Insurance sector highlights markets' hidden role in supporting Singapore's carbon pledge

THE Singapore government is considering a range of options to combat climate change, with recent initiatives under consideration including electric harbour boats, planting one million trees by the end of the decade, positioning the city-state as Asia's carbon hub, and establishing a new green finance centre to drive research and nurture talent.

In recent weeks, there has also been mention of a "green credit" scheme for consumers to offset carbon as well as increase hydrogen adoption.

Five years ago, Singapore pledged to reduce its carbon emissions intensity - the amount of greenhouse gasses emitted per dollar of gross domestic product (GDP) - by 36 per cent from 2005 levels by 2030, and to stabilise emissions with the aim of peaking around 2030. Singapore, like many other developed nations around the world, has set ambitious targets under its 2030 pledge. Meeting them will require concerted efforts by the government, businesses, households, and individuals.