With the support of the government and our industry-leading developers, Singapore may take the lead in the effort to increase the production of less polluting materials like cement and material in the area. If environmental protection laws are more enacted, this type of investment is important because it will require more extensive use of eco-friendly building materials.
It is easy to overlook how crucial plaster and steel are to Singapore’s future natural development because the majority of these crucial inputs are produced elsewhere. However, if green building components are made in a cooperative manner here in the area, it is significantly lower carbon footprints across various local supply chains and significantly increase Asia’s gross domestic product.
ECONOMIC WINS ARE Weather WINS.
The margins are very great. If we do n’t take collective action, ASEAN’s GDP could drop by as much as 30 % by 2050, according to Swiss Re, more than any other region in the world.
This underscores the value of a shared role in our fight against climate change. It’s not just Singapore’s issue, it’s a shared challenge of making painful choices up.
If Singapore cuts emissions to significantly or too quickly, it will always strike a delicate balance, causing harm to the economy and possibly causing business disequities. Singapore is prone to the physical and economic effects of climate change, but if other nations drag their feet.
However, being at the forefront allows it to determine the course and establish business standards for others to adopt. There is potential to create more jobs, encourage innovation in clear systems, and develop Singapore’s world competitiveness and climate status.
Today, Singapore’s climate targets and policies only merit a “highly insufficient” rating. Will the next report card reflect our gizmo?
Matthew Dearth is the co-director of the Centre for Sustainable Finance Innovation and an associate professor of finance ( practice ) at Nanyang Technological University and Nanyang Business School.