Adjournment motion on decarbonising corporations in Singapore

Singapore must broaden the base for carbon taxation, to include smaller players as well as stages higher and lower in the firm’s value chain. It also has to monitor progress with transparent reporting, which in turn has to be supplemented by workers with green skills. The financial sector must play a role in providing the funding to move things along and do well in with access to reliable environmental, social and governance data. MP Jamus Lim offered these three “practical” suggestions in his adjournment motion in Parliament on Wednesday (Nov 13) to help businesses in Singapore embrace the carbon transition. Responding, Minister of State for Trade and Industry Alvin Tan said the Government recognises the importance of encouraging all companies to decarbonise while maintaining Singapore’s economic competitiveness. It will continue to build an environment to enable companies to transition towards a competitive low-carbon future. It is supporting companies at different stages of their sustainability journey to build capabilities, develop decarbonisation plans, access financing and train, and upskill and reskill workers. It is working with trade associations and chambers and financial institutions in this endeavour, he said. “Advancing the green transition is not just a ‘good to do’. It is a ‘must do’ if we are to secure the survival of our island nation,” said Mr Tan.