2024 SingCham Sustainability Forum - Ms Grace Fu

OPENING REMARKS BY MS GRACE FU, MINISTER FOR SUSTAINABILITY AND THE ENVIRONMENT AND MINISTER-IN-CHARGE OF TRADE RELATIONS, AT SINGCHAM SUSTAINABILITY FORUM

1 早安。 Good morning. I am delighted to speak once again at this Forum.

2 Accelerating sustainable development and climate action is urgent. If recent climate projections are anything to go by, we will experience more extreme weather events. There is a need to both mitigate climate change and adapt to climate change. SingCham is bringing the adaptation imperative to the fore this year by focusing on “Building Our Resilient Future: Innovations for Sustainable Living”.

3 The partnership between the government, private and people sectors is indispensable in tackling this challenge head on. Governments are the vanguard of long-term policy planning, companies are the forerunners of innovation, and people are the source of ideas. All three sectors require and complement each other to mount robust responses to challenges and seize opportunities. Let me share some examples.

4 Without each other, the Suzhou Industrial Park, Sino-Singapore Tianjin Eco-City, the Sino-Singapore Guangzhou Knowledge City and the Sino-Singapore Nanjing Eco Hi-Tech Island would not have materialised. These beacons of sustainable industrial and urban development were outcomes of government vision and facilitation, industry innovation and investment, and government-industry collaboration and integration.

5 Second, as evidenced by the China-Singapore Free Trade Agreement Further Upgrade Protocol, we are enhancing our bilateral economic ties whilst recognising the importance of sustainable development. I encourage enterprises to leverage the opportunities created by the CSFTA to engage in substantive and mutually beneficial cooperation.

6 And third, the Singapore-China Youth Interns Exchange Scheme. The cultural similarities between Singapore and China have allowed the platform to serve as a safe space for the cross-fertilisation of ideas among talented youth for innovative and out-of-the-box solutions.

7 But the partnership between the government and private sector is not naturally harmonious and should not be taken for granted. Governments are inclined to regulate and are subject to political imperatives; while industries desire certainty and to maximise commercial outcomes. The imposition of tariffs on environmental goods and services such as EVs, as well as the supposed use of sustainability standards to determine market access in some parts of the world is an example. The need for governments and industries to collaborate is greater than ever.

8 Singapore and China differ in size and circumstances, but the adverse impacts of climate change on economic development and social well-being are equally felt. We have announced our respective climate mitigation and adaptation policies and plans such as the China National Climate Adaptation Strategy 2035 and the Singapore Green Plan 2030. Both include existential issues such as food security, water resource management, as well as infrastructure and coastal resilience strategies and plans.

9 In a few weeks, COP-29 will convene in Azerbaijan, and will among other issues, deal with the priorities of adaptation, including support for national adaptation plans and addressing the adaptation finance gap. Regardless of the outcome of discussions, Singaporean companies should accelerate innovation and partnerships in China. Beyond the commercial returns, Singapore companies will widen and deepen their expertise, and help build a Resilient Singapore with Innovations for a Sustainable Singapore.

10 Thank you, and I wish you all a productive and inspiring session ahead.