Gan Kim Yong
Singapore
“Consumer complaints relating to the secondary resale market for tickets to major events and concerts have generally remained low. Nonetheless, to protect the public from scams on secondary ticket resale platforms, the Police have imposed Code of Practice requirements under the Online Criminal Harms Act to require designated online service…”
“Singapore does not condone the use of forced labour. We criminalise forced labour in Singapore under various laws. Relevant Government Ministries and agencies, such as the Ministry of Manpower, Ministry of Home Affairs and Singapore Police Force, play their part in investigating complaints of suspected breaches in domestic laws that relat…”
“The Association of Banks in Singapore (ABS) discontinued the PayNow nickname feature as scammers had been exploiting the use of nicknames to impersonate legitimate entities and trusted individuals.”
“As of end-2025, around 6,900 private residential buildings have registered their solar installations with SP Group for the export of excess solar-generated electricity to the grid. The installed solar capacity of these residential buildings is 115.3 megawatt-peak (MWp), or around 5.5% of all current installed solar capacity in Singapore.”
“The one-year pilot extension of liquor trading hours has seen strong interest from businesses. As of 31 May 2026, the Police have approved 88 applications for the extension of liquor trading hours from public entertainment outlets in these areas.”
“The Government does not make projections of domestic or regional demand for renewable diesel or sustainable aviation fuel. Demand depends on commercial considerations, evolving market conditions and regulatory developments across different jurisdictions.”
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“On the whole, startups in Singapore remained resilient during the COVID-19 pandemic. In the first nine months of 2021, startups raised $11.2 billion, more than double the $5.5 billion raised in the whole of 2020, and up from $8.5 billion in 2019 before the pandemic. In 2021, there were eleven new Singapore-based tech unicorns, which are privately held startup companies valued at over US$1 billion, almost equal to the total number of unicorns produced in Singapore over the past seven years. This brings the total number of Singapore-based startups that reached unicorn status to 22. Despite current global challenges, the growth outlook for Singapore-based startups continues to be optimistic. Singapore is well-positioned as the leading startup and innovation node in Southeast Asia. The region offers growth opportunities, driven by favourable demographics and accelerated digitalisation. Today, startups in Singapore have access to over 200 global and local accelerators, up from about 120 accelerators five years ago. The number of early-stage venture capitalists (VCs) has also increased by about a third, from about 130 in 2016 to close to 180 today. The Government is committed to supporting research and innovation. Under the Research, Innovation and Enterprise 2025 masterplan, or RIE2025, the Government will invest $25 billion to anchor Singapore's positioning as a Global-Asia node of technology, innovation and enterprise. Enabled by the strong innovation ecosystem, Singapore is starting to see more deep tech startups gain traction and secure venture capital interest. Investments into deep tech startups in Singapore for the first nine months of 2021 are 2.6 times that of the same period in 20201.”
“The Government decided to support the Formula One (F1) Singapore Grand Prix for another seven years, after thoroughly evaluating the costs and benefits that a term extension could bring to Singapore. The projected economic benefits to Singapore of the new term outweigh the costs to the Government. Similar to previous terms, the annual cost of organising the race for the next seven years is estimated to be between $135 million and $140 million. The Government will co-fund 60% of approved costs. The race is expected to bring significant economic benefits to Singapore. Since 2008, the Singapore Grand Prix generated around $130 million in annual incremental spending from tourists attending the race. In addition, the race acts as a strong focal point for global Meetings, Incentives, Conferences and Exhibitions (MICE) events and business meetings. With more than 30 MICE events clustered around the race each year, the Singapore Grand Prix has attracted more than 550,000 international visitors thus far. In addition, the race brings global branding benefits to Singapore. The 2019 Singapore Grand Prix generated a media value of around $70 million to $75 million.1 The race also benefits the local business community by generating business revenue and jobs for Singaporeans.”
“Importing low-carbon energy will be a key strategy in Singapore's energy transition in the near to medium term. In October 2021, the Energy Market Authority (EMA) announced that Singapore plans to import up to four gigawatts (GW) of low-carbon electricity by 2035, which will constitute around 30% of our electricity supply. EMA will put in place the following measures to safeguard supply reliability. First, electricity import proposals will be evaluated by EMA and international experts to ensure that the import projects are designed with a high level of security and reliability. Second, penalties for supply disruptions and excessive restoration time will be imposed on electricity importers. This incentivises importers to enhance protection of the submarine cables, such as by providing additional redundancies in the form of extra cables, ensuring that there is regular maintenance and inspection of the cables, and expediting the repair of damaged cables to minimise disruptions to electricity supply. Within Singapore waters, it will also be an offence to damage any submarine electrical cable under section 85A of the Electricity Act. Third, we will provide onshore backups, including energy storage systems and combined-cycle gas turbines, in the event of a protracted disruption. EMA has also been working with importers on small-scale electricity import trials which will allow EMA to refine the technical and regulatory frameworks to ensure the security and reliability of large-scale electricity imports into Singapore in future.”
“This improves the gas system stability and avoids the need for more extensive gas curtailments. Since putting this in place on 1 January 2022, there has been no further need for gas curtailments; and (b) imposing new Standards of Performance on PNG importers to ensure that they are proactive in ensuring reliable PNG supply. The Memorandum of Understanding (MOU) on Energy Cooperation between Singapore and Indonesia was signed in January 2022 and is focused on low-carbon energy development, such as in the development and financing of low-carbon energy infrastructure, cross-border electricity trading and the development of new and emerging technologies, such as hydrogen and carbon capture, utilisation and storage (CCUS). The MOU will pave the way for commercial collaborations in these areas of interest and enable both countries to work together on energy transitions while supporting regional decarbonisation.”
“Singapore imports PNG from Malaysia and Indonesia via our PNG importers, Gas Supply Pte Ltd, Keppel Gas Pte Ltd, SembCorp Gas Pte Ltd and Senoko Energy Pte Ltd. Gas supply contracts are negotiated on a commercial basis, and continued supply depends on, among other factors, availability of gas in the fields. Singapore's PNG supply from Indonesia comes from two regions, West Natuna and South Sumatra. The contracted volumes for the PNG contracts are revised annually. Because of depletion of these gas fields, the quantum is gradually reduced. The reduction in supply from Indonesia will be replaced by new PNG contracts or alternative sources of gas, such as Liquefied Natural Gas (LNG). The quantum of decrease of PNG supplies is commercially sensitive, as it will affect the PNG importers' negotiations for replacement fuel. Our LNG terminal has sufficient capacity to serve all gas demand in Singapore. In addition to the planned depletions, there were also instances of unplanned curtailments to our PNG supply from Indonesia. Due to upstream production issues in the West Natuna gas fields that caused a temporary reduction in output, we experienced a prolonged unplanned curtailment between 6 September 2021 and 26 December 2021. Gas supply from West Natuna has since resumed at contractual levels. Occasional low gas landing pressure from South Sumatra also resulted in unplanned curtailments from October 2021 to December 2021. The Energy Market Authority (EMA) has been working closely with PNG importers and key gas users in Singapore to better manage the balance of gas supply and demand. These include: (a) ensuring that generation companies have the option to switch from gas to backup fuels.”
“The minimum financial requirement is imposed to ensure that travel agents have the financial means to fulfil their commitments to customers. With the onset of COVID-19 in 2020, MTI reduced the minimum financial requirement for travel agents holding a general licence to $10,000 to ease the cashflow of travel agents, which saw a sharp drop in business. Given the prolonged nature of the pandemic, MTI extended the reduced minimum financial requirement till the end of 2022. Since the minimum financial requirement was reduced in 2020, no travel agent licences have been revoked due to a failure to meet the minimum financial requirement.”
“To encourage households to use electricity efficiently, electricity should be priced to reflect its full cost of production and delivery. This is our current approach, under which households pay for what they consume. Tiered electricity pricing may have inadvertent implications. For example, a multi-generational family will have to pay a higher rate if they live under the same roof versus living in separate homes. We encourage households to use electricity more prudently in other ways: (a) SP Services has been progressively replacing households' analogue (cumulative) electricity meters with advanced electricity meters, which allow households to track their electricity consumption through the SP Utilities Mobile App. This will help households better understand their electricity usage patterns and encourage them to be more energy-efficient. (b) NEA provides online resources to help households to adopt energy-saving habits. Households can also use the online Life Cycle Cost Calculator to select the most energy-efficient home appliances based on their life-cycle costs. (c) NEA and PUB launched the Climate Friendly Households Programme in November 2020 to encourage 1-room to 3-room HDB households to switch to energy- and water-efficient appliances. Each eligible household can redeem e-vouchers to offset their cost of purchasing LED lights, energy-efficient refrigerators and water-efficient shower fittings. We encourage all Singaporeans to adopt energy conservation as a way of life – from designing an energy-efficient home, to choosing energy-efficient appliances and adopting energy-saving habits.”
“One hundred and eighty million dollars in vouchers were used by the end of the SingapoRediscovers Voucher (SRV) scheme on 31 December 2021. This constitutes 56% of the $320 million budgeted. The remaining funds from the unused vouchers will be used for other Government initiatives and priorities. Singaporeans donated close to $3 million of the $180 million vouchers redeemed. We thank Singaporeans for their kindness and generosity towards the various non-profit organisations and their beneficiaries in giving them the opportunity to rediscover Singapore as well. The SRV was designed to help local tourism operators, guides and businesses, which have been the hardest hit during this pandemic, and, in the process, encourage Singaporeans to rediscover our island's inherent sights and charm. Collectively, SRV transactions generated about $300 million in voucher redemptions and out-of-pocket top-ups. The scheme also contributed close to $100 million in ancillary spending, such as retail, food and beverage, and transport. While the scheme has ended, we urge Singaporeans to continue supporting our local businesses and exploring our country, including our vibrant neighbourhoods and arts and heritage trails.”
“Nonetheless, I am confident about the longer-term appeal of the Singapore Grand Prix when international travel normalises. The extension will help sustain Singapore's reputation as a global city with a vibrant lifestyle and a hub for tourism and MICE events, support the recovery of our travel and tourism industry and generate business revenue and jobs for Singaporeans.”
“The Government decided to support the Formula One (F1) Singapore Grand Prix for another seven years, after thoroughly evaluating the costs and benefits that a term extension could bring to Singapore. The projected economic benefits to Singapore of the new term outweigh the costs to the Government. Similar to previous terms, the annual cost of organising the race for the next seven years is estimated to be between $135 million and $140 million. The Government will co-fund 60% of approved costs. The race is expected to bring significant economic benefits to Singapore. Since 2008, the Singapore Grand Prix generated around $130 million in annual incremental spending from tourists attending the race. In addition, the race acts as a strong focal point for global Meetings, Incentives, Conferences and Exhibitions (MICE) events and business meetings. With more than 30 MICE events clustered around the race each year, the Singapore Grand Prix has attracted more than 550,000 international visitors thus far. The race also brings global branding benefits to Singapore. The 2019 Singapore Grand Prix generated a media value of around $70 million to $75 million. It was watched by around 86 million television viewers globally. This was one of the highest global viewership of any international sporting event.1 The race also benefits the local business community. Ninety percent of the race organisation is sub-contracted to Singapore-based companies in the engineering, construction and hospitality sectors. Around 30,000 staff, contractors and stakeholders work at the Marina Bay Street Circuit for each race. The first few years of the new term may reap lower economic benefits compared to previous years as international travel recovers from COVID-19.”
“The domestic consumption expenditure of residents from 2016 to 2020 was $134.4 billion, $139.3 billion, $146.3 billion, $151.8 billion and $147.1 billion. The data is not granular enough to break down into luxury and non-luxury items. Nonetheless, the Singapore Tourism Board has been in close contact with business operators in tourist shopping areas like Orchard Road and the Integrated Resorts. The general feedback is that Singaporeans have supported the tourism and tourism-related sectors by staying in our hotels, visiting our attractions, going on local tours, shopping locally, and eating at our F&B outlets. As of 1 December 2021, $280 million in vouchers and additional expenditure had been spent under the SingapoRediscovers Vouchers (SRV) scheme. However, such domestic spending is unlikely to make up for the decline in international tourism expenditure. In 2019, tourism receipts hit close to $28 billion, but fell to less than $5 billion in 2020. We expect further declines in 2021 because of the international travel restrictions put in place by many countries. As we progressively ease domestic restrictions, and consumer sentiments improve in tandem with the turnaround in labour market conditions, the domestic consumption expenditure of residents is likely to increase in 2022. Nonetheless, this increase is unlikely to make up for the fall in tourism receipts. As the recovery in visitor arrivals is expected to be slow, activity in some consumer-facing sectors like the food & beverage services sector, may not return to pre-COVID levels by the end of 2022.”
“Since 2020, the Consumers Association of Singapore (CASE) received about 420 reports of consumer prepayments being lost due to business closures. The total amount of reported lost prepayments was around $720,000, while the median amount of lost prepayments per affected consumer was around $680. Of consumers who went on to seek CASE’s assistance, about one in three were able to recover some of their losses. Some may have recovered their losses through other avenues such as through the Small Claims Tribunal. However, we do not have data on the prepayments recovered through other avenues.”
“Our pace of transition to cleaner energy sources will ultimately depend on when emerging alternative technologies become economically viable. MTI and EMA will continue to develop alternative energy solutions to decarbonise and diversify our energy sources. Singaporeans are also encouraged to conserve energy as a way of life.”
“YTLPS is in the process of securing approvals from the relevant authorities and entering into connection agreements with off-takers, and is on track to commencing the trial this year. Over a longer time frame, there are emerging technologies to provide low-carbon electricity, including hydrogen and carbon capture, utilisation and storage. Under the Low-Carbon Energy Research Funding Initiative, the Ministry of Trade and Industry (MTI) had awarded $55 million to support the development of such solutions. MTI also entered into several partnerships with countries such as Australia, Chile, the Kingdom of Saudi Arabia, New Zealand, and the US, to collaborate on low-carbon solutions including hydrogen. EMA will continue working with industry partners to explore other forms of renewable energy which are not yet viable in Singapore, including geothermal energy. Over the past few months, a confluence of recovering economic activity, severe weather events, and a series of gas production outages have sent global energy prices significantly higher. These have raised electricity prices in many countries. As around 95% of Singapore’s electricity is generated using natural gas, we were also susceptible to the increase in global gas prices. EMA has also put in place various measures to safeguard our energy security and resilience. While the development of the alternative energy sources will enable us to reduce reliance on natural gas in the long-run, Singapore will still have to import most of our energy supply, in one form or another. We therefore cannot be fully insulated from the volatility in the global energy market regardless of the type of energy we import.”
“Under the Energy Reset pillar of the Singapore Green Plan 2030, Singapore will decarbonise our power sector by tapping on solar power, low-carbon electricity from the region and emerging low-carbon alternatives such as hydrogen and geothermal energy. Solar is currently the only viable renewable energy for large-scale deployment in Singapore. The Energy Market Authority (EMA) is on track to achieve its solar target of at least two gigawatt-peak (GWp) by 2030, and accelerated target of 1.5 GWp by 2025. It will continue to maximise solar deployment, including on rooftops and reservoirs. Nevertheless, given our land and geographic constraints, solar deployment will still only serve around 3% of Singapore’s energy demand in 2030 even as we seek to maximise deployment. Imported electricity is more scalable as we sit in a region with strong potential for renewable energy. We are working with our regional partners to develop regional power grids and tap on them for electricity imports. In October 2021, EMA announced plans to import up to four gigawatts (GW) of low-carbon electricity, or around 30% of our electricity supply, by 2035. EMA issued the first Request for Proposal in November 2021, for the import of up to 1.2GW of electricity by 2027. EMA has also been working with various partners on trials to import electricity1, so as to refine the technical and regulatory frameworks for large-scale electricity imports into Singapore. This includes the two-year trial to import 100 megawatts (MW) of electricity from Malaysia via the existing interconnector between Singapore and Peninsular Malaysia. In October 2021, EMA appointed YTL PowerSeraya (YTLPS).”
“The Department of Statistics compiles the household sector balance sheet using aggregated data from firms and institutions, and not data at the household level. As such, it is not possible to provide a breakdown of the household sector balance sheet information by deciles.”
“The Department of Statistics (DOS) no longer compiles the indigenous GDP and indigenous GNI series due to a lack of public demand for them. Indigenous GDP and indigenous GNI are also not national accounts concepts nor are they compiled by other countries.”
“The Government empathises with consumers who have lost prepayments due to sudden business closure. Certain sectors that are susceptible to prepayment losses, like travel agents, private education operators and electricity retailers, are subject to prepayment regulations to provide additional protection to consumers. However, such regulations incur costs to the businesses and consumers. For example, when we require businesses to keep prepayments in an escrow account, they will not be able to use them to pay for their operations and they would require additional working capital and associated costs. These costs are eventually passed on to consumers. Thus, to complement regulations on prepayments, the Government’s broader approach has been to educate consumers to help them make informed decisions and manage prepayment risks. For example, consumers can look out for CASETrust-accredited businesses which have in place measures to safeguard prepayments, such as through the purchase of insurance or insurance bonds. Consumers are also encouraged to opt for progressive payments instead of lump sum payments upfront, especially for large-value purchases such as home renovation. Additionally, consumers who use credit cards to make prepayments may approach their card issuers as soon as possible for information on how to dispute the charge and reverse the transaction. MTI will continue to partner CASE to monitor the prepayments landscape and protect the interests of consumers.”
“Finally, we will partner companies to do research and development and testbed new green technologies and solutions, a point Mr Gerald Giam mentioned. This will help us build knowledge and develop capabilities and place us in a stronger position to capture green opportunities in the long run. For example, last year, we awarded $55 million to 12 projects under the Low-Carbon Energy Research Funding Initiative, which will see collaboration between research institutes and industry to develop low-carbon technologies, such as hydrogen and CCUS. Mr Deputy Speaker, Sir, the sustainability movement is gaining momentum. There are challenges for our businesses in transiting to a more sustainable business model. There are also immense opportunities for our enterprises and workers in the rapidly growing green economy. The Government will help foster the right environment for businesses and workers to adapt to and take advantage of these opportunities. As Ms Mariam Jaafar and Ms He Ting Ru mentioned, every one of us has a role to play to support the sustainability movement, do our part to conserve resources, minimise waste and opt for greener products and services. Sir, we look forward to continue working with the industry, businesses, workers and everyone on this exciting journey. On this note, Sir, I support the Motion.”
“We developed these standards in consultation with industry associations, professional bodies, Institutes of Higher Learning, research institutes and companies to ensure they are relevant and robust. Singapore is also an active member of the two international standards setting bodies, the ISO as well as the International Electrotechnical Commission (IEC), at the technical and governance levels. For example, Singapore is involved in the development of new ISO and IEC standards in the areas of water efficiency management, waste terminology, solar, photovoltaic and circular economy. At the governance level, Singapore also chairs the ISO technical management board that oversees some 300 technical committees, including in sustainability, such as for sustainable finance, circular economy and environmental management. Fourth, we are helping our companies access green opportunities abroad through the Green Economy Agreements (GEA). The GEA comprises two key aspects. First, the GEA would set common rules and standards that would promote trade and investment in environmental goods and services. Second, the GEA would facilitate cooperation in areas, such as the scaling of low-carbon technology and pilot projects. Negotiations with Australia are underway for the first of these GEAs. GEAs will build on and enhance Singapore's economic connectivity established through our extensive network of trade agreements. They will also strengthen international governance on trade and environmental sustainability and put us in good stead to contribute to international discourse on rules writing and standards setting in the global response to climate change.”
“We also subsequently introduced the Climate Friendly Households Programme to provide eligible households with vouchers to offset the cost of energy-efficient appliances. Second, we will complement the carbon tax with financial support to help companies adapt. Last October, I announced the Enterprise Sustainability Programme (ESP) to help local businesses build capabilities in sustainability and capture opportunities in a green economy. The ESP is expected to benefit at least 6,000 enterprises over the next four years. It will support training workshops, capability and product development projects and key enablers, such as certification and financing. Several of these efforts will involve partnerships with the trade associations and chambers. We will also leverage the green finance drive to provide another incentive for companies to become more sustainable. The Green and Sustainability Loan Grant Scheme (GSLS) that MAS rolled out in November 2020 encourages banks to develop green and sustainability-linked loan frameworks to make such financing more accessible to small and medium-sized enterprises to better support their transition to greener business models. The GSLS helps defray qualifying expenses incurred by businesses and banks. Third, we are developing standards and accreditation to help companies assess and demonstrate their sustainability credentials. To date, the Singapore Standards Council and the Singapore Accreditation Council have developed more than 50 national standards and 13 accreditation programmes supporting the green economy. Examples include standards in renewable energy, electric vehicles and food sustainability and resilience.”
“We have three such centres in Singapore – the Singapore Green Finance Centre by SMU and Imperial College Business School, the Sustainable and Green Finance Institute established by NUS and the Sustainable Finance Institute Asia. MAS will also be launching a new Sustainable Finance Technical Skills and Competency category in the Skills Framework for Financial Services. These efforts support our workers in building the relevant knowledge and skills which can, in turn, help anchor Singapore as a leading centre for green finance. To achieve these ambitions, I agree with many Members that the Government needs to work in partnership with the private sector and the community. The Government's role is to provide an enabling environment to help businesses and workers take advantage of these opportunities. Our approach rests on five key pillars. First, we will need to right-price resources through the carbon tax, which Minister Grace Fu will speak on later and which Mr Louis Ng also mentioned. The correct pricing will guide investment decisions and spur companies to decarbonise. But it will also come with higher costs for businesses and consumers. We should calibrate and pace the adjustment carefully to give companies sufficient time to adapt, put in place decarbonisation measures and stay competitive, as Members, including Ms Foo Mee Har and Mr Derrick Goh, mentioned. A higher carbon tax will also have an indirect impact on households. The Government will consider how we can help ease the cost increase, especially for the lower-income households. For instance, when the carbon tax was first introduced in 2019, the Government provided additional U-Save rebates for three years to cover the expected average increase in electricity and gas bills from the carbon tax.”
“For example, a traditional car mechanic will need now to learn how to repair an electric vehicle. An internal combustion engine is very different from an electric motor. A power engineer will now need to learn about hydrogen, solar and other renewable forms of energies. An investment manager will need to learn about sustainability standards and green financing. SkillsFuture Singapore identified the green economy as a growth area in their inaugural report on skills demand for the future economy. There are green job opportunities in many sectors, such as financial services, energy and power, built environment and manufacturing. There are also skills that are transferable across sectors, such as carbon footprint management and sustainability management. These skills can equip our existing workforce to take on new jobs or new roles in existing jobs in the new green economy. Workforce Singapore (WSG) is working with partners to explore a broad-based career conversion programme (CCP) for sustainability professionals. This CCP will not only help companies nurture "sustainability champions" to kickstart their journey, but also support the transition of affected workers due to the greening of their jobs. At the sectoral level, efforts are underway to build our talent pipeline. WSG and Singapore Polytechnic have rolled out a new CCP for clean and renewable energy professionals in September 2021. Over the next two years, the new CCP will support the transition of up to 150 existing employees that are impacted and mid-careerists from other sectors into the clean and renewable energy-related jobs. Separately, MAS is setting up centres of excellence for training and research in green financing.”
“We are accelerating solar deployment and plan to import up to four gigawatts of electricity by 2035. Mr Gerald Giam asked about the subsidies for solar deployment, especially for the private property. We do not have subsidies for solar deployment as solar is already cheaper than our retail electricity and there is already incentive for them to do so. However, EMA has schemes to facilitate the sale of excess electricity to the grid and we will continue to help and support them. We will also develop and tap on low-carbon solutions, such as hydrogen and carbon capture utilisation and storage (CCUS), when these become more viable. In addition, we will work with generation companies to enhance the efficiency of our power generation systems. But lower emitting businesses will also need to incorporate sustainability as an integral part of their business and embrace sustainability as a competitive advantage. For example, more tourists and international conferences now require that countries and hotels they are visiting to have met certain sustainability standards. I am encouraged that a recent survey by the Sustainable Living Lab with Singapore Business Federation and other partners found that our SMEs recognise additional market opportunities, reputation improvements and cost reductions as the top three motivations for them to consider becoming more sustainable. I will explain later how we can provide a conducive environment to help our SMEs. Our third aim is to equip our workers with relevant skills so that they can benefit from the green economy, as Ms Hany Soh, Ms Rachel Ong, Mr Dennis Tan and Mr Edward Chia highlighted. As the green economy develops, many green jobs will be created that will require new green skills.”
“Over a longer timeframe, there are also opportunities in low-carbon technologies such as hydrogen, sustainable aviation and maritime fuels, smart electricity grids and sustainable foods. We are investing research and development resources into these areas which we would need for ourselves and we hope to build new economic engines in the process. These new green activities are exciting, but they will take time to grow and mature. On the other hand, most of our existing enterprises will be affected by the green wave. This is because investors, lenders, customers and regulatory agencies will increasingly impose environmental requirements on these enterprises. The impact will differ for different sectors and enterprises, depending on the nature of their businesses and operations. The impact is most significant for the largest emitting sectors such as the petrochemical industry. We have been working with businesses in the sector to help them decarboniese. Last November, we released the Sustainable Jurong Island report, which outlines our plan to transform Jurong Island into a sustainable energy and chemicals park that operates sustainably and exports sustainable products globally. Our aspiration is for the energy and chemicals sector to increase its output of sustainable products by four times from 2019 levels and achieve more than six million tonnes of carbon abatement per annum from low-carbon solutions by 2050. The journey is a challenging one but we are determined to get there. Our power sector, which provides electricity for both businesses and households is also a major emitter. MTI and the Energy Market Authority (EMA) are therefore embarking on energy transition plans to decarbonise electricity production.”
“The Monetary Authority of Singapore (MAS) has developed a holistic green finance action plan to support sustainable finance market development, strengthen the financial sector's resilience to environmental risks and standardise and enhance climate-related disclosures. Mr Don Wee also asked the Government to consider issuing more green bonds. Yes, we are exploring opportunities to do so under MOF's Green Bonds Programme Office. Carbon services and carbon credits will play an increasingly important role to help businesses and governments meet regulatory or voluntary climate goals. As Prof Koh Lian Pin, Mr Henry Kwek and Mr Saktiandi Supaat mentioned, we can build on Singapore's foundation as a trusted and deep commodities trading hub as well as the vast potential for the creation of nature-based credits in our region to become a carbon services and trading hub. In 2021, 13 international firms anchored and expanded their carbon services offerings in Singapore. We are also working with like-minded partners to standardise the rules on cross-border transactions of credits and to build the infrastructure and processes to facilitate this. For example, arising from the efforts of the Singapore Emerging Stronger Taskforce's Alliance for Action on Sustainability, DBS, SGX, Standard Chartered and Temasek have set up the Climate Impact Exchange or CIX. CIX provides a carbon exchange and marketplace for companies to access high quality carbon credits. This exchange will have high standards of disclosure and emphasis on high quality carbon credits. This is how we can differentiate ourselves and avoid greenwashing problems mentioned by Assoc Prof Jamus Lim.”
“We must continue to act decisively to prepare ourselves for these opportunities, while pacing our transition in a calibrated manner and managing the trade-offs and cost impact carefully, as Ms Poh Li San, Mr Liang Eng Hwa, Ms Foo Mee Har and Mr Derrick Goh pointed out. Minister Grace Fu will speak about Singapore's planning ahead and acting decisively on green transition, including the ambitious steps that we are taking. I will elaborate on what we intend to do on the economic front. Under the green economy pillar of the Singapore Green Plan 2030, we aim to do three things; first, capture green growth opportunities; second, transform our existing businesses and industries to integrate sustainability into their business models; and third, equip our workers with relevant skills so that they can benefit from green growth. There are a number of exciting economic opportunities arising from the global movement towards sustainability that play to Singapore's strengths as a transport, advanced manufacturing, trading and financial hub. Several Members, including Mr Don Wee, Mr Gan Thiam Poh, Ms Nadia Samdin and Mr Henry Kwek, as well as Ms Mariam Jafaar and Assoc Prof Jamus Lim mentioned green financing; and Mr Saktiandi Supaat too. As countries step up their efforts towards their climate change commitments, there will be growing demand for green financing, as well as investments into green technologies, infrastructure and businesses. Singapore has established itself as a trusted financial and business hub. We are well placed to capture emerging opportunities in green financing. In fact, we are already a market leader in Southeast Asia for sustainable debt. The sector is still evolving and there is great potential as demand for green finance continues to grow in the region.”
“Mr Deputy Speaker, I thank the Members for tabling today's Motion. Climate change is an urgent global concern and would require collective and coordinated global action to address, as the scale of effort needed to make a meaningful impact far exceeds what individual countries can achieve. As a small island state, we are particularly susceptible to even small changes in global temperature, which will affect anything from sea level to weather patterns to food production and even supply of fresh water. In fact, our journey towards sustainability started decades ago. Given our limited natural resources and the lack of a hinterland, we have been pushing the envelope to conserve and maximise critical resources such as land and water, and green our island even as we embark on industrialisation and urbanisation. As a responsible global citizen, Singapore must also play our part in making our world sustainable. We launched a whole-of-nation movement, the Singapore Green Plan 2030 last year, outlining our plans towards a more sustainable Singapore. However, as we make the transition towards a greener future, we will need to make trade-offs and accept changes to the way we live and work. For example, as businesses introduce greener methods of production, production costs may go up because of the use of greener materials or greener ways of disposing waste. Some may require significant investments in new and greener equipment or need technologies that are yet to be available. This may eventually translate to higher costs for consumers. But as Prof Koh Lian Pin pointed out, we will be doing ourselves a disservice if we focus only on the higher costs in the short-to-medium term and lose sight of the larger and longer-term opportunities that sustainability movement brings.”
“I thank for Member for the question. It has been addressed by oral reply to Question Nos 4 and 5 on the Order Paper for 11 January 2022. [Please refer to "Reasons for Recent Rise in Costs and Measure to Help Singaporeans Cope", Official Report, 11 January 2022, Vol 95, Issue 45, Oral Answers to Questions section.]”
“Coal makes up around 1% of Singapore’s power generation capacity. It is used only at the Tembusu Multi-Utilities Complex (TMUC), which produces electricity and steam using a mix of clean coal (that is, low-ash and low sulphur) and biomass to reduce the overall carbon intensity of the plant. We do not intend to build any new unbated coal-powered plants. The timeline for phasing out TMUC will need to take into account the remaining asset life of the plant and the availability of viable alternatives for companies that it supplies to. We will work with the companies to explore bringing forward the timeline and mitigating the emissions where possible.”
“Consumer credit provided by retailers account for less than 5% of loans by commercial entities to households. Retailers providing consumer credit under hire-purchase agreements are required to comply with the Hire-Purchase Act. Retailers offering other in-house credit sales agreements are required to abide by general laws like the Sales of Goods Act and the Consumer Protection (Fair Trading) Act, which prohibits unfair practices that could mislead consumers, such as misrepresentation or omission of material facts, or pressure selling. In 2021, there were 39 individuals made bankrupt with at least one proof of debt submitted by a retailer as a creditor. The Government does not have data on other debt collector action against consumers by retailers. Consumers may approach the Consumer Association of Singapore (CASE) for assistance with dispute resolution, including when they are unable to work out a mutually agreeable repayment plan with the retailer. The Government has engaged major retailers offering in-house credit schemes to improve their business practices, such as adequate disclosure of terms and conditions, responsible marketing and incorporating credit bureau reports as part of their credit assessment. Agencies will continue to keep a close watch on market practices and ensure that Government’s overall regulatory framework remains robust.”
“The Vaccinated Travel Lane (VTL) arrangement with Malaysia was launched on 29 November 2021. In consultation with the Ministries of Health of Singapore and Malaysia, both countries agreed bilaterally that it is sufficient for VTL (Land) travellers to undergo an on-arrival antigen rapid test (ART) instead of a polymerase chain (PCR) test, taking into account public health and practical considerations. In addition to the on-arrival test, there are multiple safeguards to reduce the risk of spread of COVID-19. All VTL (Land) travellers, except children aged 12 years and below, are required to be fully vaccinated. All travellers, except children aged two years and below, are also subject to a stringent testing regime, comprising a pre-departure PCR test or ART, a self-administered ART on Days 2, 4, 5 and 6 of their arrival and a supervised self-administered ART on Days 3 and 7. These measures facilitate the early detection of COVID-19 cases and minimise public health risks to the community. As of 31 December 2021, 27 COVID-19 positive cases were detected, out of around 28,000 incoming travellers who entered under the VTL (Land). We will continue to monitor the public health situation and adjust the testing regime for the VTL, if necessary.”
“As of 2021, there are more than 70 operational data centres (DCs) in Singapore with a total available IT capacity of about 1,000 megawatts (MW). The Government embarked on a review of the DC industry in 2019 and had engaged the industry in the process. This review was necessary because while DCs are important enablers for the digital economy, they are also intensive users of resources and we had to find a way to manage the growth of DCs in a sustainable manner consistent with our climate change commitments. This review was recently completed. EDB and IMDA will engage the industry soon to share more details and seek their feedback. While we continue to welcome DC investments, we intend to be more selective of which DCs we can accommodate. In particular, we seek to anchor DCs that are best in class in terms of resource efficiency, which can contribute towards Singapore’s economic and strategic objectives. We will also put in place measures to raise the efficiency of existing DCs over time.”
“The impact of digitalisation and push for greater sustainability will continue to widen and deepen across all sectors. These transformations will allow firms to seize new opportunities both at home and abroad. Third, we must remain open to complementary talent and manpower from abroad that can help us to be globally competitive. We must guard against turning insular as Singapore’s ability to function as a business hub and create more opportunities for Singaporeans will be diminished if companies find it hard to access the talent needed to do business out of Singapore, compared to other locations worldwide. At the same time, we must continue to develop our local workforce. One way to do this is to build on the human capital of the existing workforce by upskilling and training workers to take on new roles so that we can seize opportunities arising from our economic growth. Singapore and Singaporeans have stayed ahead of our competition by remaining adaptable to changes in the world economy. We must continue to be nimble and upgrade to create growth and good jobs with fewer resources. The Government remains strongly committed to supporting businesses and workers to transform and seize new opportunities. Together, we can embrace the changes ahead and stay relevant and competitive in this rapidly changing economic operating environment.”
“Access to sufficient manpower with the right skills is a key challenge faced by businesses across many sectors, with movement restrictions due to COVID-19 exacerbating the shortage. In addition, as the world decarbonises, energy costs will also rise. These resource constraints may hamper growth and lead to a rise in business costs. Other imported cost pressures include supply-demand mismatches in various commodities and goods markets, as well as bottlenecks in global transportation, that are likely to persist for some time. In 2022, the CPI-All Items inflation is forecast to average between 1.5% and 2.5%, after coming in at a projected 2.3% in 2021. On the other hand, some of these very same headwinds can offer opportunities for our workers and businesses. For example, we can position Singapore as a safe and resilient node in an unpredictable world and anchor activities for businesses looking to diversify from other markets. Resource constraints can also push us to develop solutions that serve global needs, in the same way we did for water. Taking into consideration all these factors, there are three areas that Singapore needs to pay attention to in the next few years as we seek to ride on the opportunities, while at the same time mitigating the risks that we are faced with. First, businesses need to continue to transform and restructure so that they can raise productivity and optimise their use of scarce resources like labour and carbon. For example, companies can tap on technology to automate their operations and become more efficient. At the same time, they also need to enhance their business resilience given the current unpredictable environment. Next, businesses have to develop new business models to ride on key growth sectors and markets.”
“The COVID-19 pandemic has led to strong economic headwinds in many countries. Singapore was not spared, with our economy contracting by 5.4% in 2020. The Singapore economy has since rebounded on the back of the recovery in global demand and good progress in our vaccination programme. Based on advanced estimates, the economy expanded by 7.2% in 2021. For 2022, the economy is expected to grow by 3% to 5%. There are opportunities in the global economy that can help us achieve this growth. For example, global merchandise trade is expected to grow in 2022. Further, the continued shift in global economic weight towards Asia puts us in a position of strength and gives Singapore businesses the opportunity to tap on Asia’s growth. In addition, digitalisation can lower entry barriers and facilitate entry into global markets. The global sustainability trend will also provide new opportunities in areas like carbon services and renewable energy. At the same time, there are a number of downside risks that we need to pay attention to. Externally, intensifying strategic competition between US and China and the continued rise in geopolitical tensions could narrow the markets our companies can tap on, or disrupt current trade. Singapore businesses will also continue to feel the impact of global supply chain disruptions from border and movement control, shortage of shipping capacity and port congestion. Other trends, including the growth of digitally-enabled remote work and continued movement restrictions due to COVID-19, could impact Singapore’s hub status and competitiveness. Domestically, we are fast running up against resource constraints.”
“On 27 December 2021, MOH announced that Omicron cases will be treated like other variants of COVID-19, and that it would allow positive Omicron cases to recover at home or at community care facilities. Therefore, Stay-Home Notice (SHN) or isolation requirements on their own will not be a reliable revenue source for hotels. While Omicron may have slowed the pace of recovery in the near term, the longer-term prospects for the aviation and tourism sectors remain good. The strong demand for Vaccinated Travel Lane (VTL) air tickets suggests that people want to travel for business or leisure. The Government has provided significant support to help these sectors preserve their core capabilities and safeguard jobs. Besides broad-based measures such as the Jobs Support Scheme and Rental Support Scheme, we have provided targeted support for both the aviation and tourism sectors. This includes the OneAviation Support Package and the SingapoRediscovers Vouchers (SRV) scheme. We will continue to help companies in these sectors transform and upgrade themselves so they can better capture opportunities when travel volumes resume. Companies in both sectors have received training support under the Enhanced Training Support Package, which provided enhanced Absentee Payroll funding rate and course fee subsidies to those who send their employees for selected training programmes. Companies are also receiving support to pursue transformation efforts to prepare for the recovery. Examples include the Civil Aviation Authority of Singapore’s (CAAS) Aviation Development Fund and the Singapore Tourism Board’s (STB) Business Improvement Fund.”
“The Bloomberg New Economy Forum 2021 was an important event for Singapore as it brought together over 300 leading global CEOs, current and former Government leaders, and thought leaders and experts to discuss solutions to address pertinent global issues in finance, trade, climate change, cities and health. The Forum affirmed Singapore’s status as a leading business hub and supported the business development efforts of Singapore companies that participated in it. The Forum also benefited our tourism sector, which has been hard-hit by COVID-19. It generated around S$1.2 million of tourism receipts across four days and was widely covered by local and international media. As one of the first physical global Meetings, Incentives, Conventions and Exhibitions (MICE) events held in Singapore amidst COVID-19, it successfully piloted COVID-19 safe approaches for MICE events. More importantly, the event demonstrated Singapore’s capability in conducting large-scale international MICE events safely despite the challenges posed by the pandemic. This benefits Singapore’s competitiveness as a leading MICE destination and paves the way for Singapore to host other globally significant MICE events.”
“The real estate sector1 accounted for 3% of Singapore's nominal GDP in 2020. It contributed -0.5 percentage point to the -5.4% contraction in 2020 and 0.3 percentage point to the 7.2% growth in real GDP in 20212.”
“The number of complaints made to the Consumers Association of Singapore (CASE) involving pressure sales tactics targeted at seniors has remained around 80 annually. Pressure sales tactics are an unfair practice under the Consumer Protection (Fair Trading) Act. Retailers who engage in such unfair practices may be investigated by the Competition and Consumer Commission of Singapore (CCCS) and subject to an injunction order under the Act. MTI will continue to keep a close watch on the trends in pressure selling and review regularly whether additional measures, such as mandating cooling-off clauses in certain circumstances, are needed.”
“Singapore has only one plant that uses coal, the Tembusu Multi-Utilities Complex (TMUC), which produces electricity and steam using a mix of clean coal (that is, low-ash and low sulphur) and biomass to reduce the overall carbon intensity of the plant. The generation capacity of TMUC is 133.5MW. On average, the plant generated 588.9 gigawatt hour (GWh) of electricity annually from coal since its commissioning in 2013, or around 1% of Singapore’s power generation capacity in the same period. As the plant uses a mix of fuels, it is not possible to isolate the average capacity utilisation only for coal. The average capacity utilisation of the overall plant capacity for TMUC from 2013 to 2020 is 66%.”
“MTI does not track the number of commercial malls in Singapore that provide designated drop-off and pick-up points or designated parking lots for delivery riders. Increasingly, more malls see value in facilitating the work of delivery riders. This includes implementing designated pick-up points to facilitate deliveries and setting up dedicated mall entry queues for delivery riders for Safe Entry and vaccination-differentiated safe management measures (VDS) checks. Some malls also extended the grace periods for parked vehicles during the Heightened Alert phases to allow delivery riders to park temporarily while collecting orders.”
“The Energy Market Authority (EMA) is currently working with researchers from the Nanyang Technological University to carry out exploratory studies on Singapore’s geothermal potential. The research team plans to drill two boreholes, which are similar to the boreholes drilled for soil investigation works for construction activities, and conduct subsurface surveys1 so as to estimate the geothermal resource potential. The research team is in the process of seeking the necessary approvals. As part of the process, the research team will undergo an in-depth consultation with technical agencies to determine if environmental studies or mitigating measures are needed. If the exploratory studies yield promising results, EMA may conduct further studies to determine the viability of deploying geothermal systems in Singapore. Such studies will likewise undergo in-depth consultations with the relevant technical agencies, as required. If found to be feasible, geothermal energy could serve as an additional source of indigenous clean energy, besides solar, and support Singapore in meeting our climate change goals.”
“These questions will be answered by my reply to Ms Jessica Tan Soon Neo, Mr Ang Wei Neng and Mr Saktiandi Supaat for the next Sitting. [Please refer to "Reasons for Recent Rise in Costs and Measures to Help Singaporeans Cope", Official Report, 11 January 2022, Vol 95, Issue 45, Oral Answers to Questions section.]”
“The Government will continue to monitor developments in nuclear energy and, when the technology is available and safe, consider its feasibility for Singapore.”
“Through the Analytical Laboratories for the Measurement of Environmental Radioactivity (ALMERA) network, SNRSI has developed internationally recognised capabilities, including the ability to detect the identity and quantity of radioactive material in the environment to the precision and accuracy expected of member labs. In addition, SNRSI is developing capabilities in the safety analysis of different reactor designs, which will help us better understand global developments in these technologies. In the last five years, SNRSI has awarded 24 scholarships for postgraduate studies in areas related to nuclear energy. The next tranche of funding will focus on building up a talent pool in nuclear policy, science and safety and to study new reactor designs as they become available. As a responsible member of the international community, Singapore also actively supports international efforts to strengthen the global nuclear safety and security architecture. We work closely with the International Atomic Energy Agency (IAEA) and with other ASEAN Member States in the ASEAN Network of Regulatory Bodies on Atomic Energy (ASEANTOM) to build up our knowledge of nuclear safety, to contribute towards strengthening regional preparedness to respond to a potential nuclear emergency. Our future energy mix will depend on advancements in low-carbon technologies and collaborations and trading of low-carbon energy across borders. Any decision to deploy new energy technologies will need to be considered against the technology’s safety and reliability, affordability and environmental sustainability. We must also continue to step up our efforts to enhance energy efficiency across all sectors and encourage energy conservation by consumers.”
“The global energy landscape has been undergoing a transition from coal and oil to natural gas and renewable energy, such as solar and wind and other low-carbon energy solutions, such as nuclear energy and hydrogen. The recent global energy crunch has also highlighted the importance for the energy transition to be managed carefully to avoid major disruptions to consumers as well as, more importantly, to ensure our energy resilience and security. Singapore has outlined our commitments to achieving a low-carbon energy future as part of the Singapore Green Plan 2030 and our Long-term Low Emissions Development Strategy. Towards this goal, we have been exploring solutions to decarbonise the grid. These include (a) accelerating solar deployment; (b) working towards importing electricity; and (c) exploring low-carbon energy solutions such as hydrogen, geothermal energy and carbon capture utilisation and storage (CCUS). We have been monitoring developments in nuclear energy, especially improvements in the safety of new nuclear technologies. Advanced nuclear reactor technologies and designs, such as Small Modular Reactors, Generation IV and fusion reactors, are being developed globally and have the potential to be much safer than many of the plants that are in operation today. However, many of them are still in the R&D phase and have not begun commercial operations. The National Research Foundation (NRF) established the Nuclear Safety Research and Education Programme (NSREP) in 2014, which set up a centre of excellence for nuclear safety capability building, the Singapore Nuclear Research and Safety Initiative (SNRSI).”
“The cost of food is affected by a combination of factors, including the imported prices, energy costs, freight, labour, and seasonal weather changes. Domestic food prices have risen in the past six months, due mainly to increased prices for global food commodities, higher energy prices, supply chain bottlenecks and labour shortages. We expect food prices to rise further in the coming months as energy prices, a contributor to the global cost of food, are expected to increase. Suppliers may need to adjust prices to reflect cost increases. To mitigate the impact of higher food prices on families, the Government will continue to assist Singapore families in various ways. For example, MSF’s Social Service Offices (SSOs) provide ComCare assistance to low-income households to support their daily living expenses. The Budget 2020 Grocery Vouchers Scheme has also helped less well-off Singaporeans with their household expenses during this period of economic uncertainty. Singapore will continue to diversify our import sources to keep prices competitive and enhance supply resilience.”
“Under the Energy Reset pillar of the Singapore Green Plan 2030, Singapore will focus on all four supply "switches" to decarbonise our electricity supply. These comprise making our natural gas generators more efficient, maximising solar energy, importing renewable energy, and exploring the use of low-carbon alternatives like hydrogen. Singapore has limited renewable energy resources. We are on track to achieving our target of at least two gigawatt-peak of solar energy by 2030, but this will only constitute around 3% of our projected total energy consumption. We will need to supplement this with imported low-carbon energy, while we develop other low-carbon alternatives like hydrogen. Electricity imports will be a key needle-mover in our energy transition in the near to medium term. We target to import up to four gigawatts of low-carbon electricity by 2035, which will constitute around 30% of our electricity supply. To facilitate electricity imports, the Energy Market Authority will conduct an open and competitive Request for Proposals (RFP) process. Interested companies, including Sun Cable which initiated the Australia-Asia Power Link project, will need to participate in the RFP. Imported electricity may or may not be more expensive than electricity produced in Singapore. It depends on several factors, including the distance of their source location and technology used, and other factors such as the cost of natural gas. The RFP process will ensure that we select bids that are cost-competitive and most suitable for Singapore. As we advance in our energy transition, the Government will continue to work closely with our workforce, researchers, industries, and consumers, to achieve our goal of a cleaner, more efficient and secure energy future for Singapore.”
“Since the Competition and Consumer Commission of Singapore (CCCS) took on the function of administering the Consumer Protection (Fair Trading) Act in 2018, it has investigated an average of about five cases per year for alleged infringements of the Act. The industry breakdown varies from year to year. Of the cases investigated since 2018, half were from the Beauty Services industry. A further 30% were retailers of consumer goods. The remaining 20% were from other industries including F&B, travel and medical consumables.”