Carving a new growth engine while balancing environmental and economic concerns

Singapore

BEING green is often seen as a business cost. While the environmental and social benefits of sustainability best practices are plain to see, the financial and economic gains may not be so evident at first glance. But Singapore is betting that by accelerating its green plan, it will spark a multiplier effect that will create significant growth and job opportunities.

In a study commissioned by Enterprise Singapore and the Economic Development Board of Singapore, it is estimated that the economic opportunities from carbon services could create a projected gross value added (GVA) of between US$1.8 billion to US$5.6 billion in Singapore by 2050. The range is wide as the carbon market is still evolving.