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Going green : Don't ignore the economic costs

There remains a tradeoff between environmental sustainability and economic growth

Published Mon, Apr 25, 2022 · 01:14 PM

EUSTON QUAH and TAN JUN RUI   LAST Friday 22 April 2022 was Earth Day. First celebrated in 1970, Earth Day marks one of the largest international environmental movements to date. In Singapore, environmental workshops and other activities to engage the public in environmental appreciation were organised during this commemorative period. Businesses have also taken the opportunity to underscore their sustainability practices.

While economic growth had remained the salient goal in the past and there was less leeway for a complete holistic and well-balanced approach to environmental goals, environmental considerations however were not neglected. Despite Singapore's rapid industrialisation, trees were planted throughout the island, green spaces were connected, pollution was cleaned up and environmental assessments were carried out for the siting of facilities. Sustainability decisions were increasingly incorporated into our economic activities and policy regulations, as seen, for example, in the case of eco-friendly buildings.

A 2021 study by the Institute of Policy Studies revealed that the majority of Singaporeans prioritise environmental protection over economic growth. While the national consensus on the urgency of going green is commendable, we should not get too carried away with our environmental agenda even though we now have improved capacity and capabilities as a highly developed nation. It is equally important to ensure that we are going green efficiently from a societal standpoint.

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