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Written reply to PQ on Enterprise Financing Scheme Green

Written reply to PQ on Enterprise Financing Scheme Green

Question

 

Ms Foo Mee Har: To ask the Minister for Trade and Industry (a) how many SMEs have benefited from the Enterprise Financing Scheme Green (EFS-Green); and (b) what is preventing more SMEs from rapid adoption of this scheme.

 

Written Answer by Minister for Trade and Industry Gan Kim Yong

 

1. Since the launch of the Enterprise Financing Scheme-Green or EFS Green, in October 2021, 19 local enterprises have taken up close to $60 mil in such loans. The take-up of the scheme has been promising. We will continue encouraging our enterprises to use the EFS Green scheme to finance their sustainable projects.

 

2. Examples of local enterprises that have taken up EFS Green loans include solar energy developer Terrenus Energy, which used the loan to deploy portable solar photovoltaic panels and mobile substations at Changi Business Park. Another example is Durapower Group, which tapped on EFS Green to accelerate the development and distribution of lithium-ion batteries for Tuas Mega Port's automated guided vehicle fleet.

 

3. In addition to the EFS Green scheme, the Government has implemented various measures to support our local enterprises in developing capabilities in sustainability and embarking on green projects. These include the Enterprise Sustainability Programme or the ESP, MAS’ Green and Sustainability-Linked Loans Grant Scheme, NEA’s Energy Efficiency Fund and EDB’s Resource Efficiency Grant for Emissions.

 

4. Furthermore, as part of the ESP, Enterprise Singapore has worked with various partners to develop training courses to help business leaders build awareness and knowledge of sustainability. The courses cover sustainability trends, risks and opportunities as well as key concepts and topics such as decarbonisation and sustainability reporting, and highlight the kinds of  Government support available. Enterprise Singapore is also partnering our Trade Associations and Chambers to develop sector-specific initiatives, including outreach and training programmes for their respective sectors. We encourage Singapore enterprises to leverage the various support schemes to capture new opportunities in the green economy.

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