Green Gems in the New Economic Strategy

At first glance the recommendations from the Economic Strategies Committee (ESC) in February barely seem to mention green initiatives. Yet hidden amongst the frequent mentions of productivity, innovation and economic growth are many opportunities to make Singapore more environmentally friendly.

Some of the initiatives to make Singapore more green are clearly stated, even if they are buried in thick reports.

The ESC said that “we must begin taking active steps to use land and energy more efficiently” and ”play our part in reducing carbon emissions,” actions that can enable Singapore to improve the environment significantly.

The Committee also recommended innovation in “clean energy solutions” as well as the development of “distinct eco-towns…where desalination and recycling of energy can be part of an integrated and cost efficient system.” While mentions of coal and nuclear power may create concern, a focus on better energy usage and eco-friendly initiatives like solar power can offer tremendous benefits for companies and the environment.

“Future-ready urban solutions” that the ESC mentions include a “focus on the areas of urban mobility/smart transportation, energy efficiency and management, renewable energy, and water and waste management.” The specifics, ranging from low-carbon solutions and energy-efficient buildings to greener public transportation and fully priced electricity, hold great promise.

Along with initiatives like these that are easy to find, other opportunities are hidden behind jargon. Dig just barely below the surface, though, and the potential for positive environmental benefits abound.

Increasing productivity seems to permeate the recommendations. Initiatives like relying on productivity improvements to “account for about two-thirds of our GDP growth,” for example, might seem at first glance to be something for companies to do internally. Yet the reality is that it means doing more with less. Rather than just bringing in more people to fuel economic growth and continuing to use inefficient or highly polluting methodologies, the focus will be on doing more with less resources. Fewer people, less waste and lower energy usage are just a few examples of productivity improvements that can also benefit the environment.

Innovation, too, seems like it might just mean developing the next iPod or world-class manufacturing facility here. Yet innovation could just as well mean becoming a world class developer of solar power, tidal power or windmills. It could also mean making vehicles more fuel-efficient and creating factories that pollute less. Moreover, the goals to “attract or develop at least 5 world-class institutions” and make access to ‘”a range of ideas and IP” easier through service incubators can enable green companies and individuals to set up world-class green-focused research facilities or businesses.

While environmental concerns may not have been the primary focus of the ESC, its recommendations offer opportunities to make Singapore an environmental leader that are just waiting to be exploited. Environmental groups can do their part to encourage these green developments by making sure companies dig below the surface and showing how they can do more with less or focus on environmental innovation. While the proof is in the pudding, as the old adage goes, green opportunities are readily available for the taking.