Fighting climate change needs to be a consolidated effort, and the Government cannot tackle the pressing issue alone, Senior Minister of State for the Environment and Water Resources Amy Khor said yesterday at a four-day conference on ethical investing.
“Everyone, including civil society organisations, businesses and individuals must take urgent climate action.”
Dr Khor pointed out that Singapore is heating up twice as fast as the rest of the world, and climate change aggravates challenges such as public health, livelihoods and food supply.
She said Singapore is taking steps under its Climate Action Plan, such as investing in solar energy, developing more sustainable buildings and expanding the public transport network in order to reduce the need for cars.
Singapore has also implemented a carbon tax this year, with tax revenues to be “earmarked for worthwhile projects that improve energy and carbon efficiency”, she added.
Investments can be another way to encourage green businesses.
Banks have implemented policies that evaluate borrowers’ environmental, social and governance risks based on guidelines issued by the Association of Banks in Singapore, she said. Local banks have also said earlier this year that they will not be financing new coal-fired power plants.
Conference organiser Asian Venture Philanthropy Network announced the launch of a platform that will focus on building a pipeline of investment opportunities.
Associate Professor Lawrence Loh of the National University of Singapore said the platform is timely and useful for start-ups to make their mark in the social causes space.
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Source: The Straits Times, 26 June 2019