Can Singapore become the world’s climate-tech hub?
While the country’s business-friendly policies, geography and position as a trading hub are factors in its favour, there are several challenges, such as getting the right talent
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WHEN you think of Singapore’s startup ecosystem, the first sector that may come to mind is fintech. But Singapore also has a chance to establish itself as one of the leading climate-tech ecosystems in the world. Factors such as favourable government policies, the regional leadership opportunity and Singapore’s need for self-resilience all come into play.
Singapore’s government is proactively addressing this by implementing climate mandates such as the Singapore Green Plan 2030, which aims to reduce waste and carbon emissions, among other targets. Tech founders here have launched startups such as solar system developer GetSolar, biotech firm TeOra, and WasteX, that deals with biochar.
In the first 11 months of 2023, South-east Asian climate-tech startups raised US$685 million in equity funding, and 58 per cent of that deal volume was in Singapore. Singapore is already taking the lead on potentially becoming South-east Asia’s climate-tech hub.
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