Balancing ambition with cost: How Budget 2025 can enable Singapore’s green transition
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THE Singapore Green Plan 2030 lays out a bold vision for sustainable development in the face of climate change. Yet, while sustainability is critical to the nation’s future, the cost of this shift remains a significant obstacle for businesses.
Small and medium-sized enterprises (SMEs), which form the backbone of Singapore’s economy, often hesitate to participate in the green transition due to financial concerns, while hard-to-abate industries face additional hurdles tied to expensive, emerging technologies.
Despite these challenges, Singapore’s status as a leading financial centre, including in green finance, provides a robust foundation for supporting businesses in this transition. Initiatives such as the Finance for Net Zero Action Plan, the Enterprise Financing Scheme – Green, and the Sustainable Bond Grant Scheme have been instrumental in directing capital to sustainability projects. However, the limited progress by SMEs underscores the need for a more targeted, tailored approach to accelerate transformation across the broader business ecosystem.
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