity for our businesses, but is also an opportunity for us to protect our environment and secure our future. The Government will continue to work with industry and other stakeholders to support these efforts.