Speech at the 25th Singapore Environmental Achievement Awards - Ms Grace Fu

Speech by Ms Grace Fu, Minister for Sustainability and the Environment and Minister-in-charge for Trade Relations, at the 25th Singapore Environmental Achievement Awards on 21 Aug 2024

Ms Isabella Loh, Chairman of the Singapore Environment Council,

Award winners,

Distinguished guests,

Ladies and gentlemen,

1 It is my great pleasure to join you today for the 25 th Singapore Environmental Achievement Awards (SEAA).

2 The inaugural SEAA was held in 1997, some 30 years ago at the time of the Kyoto Protocol, pre-Paris Agreement, where international efforts to combat climate change had just begun. The effects of climate change, and the call for environmental sustainability in all our practices - from customers, from employees, from fellow members of our various communities - have only grown in the time since.

3 Alongside, the Singapore Environment Council, through the SEAA, eco-certifications, and other efforts, has stepped up and consistently inspired organisations to adopt and excel in best environmental practices. While we mark the 25th anniversary of the SEAA today, I would also like to take this opportunity to commend the team at SEC for your steadfast dedication through the years to raising the awareness that all of us have a role to play in building a more environmentally sustainable society. I am glad to see SEC being joined in its efforts by positive models from the business community and other sectors, like the SEAA winners across the years, and others who are keen to embark on this journey.

4 To keep pace with the ever-evolving sustainability landscape, this year, SEC has refined the award categories to be more inclusive, moving from industry-centric classifications to broader criteria which considers the human element of sustainability. This change allows a wider array of organisations to showcase various facets of their sustainability journeys and receive the recognition they deserve.

5 As we celebrate the 25 th anniversary milestone today, we are also celebrating the strides we have made to advance environmental sustainability. This anniversary reflects our collective commitment and the vital role that each of us plays in this sustainability journey.

Impetus for Action

6 We probably cannot go a day without reading about extreme events happening in various parts of the world, whether it is severe flooding in areas that we do not expect flooding to happen, like the flood that we have seen in Dubai, a desert. If you have travelled to Europe for Summer holidays, you will experience temperatures of 38 or 40 degrees Celsius. It is not just about human health, it is also the impact on our water system, on our food system.

7 If you look at discussions around the world, at COP or a multilateral forum, environmental sustainability is one of those issues that is always brought up because it is getting more severe with impact. The bright side is that there is now a lot more international collaboration. Singapore can play a role in this. We can play a role in ensuring that environmental standards are interoperable to facilitate trade, because trade is so important for us. More importantly, we have the ability and capability to be a knowledge and service hub with expertise in environmental and climate change issues. Environmental issue is really both a threat as well as opportunity for all of us around the table.

8 As far as Singapore is concerned, I am sure you are all familiar with the Singapore Green Plan, and we also target to achieve net zero emissions by 2050. Part of the Green Plan is really to activate green procurement. We have committed to buying more and more green and sustainable products, and the Public Sector has actually committed to achieving net zero admissions around 2045. We figured that if you are going to require the society, the economy as a whole in Singapore, to achieve a deadline - net zero 2050, the government must take the lead, that is why we set around the five-year head start over the rest of the economy.

Supporting the Transition

9 For example, we established the Future Energy Fund. Now in Singapore, power generation accounts for about 40% of emissions, 95% of electricity generated from natural gas. To decarbonise our power sector, we are setting up a $5 billion Future Energy Fund to support infrastructure investments for our energy transition towards a net zero future. This includes capital intensive endeavours such as construction of undersea cables for importing low carbon electricity and establishment of hydrogen terminals and pipelines.

10 We understand that a lot of investment is needed for us to adopt some options, such as importing of renewable energy from the region, or the shifting from the current use of natural gas to alternatives. In this process, we are going to need new way of storing, new ways of moving. There are infrastructural challenges along the way, as we decarbonise. Hence, the Government is setting aside $5 billion to assure the private sector that we stand ready to invest capital infrastructure ahead of the market, so that we can allow the private sector to participate more meaningfully and more effectively.

11 We are also supporting enterprises in their sustainability efforts, as we believe that while we have the policy framework, we cannot move as an economy unless businesses move, take the lead and transform. So, we are increasing the support for businesses to implement decarbonisation and energy efficiency solutions. And some of these schemes are the Energy Efficiency Grant (EEG), which businesses can now use to defray investments into energy efficient equipment, previously limited to food services, retail and manufacturing. Now this Grant covers construction, maritime and data centres and their users. That is an important shift. As we increase the carbon tax on the economy, it is very clear that the tax collected is to be re-injected into the economy to incentivise companies that are prepared to invest in green, energy efficient processes, equipment, products. There will be more grants available for businesses to tap on to invest in and defray the cost in energy efficient equipment.

12 There is also Resource Efficiency Grant for Emissions. More companies can now undertake projects to improve their energy efficiency and reduce carbon emissions. Innovative companies developing green technologies and solutions can also take advantage of the Enterprise Financing Scheme-Green, (EFS-Green), that allows them to better access green financing from participating financial institutions capitalised by 70% risk capital from Enterprise SG.

13 Lastly, the sustainability reporting grant supports companies on their sustainability, performance reporting journey, different up to 30% of qualifying costs and for SMEs, up to 70% of costs for the first year and 50% for the next two years. We believe that if it is not measured, you cannot manage it. It is important for us to start understanding our pattern of emission, our impact on the environment, and that gives us good handle to then take steps to reduce our impact. We are very keen for companies to do sustainability reporting, and we are doing what we can in terms of funding, capacity building, empowering the trade associations, professional bodies, to take on the role of training, and building up the capability for sustainability reporting.

14 While the government has significant role to play, we believe that the impact will come from you. Each of you champion environmental sustainability in your organisations. So, I would really like to commend you and encourage you to not only avail yourself to support programmes and grants, but also to show active leadership and positive examples within your organisations, as well as in your networks, associations and communities, to inspire others to become more sustainable.

15 Today, we honour organisations that have embraced sustainability and made significant contributions to our environmental goals. In the past 25 years, close to 150 organisations have been recognised through the SEAA. This year's award categories include "Systems and Management", "Leadership and Advocacy", "Innovation and Design", and "Sustainability Workforce Transformation Achievement Award", which is a newly introduced category in collaboration with Workforce Singapore, recognising organisations that have demonstrated excellence in greening their workforce and driving sustainable changes to achieve better environmental outcomes.

16 This new award category focuses on the human element of sustainability. It is not just about the technologies or policies an organisation implements, but also how they engage their employees in this journey. By embedding sustainability in the fabric of the workforce, organisations can create a culture where environmental consciousness is second nature.

17 Each of the above categories reflects the critical aspects of sustainability and recognises organisations that excel in driving meaningful progress in these areas - such as this year's Overall Outstanding Achievement Award winner, SMRT Corporation. SMRT has demonstrated their sustainability efforts by integrating advanced technologies, expanding sustainable infrastructure, and emphasising resource efficiency. There are some winners here today such as SMRT, Nanyang Technological University (NTU) and Seatrium, who have received a SEAA award before, and will be recognised with another award that shows how much further they have come in their sustainability journey. I am heartened to see organisations making committed and consistent sustainability efforts over the years.

18 I would like to extend my heartfelt congratulations as we celebrate the achievements of our award winners and the 25 th anniversary of the awards. Your dedication and innovation are paving the way for a more sustainable future.

19 Thank you.

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