Unlocking a new competitive tool for Singapore: demand for low-carbon products

OVER my nearly three decades as a certified public accountant and consultant at a Big Four firm, I’ve heard time and time again that the right market conditions do not yet exist to incentivise emissions reductions, and that not enough buyers are purchasing lower-carbon products at the right price for companies to continue investing at scale in these businesses.

Singapore has long understood that competitive markets are among the most powerful forces for driving economic progress. The same logic applies to climate – but we’ve yet to harness it effectively.

Emissions are not falling at the pace and scale we need, because the markets for the highest-emitting products do not provide clear incentives to cut them. And these can’t be established until we have government-mandated standards that drive carbon intensity down and comparable, investment-grade data at the product level to support trade and compliance.