How the shift to electrification of transport fits within our energy transition
Mobilising finance to fight climate change
Mr Heng Swee Keat, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies addressed the pressing issue of climate change, emphasizing its increasingly disruptive and costly effects on a global scale, including within Singapore. He therefore called for collective action and innovative solutions to tackle these challenges effectively. Speaking about Singapore’s commitment to achieving net-zero by 2050, DPM Heng cited several initiatives being undertaken, including the Singapore Green Plan 2030 and the Industry Transformation Maps. Recognizing the pivotal role of the finance sector in enabling countries to reach their net-zero goals, he delved into three key strategies to support the Asia Pacific region’s transition to net-zero: expanding the talent pool in sustainable finance, developing robust regulatory standards, good analytical tools and trusted financial platforms, and facilitating the flow of venture and private equity capital to support impactful deep-tech innovations. DPM Heng concluded by expressing his elation at the signing of the Memorandum of Understanding between SGFIN and the Energy Policy Institute at the University of Chicago (EPIC) as it was another step forward in collaborative efforts to address climate change through sustainable finance initiatives.
Links: NUS News | Straits Times Online | Zaobao Online | 8world | Seithi Tamil News | CNA Singapore Tonight | Straits Times (Print Version) | Zaobao (Print Version) | Eco-Business | PMO Newsroom | SGFIN Summit 1 | SGFIN Summit 2 | SGFIN Summit 3 | SGFIN Summit 4 | SGFIN Summit 5
BES Symposium on Futures Sustainability 2024: The Future of Green Finance
At the BES Symposium on Futures Sustainability 2024: The Future of Green Finance, NUS SGFIN Managing Director, Prof Sumit Agarwal, as guest of honor, addressed the pressing challenge of climate change and the urgent need for societal transformation, particularly within the financial services sector. He emphasized the necessity for financial systems to prioritize environmentally sustainable economic activity, acknowledging the complexity of the transition to net-zero. Prof Sumit highlighted the potential for both winners, such as clean technology providers, and losers, especially in the extractive industries like coal, oil, and gas, which may face stranded assets. He stressed the importance of a phased transition and managed phase-out of harmful assets, despite strong demands for immediate divestment. Additionally, he raised concerns about greenwashing due to inconsistent reporting, which fosters distrust in corporate sustainability efforts. Nonetheless, there is increasing momentum toward greening financial systems, and a growing need for talented young professionals to support this critical transition.
A Primer for finance managers to chart the sustainability journey in Asia
As sustainability considerations become more commonplace, SGFIN’s Deputy Director, Assoc Prof Zhang Weina, SGFIN’s Director, Assoc Prof Johan Sulaeman, and SGFIN’s Research Fellow Tifanny Hendratama co-authored an article outlining key considerations for finance managers navigating the sustainability landscape in Asia. The article addresses the increasing importance of sustainability reporting, offering insights into common pitfalls to avoid in sustainability efforts and providing solutions to challenges associated with sustainable business models. Emphasizing the integration of sustainability, the authors underscore the need to capture its impact through an integrated value approach.
Energy transition announcements in the Singapore 2024 Budget
Dr David Broadstock was invited to share opinion on the Singapore 2024 budget statement announcements relating to energy transition support and how the ‘future energy fund’ will set aside monies to support necessary energy transition investments.
S’pore’s largest single-site rooftop solar panel system to be installed at Changi Airport by 2025
Dr David Broadstock shared comments on the announcement that Changi Airport will become home to Singapore largest single-site rooftop solar panel system to date.
The International Energy Agency (IEA) is launching its first regional office, to be housed in Singapore
Dr David Broadstock, SGFIN Senior Research Fellow and Energy Transition lead, was interviewed by CNA News on the announcement by the International Energy Agency to launch their first Regional Cooperation Centre, to be housed in Singapore. The centre is expected to be operational by the second half of 2024. David shared on the importance for this in driving regional ambition for decarbonised energy solutions.
Links: CNA News (TV) | CNA article
Carbon credit markets optimistic about year ahead, but challenges remain
The carbon credit markets are anticipating a positive year ahead, yet industry observers highlight persistent challenges. Over the past five years, the carbon market has experienced substantial growth. However, the trading volume saw a significant dip in 2022 due to concerns surrounding verification. Professor Johan Sulaeman, Director of SGFIN, provided some thoughts on the development of carbon market during a recent interview with Channel News Asia.
Powering Singapore: How move towards renewable energy will affect our bills
Dr David Broadstock shares some views on the potential future for renewable energy within Singapore’s power mix, and what impacts it may have to the average household consumer by way of the electricity prices they face.
