Singapore’s green credentials will grow

Significance

In October, it signed a landmark green economy deal with Australia. The Financial Services Industry Transformation Map (ITM) 2025 released by the Monetary Authority of Singapore in September has several climate-related features. The Singapore Green Plan 2030 was unveiled in 2021.

Impacts

• High costs risk eroding public support for lifestyle changes that benefit the environment.
• Breaking the economic reliance on the oil and gas industry may hinge on opening new income streams.
• Green bonds will help position Singapore as a champion of sustainability.