KAYA RODRIGUES WRITES – Green buildings, green finance, green economy. Singapore says it is committed to bettering the environment and is moving the small island to the forefront of the fight for a sustainable future. So, on March 1, Singapore announced that it was partnering with the United Kingdom by way of a memorandum of understanding that establishes a Green Economy Framework for both.
In fact, Singapore has been a crucial champion of environmental protection efforts, especially in its commitment to Green Buildings, which use recycled materials and overall green technology in construction. The 2023 Green Plan, Singapore’s current domestic plan to arrive at net zero emissions by 2050 , is ambitious – it aims to plant one million more trees by 2030, quadruple solar energy deployment by 2025, reduce landfill waste by 30% by 2030, and increase by 20% the number of carbon neutral schools by 2030, among other goals.
The United Kingdom has likewise shown its commitment to sustainability efforts by spending millions of dollars on rescuing coral reefs and other threatened ecosystems. Both countries say hey have one main goal: To arrive at net zero emissions by 2050.
In this regard, though, things are looking overcast if not stormy in the United Kingdom, as many of its initiatives, such as that aimed at better home insulation, are facing widespread obstacles. But the UK has a reputation to live up to; its representative at the 26th UN Framework Convention on Climate Change recently served as its president. Now, in an attempt to regain momentum, the UK has signed this memorandum of understanding with Singapore.
These two green spots have worked together before. Singapore, an expert member of the conference parties – especially regarding research in green innovation and international carbon trading – joined forces with the UK on both the Free Trade Agreement and the Digital Economy Agreement. Now the Green Economy Framework aims to advance innovations on green transportation, low carbon energy, and sustainable finance as well as carbon markets through government policy discussions. To do this, it will match businesses with green innovators, conduct industry workshops, and form research partnerships.
There is still much work to be done, but agreements like this could spark global innovation. Is the whole world watching? We know we are, eyes wide open. This one might be real.