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Singapore-Australia Developing Green Economy Agreement for a Sustainable Future

Per a joint press release from the two countries, Singapore will join Australia in drafting a Green Economy Agreement (GEA). The cooperation intends to hasten both countries’ transition to a greener, more sustainable future, while also creating jobs and reducing carbon emissions. The agreement will highlight initiatives to encourage and ease trade and investment, with an emphasis on reducing regulatory burdens on businesses. It also aims to eliminate non-tariff obstacles to trade in environmental goods and services and to speed up the adoption of low-emission green technology.

The countries claimed this “world-first agreement” will deepen their bilateral connection through strengthened economic and environmental relations in a joint vision statement released following the conference. The agreement’s larger goal is to serve as a guide for multilateral and regional policy development by establishing policies, standards, and initiatives that will not only create good jobs in green growth sectors but also strengthen environmental governance and global capacity to deal with environmental issues.

Singapore and Australia already have an open, liberalised trade and investment relationship and are both prominent proponents of a global trading system based on open norms. Singapore is also collaborating with Australia on a solar power project that would provide green energy to Singapore via a 4,200-kilometre underwater cable from Darwin, Australia.

The Sun Cable project, worth A$30 billion (S$29.5 billion), aims to bring green power to Singapore via a 4,200-kilometre cable from Darwin in Australia’s Northern Territory. The goal is to begin sending power to Darwin in 2026, with the first shipments to Singapore in 2027, and full commercial operations by the end of 2028. According to the company, supplying up to 15% of Singapore’s electricity demand could lower emissions by six million tonnes per year.

OpenGov Asia reported that Singapore is currently implementing efforts to make industrial production processes and energy usage more environmentally friendly and to improve energy efficiency. The Republic also aspires to become a sustainable tourism destination, as well as a carbon services hub and a centre for green finance, to help Asia’s sustainability efforts. This also entails ensuring that new carbon-intensive investments brought into Singapore are among the best-in-class in terms of carbon and energy efficiency.

The Green Economy, one of five key pillars of the new Green Plan, aims to seek green growth opportunities to create new jobs, transform Singapore’s industries, and harness sustainability as a competitive advantage, the statement said.

With this objective, Singapore’s National Environment Agency (NEA) recently launched an SGD 3 billion multicurrency medium-term note programme as well as a green bond framework to fund the development of sustainable waste management infrastructure. In addition, by 2035, all government vehicles will be powered by cleaner energy, five years ahead of the national objective of 2040. All new government vehicles must have zero emissions by 2023.

Last July, Minister for Sustainability and the Environment Grace Fu declared these and other targets. She explained the numerous ways the government will spearhead low-carbon activities under GreenGov.SG project. Government-owned workplaces and public infrastructure have set a goal of reaching maximum emissions by 2025, after which they will begin to reduce emissions five years ahead of the rest of the country.

Under the Paris Agreement, Singapore aims to peak at 65 million tonnes by 2030, reduce to 33 million tonnes by 2050, and achieve net-zero emissions sometime in the second half of the century.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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