The Straits Times
S’pore’s private sector heeds call for green finance growth
Singapore envisions becoming a regional green finance hub within a decade. And the local finance sector is fast seizing the initiative
With the growth of green finance in S’pore, ESG investing offers long-term growth opportunities while supporting sustainable outcomes.GRAPHICS: PRADIP KUMAR SIKDAR
PublishedMay 9, 2021, 4:00 am SGT
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Oil and gas is not the sunset industry you think it is
Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants.
The oil and gas sector is widely seen as a sunset industry.
Write-downs of around US$145 billion (S$193.7 billion) in asset values globally over the first three quarters in 2020 have added to that perspective.
Singapore, while not a domestic oil producer, has high stakes in this sector. The country is a global oil trading hub and a major global refining and petrochemicals center, accounting for 1.5 million barrels a day or 1.5 per cent of the global refining volume, and 25 million tonnes per annum or 1.2 per cent of the global petrochemicals capacity.
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Commentary: Oil and gas is not the sunset industry you think it is Even as climate change intensifies the call for decarbonisation, the oil and gas sector will play a pivotal role in Singapore, say EY consultants.
FILE PHOTO: An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo
06 May 2021 11:45AM) Share this content
SINGAPORE: The oil and gas sector is widely seen as a sunset industry.
Climate challenge
Southeast Asian countries on the frontline of the fight against global warming are stepping up their commitments.
published : 3 May 2021 at 04:30
While Southeast Asian countries have been busy developing national and regional policies to mitigate the effects of climate change, its impact is becoming more evident.
Three Asean countries the Philippines, Indonesia and Myanmar are among the top five in East Asia and the Pacific in terms of people displaced by climate-related disasters. The regionwide figure totalled 9.6 million in 2019.
The populations of those Southeast Asian economies are vulnerable to risks from typhoons, floods, earthquakes, tsunamis and volcanic eruptions, according to a global report on internal displacement.
Maritime Singapore taking steps towards a greener maritime industry
The Maritime and Port Authority of Singapore (MPA) has signed a memorandum of cooperation with six companies, namely BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP, to establish a fund to set up a maritime decarbonisation centre in Singapore.
Under the partnership, each firm will contribute $10 million to support the centre and fund research and technology development projects to reduce the maritime industry’s greenhouse gas emissions. MPA will contribute an additional $60 million, bringing the total to $120 million.
The Pasir Panjang Terminal is among one of four container terminals operated by PSA Singapore that will be merged to form Tuas Port. The terminal also facilitated Asia’s first ship-to-container ship LNG bunkering operation in March, encouraging greater adoption of the fuel.PHOTO: PSA CORPORATION LTD