Singapore signals commitment, policies to draw green dollar during Ecosperity Week
Economic uncertainties may persist, but climate change is still something the world has to prepare for. ST PHOTO: LIM YAOHUI
SINGAPORE – Despite faltering climate action around the world, Singapore recognises the urgency of tackling the crisis, and is signalling that it has the commitment and the right policies to draw in the green dollar.
This was the message to global investors during Ecosperity Week, the flagship sustainability conference by Singapore investment firm Temasek held between May 5 and 8.
It was conveyed in a few ways.
First, by clearly communicating that Singapore is supportive of climate action, and that this approach is not subject to flip-flops.
On May 6, Senior Minister Teo Chee Hean, who heads the Inter-Ministerial Committee on Climate Change, said in his keynote speech that Singapore will continue to work with partners to tackle the planetary crisis,even though it cannot be sure what other countries will or will not do.
Pointing to the escalating impacts of climate change, SM Teo said: 'We will secure Singapore's future by doing our part and collaborating with the world to reduce emissions.'
Singapore also sought to establish that it had the right policies to promote decarbonisation domestically and across the broader Asean region .
Given the audience, the Republic also highlighted that this push to tackle climate change is not merely a cost to be shouldered, but there are economic benefits to be reaped as well .
Ecosperity Week and its partner events were attended by business leaders, investors, philanthropists, policymakers and civil society leaders from around the world.
Singapore is spearheading efforts to promote transition credits – a new class of carbon credits which can enable the early phase out of coal plants in the region.
Coal is the most pollutive fossil fuel, and developing South-east Asia has some of the world's youngest coal plants.
Tackling climate change would require such plants to be phased out as soon as possible, but given the long runway of coal plants in the region, this seems unlikely to happen on its own.
Transition credits aim to monetise emissions savings from the early closure of coal plants. Revenue would come from the sale of carbon credits to companies or governments, with each credit representing a tonne of emissions avoided by shutting a power plant early.
On May 7, it was announced that Japanese conglomerate Mitsubishi Corporation had joined Singapore's Keppel and investment platform GenZero in a climate initiative that aims to retire a Philippine coal plant early using funds from a transition credit scheme backed by the Monetary Authority of Singapore.
The aim is to retire the plant by 2030 – ahead of its scheduled closure in 2040 – and replace it with renewable energy and battery storage.
The initiative, if successful, could be a model used to shut down dozens of other coal plants early around the globe, especially in Asia.
A report released on May 7 by global management consultancy BCG and Temasek showed that expenditure for climate adaptation and resilience is projected to rise to between US$500 billion (S$646 billion) and US$1.3 trillion a year by 2030.
This presents an opportunity for investors to put their money into growth sectors for climate adaptation solutions, such as hazard warning systems, climate-resilient crops, and flood defences, among others.
The importance of collaborations and partnerships — between countries and sectors — in tackling climate change was also repeatedly emphasised during the week.
This is notable given the inward-leaning policies being promoted in other parts of the world.
Tackling a planetary crisis like climate change cannot be done by one country alone, and collaborations can also help to broaden the market for sustainable investments.
At Ecosperity Week and partner events like the GenZero Climate Summit and the Climate Group Asia Action Summit, at least three areas of collaboration were discussed : carbon markets, the Asean power grid and blended finance.
Carbon markets allow countries to collaborate on climate action, as it allows funds to flow from large emitters, usually developed countries, to countries where carbon projects are usually hosted, usually developing countries.
This can spark a whole industry – carbon services – which offers a wide range of opportunities, from carbon project development to monitoring and verification services and legal and regulatory consultancies.
Singapore had identified carbon services as an engine of growth for its green economy in the Singapore Green Plan 2030, the nation's sustainability blueprint launched in February 2021 .
On the Asean grid, Singapore has sent a strong policy signal with a goal that by 2035, some 30 per cent of its energy supply is expected to come from clean energy imports.
This commitment provides investors with some degree of revenue certainty.
But some investments, such as into subsea cables, can be costly and risky, which highlights the need for another form of collaboration between sectors.
This is where blended finance comes into play, leveraging public and philanthropic funding support to entice private funding to come on board.
Singapore's Ambassador for Climate Action Ravi Menon summed it up well when he spoke about the importance of 'how to make money work harder, more effectively'.
Public funding is willing but insufficient, while private funding is ample but unwilling to commit owing to high risks or because returns are not commensurate with the risks, said the former chief of Singapore's central bank during a panel at the Philanthropy Asia Summit, an Ecosperity partner event.
Collaboration of the public, private and philanthropic sectors on financing can significantly scale the amount of money available for sustainable investments.
As Ecosperity Week wraps up, the 11th edition of the annual sustainability conference comes amid significant global headwinds to climate action – a far cry from some years earlier, when countries were racing to help their economies recover from the Covid-19 pandemic in an environmentally-sustainable way.
Economic uncertainties and trade concerns are undoubtedly top of mind in the current geopolitical context. But climate change impacts will not spare us just because we are not paying attention.
As SM Teo said: 'We must be clear-minded... Long-term success requires both a firm grasp of the demands of today and a steady eye on the needs of tomorrow.'
Audrey Tan is an assistant news editor overseeing sustainability coverage. She has reported on the environment for more than a decade and hosts the Green Pulse podcast series.
Find out more about climate change and how it could affect you on the ST microsite here.
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Straits Times
an hour ago
- Straits Times
What's in a name? Proposal to rename Taiwan's Zhongzheng Roads reignites transitional justice debate
The controversy stems from the complicated legacy of Taiwan's longest-serving head of state, Chiang Kai-shek, who had used Zhongzheng as his adopted name. ST PHOTO: YIP WAI YEE – With more than 300 roads across the island carrying this name, Zhongzheng Road is Taiwan's most common – and most contentious – street name. And they may all disappear, if the government's proposal to rename every Zhongzheng Road goes to plan. When Taiwan's Ministry of the Interior resurfaced the initiative on June 2, it sparked immediate backlash from local officials who condemned it as a waste of money. In New Taipei city alone, officials estimate that it could cost upwards of NT$60 million (S$2.57 million) to rename all 22 Zhongzheng Roads across the city's 18 administrative districts to replace not just the major street signs but also individual home address plaques. The ministry, however, has defended the move as a human rights issue and must be taken seriously. 'The government cannot pretend to look at transitional justice only when there is money to do so, as that attitude does not reflect Taiwan's democracy and rule of law,' Minister of the Interior Ms Liu Shyh-fang told reporters. The controversy stems from the complicated legacy of Taiwan's longest-serving head of state, Chiang Kai-shek, who had used Zhongzheng as his adopted name. As the leader of the then-ruling Kuomintang (KMT) on mainland China, Chiang fought a civil war with the Communist Party of China after World War II and lost, fleeing with his government to Taiwan in 1949 where he ruled as President until his death in 1975. His authoritarian rule under martial law was controversial and while democratic reforms were undertaken by his son Chiang Ching-kuo, the current ruling Democratic Progressive Party (DPP) under its transitional justice policy has been taking measures to right historical injustices of the authoritarian era. Changing the name of the Zhongzheng Roads is one of these moves. The hundreds of Zhongzheng Roads across the island had been named after Chiang following a postwar push by the KMT government to replace any old symbols of Japanese colonialism. Until 1945, Taiwan had been under Japanese rule for 50 years. One of the busiest Zhongzheng Roads in the southern city of Tainan, for example, formerly bore the Japanese name Suehirocho. The name has a Singapore connection. When Chinese philanthropists founded Chung Cheng High School - Zhongzheng Zhongxue in Mandarin - on Kim Yan Road in 1939, they had named it after Chiang, which was an 'indication that the Chinese community in Singapore was actively engaged with affairs in China then', according to the National Heritage Board . China at the time was fighting a war with Japan that began in 1937 and ended in 1945. But while some in Taiwan today see Chiang as a strong leader who fought against the communists and oversaw the island's path to economic prosperity, he is equally despised as a dictator who ruled with an iron fist. 'For some Taiwanese, anything related to Chiang is a reminder of a painful authoritarian past,' said Assistant Professor Ma Chun-wei, a political science analyst from New Taipei's Tamkang University. While some in Taiwan today see Chiang as a strong leader who fought against the communists and oversaw the island's path to economic prosperity, he is equally despised as a dictator who ruled with an iron fist. ST PHOTO: YIP WAI YEE Complicated legacy Taiwan transitioned to a democracy from the late 1980s and ranks among Asia's freest societies today, but it continues to wrestle with its authoritarian past. For its part, the modern KMT has taken steps to atone for its history. While serving as justice minister, former Taiwanese president Ma Ying-jeou helped establish a foundation in 1995 to raise awareness of the White Terror years – a period of martial law covering almost four decades of brutal political purges from 1949 to 1987. But it was only after President Tsai Ing-wen of the DPP took office in 2016 that transitional justice work was made a top priority. In 2018, her administration set up an commission to review and redress injustices committed during the territory's authoritarian rule. Part of that involved exonerating wrongfully convicted individuals and going after assets illegally obtained by the KMT during its authoritarian rule. Among the commission's top recommendations was also the physical removal of all 'authoritarian symbols', including any road signs named after Chiang. In 2022, for instance, a section of Zhongzheng Road in Tainan city's West Central District was renamed Thng Tik-Tsiong Boulevard, in honour of the human rights lawyer who was executed by KMT troops in 1947. Other symbols include the many busts and statues of Chiang scattered across the island – the most prominent of which is the towering statue inside Taipei's National Chiang Kai-shek Memorial Hall, where millions of tourists flock every year to take selfies and watch the changing of the guard. Over the years, the government has made sporadic attempts to remove these symbols, albeit with limited success. Taiwan's main airport Taoyuan International Airport, for instance, was formerly known as the Chiang Kai-shek International Airport, or Zhongzheng International Airport in Chinese. It was given its current name in 2006. 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Straits Times
5 hours ago
- Straits Times
Why restaurants like Scarpetta do not take reservations
Mr Theeviyan Raja (left), a front-of-house staff member at Scarpetta, welcomes diners as the restaurant opens for dinner. By 6pm, around 80 customers had joined the queue. ST PHOTO: BRIAN TEO Why restaurants like Scarpetta do not take reservations SINGAPORE – Dining out is a fairly straightforward process in Singapore, swathed, for the most part, in the certainty of a guaranteed seat. You pick a place, punch in your details and rock up at the prearranged hour. Recognition glints in the host's eyes as your name surfaces in the system. The food arrives after a while. You pay, you leave. In some cases, a special reservation link is sent to your e-mail, and the cycle begins anew. But what happens when a restaurant eschews convention for the unpredictability of a walk-in system? Suddenly, it is anyone's game. The question becomes not just what to order, but also what time to show? How long to wait? When to throw in the towel and leave? 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'The only way to charge these prices is with high volume. And if I need volume, I can't take reservations because that would limit my dinner seatings to two a night.' Queues at Scarpetta tend to snake along Amoy Street, once even reaching Amoy Street Food Centre. ST PHOTO: BRIAN TEO For restaurants like Mensho Tokyo Singapore at Raffles City, doing away with bookings helps to democratise the dining experience. No number of bots or connections will make the line move any faster. 'This ensures that every guest has an equal opportunity to enjoy our ramen, creating a welcoming and fair experience for all,' says a spokesperson for the Japanese chain. Likewise, Mr Lim Kian Chun, 33, chief executive of Ebb & Flow Gro up, which runs popular Italian restaurant Casa Vostra at Raffles City, adds: 'Physical queues keep things simple and accessible to customers of all ages, especially our segment of older customers who are less familiar or comfortable with digital reservation systems.' Cancelling cancel culture It is a type of survival tactic too. With cancellations rising across the board – Mr Yeunh says that a 20 to 30 per cent cancellation rate, which some restaurants are experiencing, is enough to kill a business – it is sometimes easier not to section off seats in advance. Mr Lim says: 'Implementing reservations introduces the element of unpredictability with no-shows, late arrivals and variable dining durations, which can disrupt the dining experience for other s.' By eliminating the logistical scramble, staff can focus on the parts that count the most: food and service. And that extra bandwidth comes in especially handy when walk-in traffic continues unabated throughout the night. The first 28 guests are seated when doors open and everyone else is given a time to return, their names scribbled down on a tiny blackboard. ST PHOTO: BRIAN TEO Mr Yeunh recalls: 'We were really grateful that response was so overwhelming when w e opened in February, but part of the issue was that we were running out of food. So, people would wait two hours, only to find that we've sold out half the men u. I imagine that would be incredibly frustrating. ' The seven-person team, now fortified with two extra chefs, has since fine-tuned operations to guarantee that all guests who wait in line will be able to order whichever dishes they came to try. They try to estimate based on the capacity of the restaurant, but as a general rule, 'we make as much as we can'. Casa Vostra's team also had to adjust to the daunting task of keeping up with demand while maintaining a consistent quality of food and service. Over a year in, Mr Lim says they have got the hang of things. 'We've worked very hard to improve our daily operations and food and service standards, and hav e managed to reduce waiting times while continuing to serve the same volume of customers.' Great expectations The longer the queue, the higher the expectation. 'It best be worth the wait,' quips chef consultant Fiona Tang, 35, who eventually snagged a seat at Scarpetta 2½ hours after arriving. Her sentiment is echoed by fellow diner Kelly Pohan, a 17-year-old student who visited Scarpetta in May. 'The food does not just have to be good, but also good enough to justify wasting two hour s. ' However, she also relished the anticipation of waiting to try very in-demand restaurants, whi ch ' creates more excitement'. Service at Scarpetta moves fast, with most diners finishing their meal within an hour. ST PHOTO: BRIAN TEO For 20-year-old undergraduate Raen Tan, a snaking queue – like the one she joined outside Casa Vostra – is a worthwhile gamble. 'It suggests that the food is either good or new. As someone who's adventurous, I'd be willing to queue to try new things that are popular or raved about.' Besides, as Ms Joey Chua, 29, a liquefied natural gas market analyst, points out: 'I can do many other things, such as read, look through e-mails, reply texts or daydream while queueing. To me, it doesn't really count as a waste of time.' In Singapore, where queueing has all but been gazetted as a national pastime, hers is far from an atypical view. Dr Hannah H. Chang, associate professor of marketing at SMU, says it is an example of social proofing – a phenomenon in which people make decisions by following the actions of those around them – that has found special resonance here. 'Queue culture is sometimes discussed as a demonstration of kiasuism, that if you don't queue, you may miss out on a good deal, experience or produc t.' Mr Sai Ming Liew, a senior adviser at global research and innovation consultancy Behavioural Insights Team, adds that while the tipping point may come when customers feel that a queue is not moving fast enough, the sunk cost fallacy sometimes keeps them in place longer tha n intended. 'The longer people spend in a queue, the more they start to feel a sense of psychological ownership over the object or experience they're waiting for. Because people are naturally averse to losses, this can make them reluctant to walk away, even if it might no longer be worthwhile,' he notes. Though this fear of missing out has proved something of a boon to Scarpetta, Mr Yeunh laughs off accusations that he is creating a queue for the sake of it. 'I always tell the team that we have to deliver. Don't skimp on the hospitality. Don't skimp on the food. Be super focused. Take our food really, really seriously.' In the past, before the blackboard system freed customers from having t o sta nd in line outside the restaurant , staff would try to sweeten the wait by handing out free drinks. Refreshments are also distributed outside at restaurants such as Gyukatsu Kyoto Katsugyu at Raffles City. Nonetheless, some restaurants have caved and done away with their no-reservations policy. Spanish restaurant Esquina opened in 2012 and started accepting bookings in 2014, after it added a dining room on the second floor. Though walk-ins are more efficient for a busy restaurant like his, chef-owner Carlos Montobbio, 38, concedes that bookings made a big difference to the guest experience. 'We care a lot about service, and having people wait outside – especially if it's a business dinner, a date or regulars coming back – just didn't feel right. Letting people book a table gave them a much more comfortable and reliable experience,' he says. Others, like local cuisine chain Great Nanyang, which gets multiple queries a week about whether it takes reservations, have found a compromise of sorts. Since April, groups of at least 10 diners can secure their seats at any of its outlets in advance. 'As our customers have different dining time periods, it i s di fficult to get available empty tables side-by-side to combine for larger groups. To cater to groups of this size, we need to plan and set aside tables in advance,' says founder Keith Kang, 42. Though he is wary that the sight of empty tables may provoke some unhappiness among walk-in guests, no complaints have been made so far. Casa Vostra's Mr Lim is also grateful that most customers understand the reasons for the restaurant's policy, and vows to go the extra mile to maintain that trust. He says: 'Our team makes every effort to offer attentive service and maintain relationships with our regulars – from remembering their favourite dishes and preferences to connecting with them each time they dine.' Worth the wait? The next time you find yourself staring down the barrel of a weekend with no prearranged plans, try your luck at one of these no-reservations restaurants – the final bastions, some might say, of dinnertime democracy. Scarpetta Cacio e Pepe pasta with Crispy Guanciale from Scarpetta. ST PHOTO: BRIAN TEO Where: 47 Amoy Street Open: 11.30am to 2.30pm (Tuesdays to Saturdays), 6 to 10.30pm (Tuesdays and Wednesdays), 6 to 11pm ( Thursdays ), 6 to 11.30pm (Fridays and Saturdays) Info: @ on Instagram This chic 28-seater was modelled after the pasta bars of London – think Padella, the perennially popular Borough Market institution, and the like. So, it was that ethos of casual excellence that Mr Aaron Yeunh, who lived in the English capital for over a decade, sought to recreate here: great food at fair prices, without so much as a whiff of pretentiousness. Scarpetta's menu is lean and disciplined. It is split into four modest sections, with most prices hovering around the $10 to $20 range. The most expensive thing on sale is al granchio e limone ($26), a dish of taglioni with blue swimmer crab and confit garlic that would, in most other centrally located restaurants, have retailed for upwards of $30. There is undeniable finesse in the way pasta here is twirled – continuously and right before the eyes of hungry, restless diners too. The cacio e pepe ($20) is really a pasta alla gricia, with a black pepper-pecorino romano base and crispy guanciale topping. Whatever its name, it is a textural delight, perfect for anyone who prefers his or her pasta al dente and salted with pockets of fried fat. All'assassina from Scarpetta. ST PHOTO: BRIAN TEO The all'assassina ($18) with pomodoro tomatoes and chilli is more divisive, says Mr Yeunh. Diners might be forgiven for mistaking the messy nest of slightly burnt strands for a kitchen accident that snuck onto the table . But the char is intentional, and elevates the springy, spicy noodles in the same way wok hei breathes fragrance into a plate of bee hoon. Cut the heaviness with a radicchio salad dressed with a truffle vinaigrette and showered in parmigiano cheese ($14), before diving into the sweet embrace of dessert – milk gelato draped in extra virgin olive oil and flaky salt ($6). Tip: Visit during off-peak hours, such as 1.35pm on a weekday or after 8.45pm for dinner. Mensho Tokyo Mensho Tokyo Singapore is famous for its chicken soup ramen. ST PHOTO: CHERIE LOK Where: 03-43 Raffles City, 252 North Bridge Road Open: 11am to 9pm daily Info: @ on Instagram Mensho Tokyo, a Japanese ramen chain whose San Francisco outlet is currently listed in California's Michelin Guide, arrived in Singapore in July, trailed by hordes of curious diners eager for a sip of its umami-rich soup. Its signature toripaitan ($28++) la yers A5 wagyu chashu, smoked pork chasu, duck chasu, chicken chashu, king oyster mushroom strips and ajitama eggs on wavy wheat noodles. All this is steeped in a creamy chicken broth that does not immediately knock you out in the way that pork, with its stronge r fl avour, sometimes does. A dry alternative exists in the form of the A5 wagyu aburasoba ($41++), which blankets its chewy wheat noodles in two types of Miyazaki beef. A sauce made of barrel-aged shoyu adds savoury depth to this oily, indulgent bowl of noodles. Other more unconventional options include the duck matcha ($25++) and chilli crab ramen ($28++) – a Singapore-exclusive tribute to a local classic – which have yielded mixed reactions from diners. Th e restaurant also serves up a bevy of sides, like fried chicken ($12.80++) perfumed with Japanese black vinegar, crispy enoki chips ($8.80++) and torched corn with tare sauce ($8.80). Tip: Go on a Tuesday or Wednesday evening, when the restaurant tends to be quieter – you might even be able to enter without queueing. As wait times can reach up to 30 minutes on weekends, guests are encouraged to arrive early. Tonshou Hire katsu set from Tonshou. ST PHOTO: CHERIE LOK Where: 51 Tras Street Open: 11am to 9pm daily Info: @tonshou_sg on Instagram Tonshou is a Korean pork cutlet chain more than capable of going toe to toe with the top Japanese tonkatsu restaurants in Singapore. Its not-so-secret weapon? A charcoal-grilled pork cutlet that redefines what tonkatsu should look and taste like. Instead of rectangular blocks trimmed with fat – though it has those too – Tonshou's Instagram-famous hire katsu set ($28++) rolls in on blushing pork loin medallions. A meticulous four-stage cooking process packs the juices into the meat, ensuring the cutlet remains crispy yet succulent. The rosu katsu set ($28++), on the other hand, more closely resembles the version of this dish typically found at Japanese eateries, and offers much of the same textural duality, plus an added burst of fat. These breaded slabs of gold can also be stuffed between bread. A pork cutlet sandwich costs $21++, while a shrimp tempura sandwich goes for $24+ +. Because this is a Korean chain, all sets come with a small saucer of kimchi. The usual accoutrements follow too: miso soup, shredded cabbage and rice. Tip: The restaurant uses a QR-based remote queueing system, so join the waitlist before travelling to the restaurant to minimise waiting time. It is also in the process of setting up a reservation system. Casa Vostra Italian restaurant Casa Vostra has updated its menu with new dishes. PHOTO: CASA VOSTRA Where: 01-49/50/51 Raffles City, 252 North Bridge Road Open: 11.30am to 10pm daily Info: After a year at Raffles City, casual Italian joint Casa Vostra is still commanding formidable queues, even on weekday evenings. To keep up with the hype, the restaurant refreshed its menu in April, unveiling homely fare such as the aglio e olio ($15) inspired by the recipe of chef-owner Antonio Miscellaneo's moth er. It tosses in sun-dried tomatoes for some summery pizzazz. The beef cheek parpadelle ($25) is another new entrant worth waiting for. Silky pasta sheets act as the perfect vehicle to sop up a rich and meaty ragu stewed with tomatoes and smoked speck. A smattering of new sides have wound their way onto the menu too. For example, the baked scamorza ($6), a dangerously gooey puddle of melted cheese drizzled with honey. Last but not least, no trip to Casa Vostra is complete without a slice of its trademark Newpolitan pizza, dressed up this time with the sweet-savoury melange of Parma ham, fig puree, rocket, Parmigiano Reggiano, candied walnuts and Fior di latte mozzarella ($26). As always, the crust – whipped into shape by a long process of fermentation and baking – is perfectly airy and crisp. If its sweet undertones do not suit your palate, there is a steady selection of traditional flavours to pick from, all affordably priced and well under the $30 mark. Tip: Drop by from 2 to 5pm, the restaurant's off-peak hours. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Straits Times
7 hours ago
- Straits Times
Japan trade negotiator Akazawa says he made progress in US tariff talks
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