Despite this year being largely dominated by Covid 19, the UK and Singapore have both continued to hold climate change as a priority issue that needs to be continuously addressed. The UKSGFTA (UK Singapore Free Trade Agreement) that has been recently signed commits each country to continue to work together to address the issues revolving around climate change. As mentioned in our article, Interpreting UK-SG Free Trade Agreement in Brexit landscape, the changes in regulations from the UKSGFTA directly benefits companies that are looking to expand their operations between the UK and Singapore. We have outlined the current landscape for both sides, highlights from the Climate Ambition Summit 2020 and what you can look to expect as we move into 2021:
The UK Climate Change Approach
2050. This is the year the UK have set to reach a ‘net zero’ emission of greenhouse gases. The two obvious ways to achieve this goal is to reduce the current emissions and also to increase the use of renewable energy. At the climate ambition summit on the 12th December 2020, Boris Johnson outlined the UKs ’10 Point Plan’ which includes a continued push in the wind, solar, hydro industries as well as putting in clear targets for change, such as banning the manufacturing of internal combustion engine by 2030. This, along with the post brexit regulation changes, makes the UK an ideal place for Singaporean Clean Tech companies to explore potential expansion opportunities. You can read the full opening remarks from the Prime Minister here.
The Singapore Climate Change Approach
Singapore is very committed to facing the challenges that climate change presents. The country has previously stated that they are looking to reduce emissions by 36 percent from 2005 levels by 2030. With Singapore being a country that encourages talent, innovation and a hub for technology, new ways of providing sustainable energy are being developed every day. Prime Minster Lee Hsien Loong had this to say at the United Nations Climate Ambition Summit ‘We will meet our commitments under the Paris Agreement. We have submitted an enhanced Nationally Determined Contribution, and despite our alternative energy constraints, we are taking bold steps to achieve our Long-Term Low Emissions Development Strategy. This includes quadrupling solar energy production by 2025, phasing out internal combustion engine vehicles by 2040, actively investing in low-carbon solutions, and promoting green financing, for instance, through a US$2 billion Green Investments Programme. These will help Singapore transition to a low carbon economy’.
Looking Ahead
As mentioned above, with the recent UKSGFTA that was signed and the forward outlook to the COP26 being hosted in the UK at the end of next year, the UK & Singapore are actively working together to allow companies to easily expand and push their technologies in both countries. The ambitious targets that have been set means that it is crucial for both countries to foster businesses to explore opportunities and growth. UKSGBridge is actively working with companies to help them explore strategies to expand into either the UK or Singapore Markets. Reach out to us for an introductory call and to see how we can help.
Sources
NCCS – https://www.nccs.gov.sg/media/press-release/first-singapore-united-kingdom-climate-change-bilateral-dialogue
GOV UK – https://www.gov.uk/government/news/uk-convenes-asean-cop26-climate-dialogue
GOV UK – https://www.gov.uk/government/speeches/pm-climate-ambition-summit-opening-remarks-12-december-2020
BBC – https://www.bbc.com/news/science-environment-55276769
Climate Ambition Summit 2020 -https://www.climateambitionsummit2020.org/
Institute For Government – https://www.instituteforgovernment.org.uk/explainers/net-zero-target#:~:text=In%20June%202019%2C%20parliament%20passed,a%20’net%20zero’%20emitter.
NCSS – https://www.nccs.gov.sg/singapores-climate-action/singapore-and-international-efforts/
PMO SG – https://www.pmo.gov.sg/Newsroom/PM-Lee-Hsien-Loong-at-the-UN-Climate-Ambition-Summit
