Harnessing green innovation for regional influence and economic progress

THE recent COP28 summit marked a pivotal moment in the global commitment towards climate change. Nations pledged to treble renewable energy capacity and double energy efficiency by 2030, while gradually phasing out fossil fuels. This heightened level of commitment to mitigate climate change signals intensified competition between countries to achieve a regional or global leadership position.

Situated strategically, Singapore boasts robust infrastructure, a strong financial ecosystem and robust governance framework, making it an ideal contender for this leadership role. The nation’s firm foundation in the green transition is evident in its nationwide circular economy initiatives, the Singapore Green Plan 2030, and in advancements in new energy and clean technology across sectors in recent years.

To cement its position as a climate leader, Singapore must centre its efforts on green innovation and innovative financing. These will be critical pillars in the development of novel solutions and pilot projects that can harmoniously bridge economic progress and environmental protection.