Q4 2022 Review: Key ESG and public policy developments in Singapore

16 January 2023

The fourth quarter of 2022 saw Singapore implement a series of initiatives to enhance its efforts in addressing the issue of climate change, and introduce refreshed Industry Transformation Maps (“ITMs”). Among other things, Singapore updated its Nationally Determined Contribution (“NDC”) to reduce emissions and raise its national climate target to achieve net zero by 2050.

We are pleased to provide an infographic of these environmental, social and governance (“ESG”) and public policy developments and their potential commercial impact in the following areas.

Decarbonisation & ESG

• Singapore updated its NDC to reduce emissions to around 60 million tonnes of carbon dioxide equivalent (“MtCO₂e”) in 2030 after peaking emissions earlier, instead of the previous target to peak emissions at 65MtCO₂e around 2030. Singapore has also raised its national climate target to achieve net zero by 2050.
• The Ministry of Trade & Industry launched Singapore’s National Hydrogen Strategy to provide a roadmap on utilising hydrogen as a decarbonisation pathway.
• The Monetary Authority of Singapore established the Sustainable Finance Advisory Panel to help guide MAS on its strategies and initiatives to build a credible and vibrant sustainable finance ecosystem.

Manufacturing

• The Economic Development Board launched refreshed ITMs for the electronics, precision engineering, energy and chemicals, aerospace, and logistics sectors, with the goal of growing value-added manufacturing by 50% from 2020 to 2030.

International cooperation

• Singapore and Australia signed the Green Economy Agreement which fosters common rules and standards to promote trade and investment in environmental goods and services, develop interoperable policy frameworks to support new green growth sectors, and catalyse technology development and cooperative projects in the emerging green economy.

To view the Q4 2022 Review, please click here.