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Straits Times
11-05-2025
- Business
- Straits Times
Lack of talent could put a damper on Singapore's growing carbon services sector
Panellists (from left) WWF Global Lead, Carbon Finance and Markets Taskforce Rueban Manokara, BeZero Carbon CEO Tommy Ricketts, Enterprise Singapore director of trade Ivan Tan and moderator Daniel Lee during the GenZero Climate Summit Insights on May 5. ST PHOTO: CHONG JUN LIANG SINGAPORE – Singapore's carbon services sector is gaining traction with new initiatives and research projects, but a shortage of talent could hinder the growth of the new sector in the long run. One research project explores whether carbon credits can be generated by tapping the carbon absorption power of volcanic rocks. The aim is to find out how much carbon dioxide crushed volcanic rocks can absorb when scattered over a rice paddy field in South-west China, and what the economic feasibility of creating such credits is, said Ms Zhang Yiwen, a PhD student at the NTU Asian School of the Environment. The lithosphere – or rocky parts of earth – can store carbon for much longer periods than forests. Currently, carbon credits are typically generated through nature conservation efforts or technological solutions such as clean cookstoves. The research by an inter-university team – led by Professor Simon Redfern, dean of the NTU College of Science – is part of the growing carbon services sector, identified in 2021 by the Government as an engine of growth for the economy. Efforts to strengthen the talent pipeline in this area are also gaining momentum. At the Ecosperity sustainability conference over the past week, NUS announced that it will invest $10 million in a campus-wide initiative that will push for research and education on sustainability. Under this initiative is the NUS Sustainability Academy, which will offer a new Professional Certificate in Carbon Services and Trading. On May 5, SkillsFuture Singapore also released a national framework, outlining the career opportunities and skills needed in the carbon services sector. This move to expand the talent pool comes amid growth in the sector, with Singapore now home to more than 150 firms in the young carbon services sector – double the number from 2021. The ecosystem includes local and global players such as sustainability advisors, carbon project developers, carbon credit traders, firms that conduct greenhouse gas emissions monitoring, reporting and verification for companies and carbon projects. 'Despite the uncertain global outlook, the ongoing and urgent need to mitigate climate change will continue to drive growth opportunities in sustainability and the green economy,' the Economic Development Board (EDB) and Enterprise Singapore told The Straits Times in a joint statement. 'Many Asean countries have also announced net-zero ambitions and will need the help of carbon services firms to chart their decarbonisation pathways,' they added. However, one major obstacle that could prevent the local sector from sustaining its growth is the lack of talent over time. Talent doesn't come 'off the shelf' During a panel discussion on May 5, Mr Tommy Ricketts, chief executive of carbon ratings agency BeZero Carbon, said it is rare to hire someone 'off the shelf' with all the know-how in carbon markets – environmental science, finance and policy. 'Off the shelf as a new recruit? Very hard. Doesn't really exist anywhere. Off the shelf with experience? Very expensive,' he added. Speaking at the GenZero Climate Summit Insights panel on talent, Mr Ricketts noted that among the professionals in the carbon markets sector here, local and new talent make up the lowest percentage. Also on the panel was Mr Ivan Tan, director of trade at Enterprise Singapore. He said that when the sector started taking shape in 2019 and 2020, the authorities recognised the need to remain very open to global talent to build up the industry. For Mr Alvin Lim, chief executive of local carbon project developer Climate Bridge International, the challenge goes beyond qualifications. He looks for three things in a potential hire: First, the person needs to demonstrate interest in the carbon markets by reading avidly, taking courses and doing internships. This will be reflected in the depth of knowledge, including a good grasp of project types, UN rules on carbon trading, and carbon market policies in other countries. Second, the person must be intellectually curious, he said. It is the third trait that Mr Lim has been struggling to find in local job-seekers after months of interviews – the grit and willingness to work in remote countries to oversee and monitor carbon projects. Mr Alvin Lim, 39, CEO of Climate Bridge International. ST PHOTO: KEVIN LIM Most of the projects Singapore is expected to approve are likely to be hosted in the Global South, which includes countries in Latin America, Africa and South-east Asia. 'Some people see this as an adventure and others see this as a hardship trip. What if I tell them: 'Can you please go to Ghana and live there for a month and help us monitor the project?' And what if you need to travel 25 per cent of the year? 'And this is not even the capital of Ghana, it could be two hours away in the middle of nowhere,' Mr Lim said. 'We are looking for candidates with grit and the ability to be resourceful in finding solutions, especially when operating in unfamiliar environments with limited support.' Mr Izzat Hamzah from global climate solutions provider 3Degrees believes that sustainability is less of a domain and more of a lens – a perspective that someone aspiring to join the climate space should adopt. It is about having core expertise, whether in economics, law, engineering or computer science, and applying those skills in sustainability, he said. A sustainability professional should be a 'Jack of all trades, a master of some', said the Asia-Pacific lead for trading and origination of environmental commodities. 'When folks ask how they can build a career in sustainability, they miss the point. The real question is: 'How do I develop deep expertise in my current profession – be it law or engineering – and then gear it to sustainability?' One example is Mr Michael Alexander, who majored in mathematical finance, and is now a research analyst at the NUS Sustainable and Green Finance Institute . One example is Mr Michael Alexander, who majored in mathematical finance, and is now a research analyst at the NUS Sustainable and Green Finance Institute. The Indonesian, who has been in Singapore for 10 years, decided to stay in the sector after visiting a peatland forest conservation and restoration project in Kalimantan. After seeing the carbon project's impact on biodiversity and in convincing the local community to avoid logging, he wanted more of such efforts to be given better access to funding. Said Mr Alexander: 'I became very troubled by the fact that the carbon market seemed unable to provide fair financing to good projects due to the general pessimism of the market. This sparked my desire to work towards fairer carbon market structures.' Find out more about climate change and how it could affect you on the ST microsite here.
Business Times
05-05-2025
- Business
- Business Times
More seed funding for carbon projects as Singapore overcomes climate paralysis: EDB, MTI
[SINGAPORE] To bridge the financing gaps in scaling up carbon markets, Singapore government agencies are mobilising more capital to support early-stage projects that require high upfront costs. This includes a new donor-advised fund launched by the Singapore Economic Development Board (EDB) and TT Foundation Advisors (TTFA), the philanthropy advisory arm of Temasek Trust, announced Jermaine Loy, managing director of EDB, at GenZero Climate Summit Insights on Monday (May 5), the first day of Ecosperity Week 2025. Managed by TTFA, the new fund will unlock capital from family offices and foundations for projects that generate high-integrity Article 6 carbon credits under EDB's Carbon Project Development Grant. Article 6 of the Paris Agreement sets out how countries can pursue voluntary cooperation to reach their climate targets. Loy noted a 'strong momentum' as more private capital owners come onboard, and welcomes those who share the vision to join hands. To date, S$20 million has been secured to co-fund the development of high-quality carbon projects, and several family offices are in discussions with EDB and TTFA. 'Whether it is to support climate mitigation efforts domestically or regionally, Singapore stands ready to work with like-minded partners. We believe that through these collaborations, we can turn moments of paralysis into decisive climate actions,' said Loy. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up At a keynote address, Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, highlighted the Singapore government's commitment to scaling up financing for carbon market development both domestically and regionally. Noting the need for support to build capabilities for neighbouring countries, Dr Tan said that the government will extend capacity-building initiatives over the next few years. 'MTI (Ministry of Trade and Industry) will collaborate with the Singapore Cooperation Enterprise to curate and to deliver new capacity-building initiatives that can support our partner countries, including operationalising Article 6 (of the Paris Agreement) cooperation,' highlighted Dr Tan. EDB's Carbon Project Development Grant, launched in November 2024, has been awarded to three established project developers – 3Degrees, Climate Bridge and The Nature Conservancy, which 'bring extensive global experience in developing nature and technology-based carbon projects', noted Loy. 'They will put these experiences to work, in early-stage feasibility studies, in countries where Singapore has an Article 6 collaboration with,' he added.
