SINGAPORE – Sustainability was a key pillar that was mentioned in the 2024 Budget debate for multiple ministries.
What are some of the new measures, and what do they mean for different groups of people?
The Straits Times summarises some of the key announcements, from an expanded climate voucher scheme for purchasing energy-saving and water-saving appliances to a new requirement for businesses to declare their carbon footprint.
For households $300 worth of climate vouchers for HDB households
From April 15, all HDB households will receive $300 worth of e-vouchers that can be used to purchase 10 types of energy-saving and water-saving appliances, from air-conditioners to washing machines and refrigerators. The vouchers will be in denominations of $2, $5, $10 and $50, and there will be no restrictions on the amount usable for any appliance.
The vouchers will be valid until Dec 31, 2027, and are an expansion of the current Climate Friendly Households Programme rolled out in November 2020, giving households in one- to three-room HDB flats $225 worth of vouchers. These vouchers were limited to $150 for energy-saving refrigerators, $25 for LED lights and $50 for water-saving shower fittings.
New energy-efficient requirements for household water heaters
As water heaters are the third most energy-intensive appliances used in households, making up about 10 per cent of a typical household’s energy consumption, minimum energy standards will be developed to phase out the least efficient ones.
A five-tick rating scale, which is already applied to appliances like air-conditioners and refrigerators, will also be applied to water heaters to help consumers identify the efficient models more easily. Consumers can save up to $115 a year in electricity costs by swopping their one-tick water heater for a more efficient five-tick water heater.
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For landowners New coastal protection law to kick in
Coastal protection measures will soon need to be implemented along more than 300km of the nation’s coastline as Singapore adapts to rising sea levels, which are projected to increase by up to 1.15m by 2100, and by up to around 2m by 2150.
Under new coastal protection legislation, landowners will have to be prepared to set aside land for future coastal protection measures, which may also have to be upgraded down the line to account for uncertainties in climate projections.
PUB will work with planning agencies and other stakeholders to ensure there is sufficient space set aside for coastal protection. This is similar to the approach the national water agency now takes of setting aside land for drainage works, such as the expansion of drains and canals, which are known as drainage reserves.
The new legislation will specify the responsibilities and requirements for the planning, design, construction and maintenance of coastal protection measures, as well as the regulation of activities around the infrastructure.
PUB is conducting a study to establish a code of practice that will identify the types of activities that may pose a risk to coastal protection infrastructure – for example, excavation or tunnelling works in the vicinity.
The code, when ready, will also provide a set of design standards and requirements for new developments incorporating coastal protection measures.
PUB will be engaging relevant public agencies and coastal landowners, as well as the industry and professional bodies, on the proposed policies.
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For businesses Mandatory climate disclosures for large non-listed companies from FY2027
Non-listed companies with an annual revenue of at least $1 billion and total assets of at least $500 million will have to make climate disclosures from their 2027 financial year.
Their climate disclosures, which encompass their carbon footprint and exposure to climate risk, must be aligned to standards developed by the global accounting standards body known as the International Sustainability Standards Board.
ISSB standards will also apply to Singapore Exchange-listed companies from FY2025. These companies are already required to make climate disclosures, but can currently use other internationally recognised standards.
New grant to help businesses with climate reporting; guidance for SMEs
The Sustainability Reporting Grant will cover up to 30 per cent of qualifying costs, capped at $150,000, for companies to prepare their first sustainability report. The grant is applicable for all large companies with annual revenues of $100 million and above.
A new programme will also be launched in late 2024 to help small and medium-sized enterprises (SMEs) develop their first sustainability reports, using appointed sustainability service providers. The Government will offset 70 per cent of eligible costs for SMEs in the first year, and 50 per cent in the next two years.
Climate reporting is currently not mandatory for SMEs, but it is increasingly expected of suppliers to large corporations and multinational companies for evaluation of their sustainability performance.
Five S’pore-based firms are among global first movers in providing nature-related disclosures
New tax credit to support firms’ innovation and green transition
For research $53 million to fund 16 research projects in low-carbon energy technologies
To provide Singapore with more options to decarbonise its power-sector emissions and drastically cut industrial emissions in hard-to-abate sectors, more funding will be pumped in to strengthen research in several key areas.
About $40 million will be awarded to support five projects as part of the Directed Hydrogen Programme, which essentially develops technologies and builds capabilities across the hydrogen supply chain for Singapore to safely and economically import and utilise hydrogen as part of its green energy transition.
Another $13 million will support projects that are nascent, but are promising low-carbon energy technologies, including carbon capture utilisation and storage, and technologies to extract geothermal energy.
Carbon capture utilisation and storage refers to the process of capturing carbon dioxide (CO2) from power plants, for instance, and converting it into usable products such as building materials, or storing it deep underground to prevent the gas from entering the atmosphere.
The Government is working with Shell and ExxonMobil to study the viability of a cross-border carbon capture and storage project that will store CO2 emissions from Singapore deep underground or under the seabed.
Singapore and Indonesia will also set up a working group to boost their cooperation in carbon capture and storage.
Sustainability projects to benefit from $3 billion boost to five-year national R&D plan
Work to advance climate solutions will get a boost from the Government’s $3 billion top-up to the Research, Innovation and Enterprise 2025 plan.
The five-year plan launched in 2020 with an initial commitment of $25 billion is aimed at future-proofing Singapore in the four key areas of advanced manufacturing, urban solutions and sustainability, the digital economy and healthcare.
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Budget 2024 Technology and research Sustainability Singapore Parliament Committee of Supply 2024
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