Budget 2023 – Dealing with climate realities 

WHILE many may have expected this year’s budget to reveal further climate-related policy enhancements, let’s not forget that significant heavy lifting was already announced over the past few years – through the Singapore Green Plan 2030 and an aggressive increase in carbon tax, to name just two key planks.

Nevertheless, Deputy Prime Minister Lawrence Wong’s budget speech flagged how climate spending will “significantly” increase and mentioned a S$5 billion Coastal and Flood Protection Fund. As the ferocity of climate change becomes starker, it makes sense to confront immediate climate risks. The combination of climate adaptation and mitigation can allow us to prepare for the worst and achieve our sustainability ambitions.

Singapore has set a vision to become a leading centre for sustainable finance and carbon solutions in Asia and globally. While we have made headway, what more can Singapore do to stand out as a regional hub?