In Singapore, businesses are being encouraged to embrace sustainability as part of their operational ethos to contribute to a global shift towards a low-carbon future.

Recognising the importance of this transition, the Government is strengthening its support for businesses in various sectors to adopt environmentally friendly practices and technologies.

The Energy Efficiency Grant (EEG) is designed to assist businesses in investing in energy-efficient equipment. Introduced in 2022 for businesses in specific sectors like food services and manufacturing, the EEG has seen significant uptake, with nearly 2,000 companies benefiting from it. The enhanced EEG will now encompass a broader range of sectors and offer increased support for companies with ambitious emissions reduction goals.

The Enterprise Financing Scheme-Green (EFS-Green) is being extended until 2026 to provide financial support for Singaporean enterprises pursuing sustainability initiatives. Launched in 2021, the EFS-Green facilitates access to green financing for companies developing eco-friendly technologies and solutions. The scheme will now also support the adoption of green solutions classified under the Singapore-Asia Taxonomy for Sustainable Finance.

Recognising the growing importance of climate-related disclosures, the Government, in collaboration with Enterprise Singapore (EnterpriseSG), is introducing a Sustainability Reporting Grant to assist large companies in producing their first sustainability reports. Additionally, a programme will be launched to help SMEs develop their sustainability reporting capabilities over the next three years.

The Resource Efficiency Grant for Emissions (REG(E)) is being enhanced to support industrial facilities in improving their energy efficiency and reducing carbon emissions. These enhancements include lowering the carbon abatement threshold and extending the scheme's duration beyond March 2024.

In parallel with these initiatives, efforts are underway to equip the workforce with the necessary skills to thrive in a green economy. The establishment of the Green Skills Committee in 2023 underscores this commitment, with a focus on developing skills in sustainability reporting and assurance, as well as in the energy sector. Practical training opportunities, internships, and specialised courses are being rolled out to build a talent pool capable of supporting the country's sustainability goals.

Also, Singapore is leveraging its expertise in commodities trading and financial services to develop capabilities in carbon services and trading. Collaborative efforts between government agencies and educational institutions aim to establish training programmes in carbon management, further cementing Singapore's role in the global transition towards a sustainable future.

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Source: EDB Singapore