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Yahoo
21-05-2025
- Business
- Yahoo
PwC launches new AI hub in Singapore
PwC, a UK-based multinational professional services consultancy, has launched a new artificial intelligence (AI) hub in Singapore. The AI hub will focus on setting benchmarks for AI adoption, growing domestic expertise in the sector, and forming key partnerships to enter new markets. Additionally, it will invest in an AI factory to streamline the development of impactful AI solutions. PwC will invest over $4m in Singapore over the next three years to establish this AI hub firmly. It has also garnered support from the Singapore Economic Development Board (EDB). The new hub will partner with higher education institutions like the National University of Singapore to offer professional development and internships. It aims to equip students with practical AI engineering skills. While it currently employs a team of 15 researchers and data scientists, PwC aims to increase that number to 20 within twelve to fifteen months. Marcus Lam, executive chairman at PwC Singapore, stated that Singapore was the clear choice for the AI hub because of its strong infrastructure, economic stability and pro-business government policies. 'As a popular regional HQ hub, Singapore is the natural fit to advance PwC's AI ambition,' he added. Jermaine Loy, managing director at the EDB, welcomed the new AI Hub, citing PwC as a critical partner for the country's AI adoption across industries. This adds to the growing list of companies investing in Singapore's AI ecosystem. Recently, Oracle also opened its AI Centre of Excellence in March. PwC operates globally with over 370,000 employees. Since 2024, it has announced investments in Switzerland, the Philippines, Portugal, Australia, Ireland, and the US. "PwC launches new AI hub in Singapore" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Straits Times
18-05-2025
- Business
- Straits Times
Fast-growing, future-facing: Why more S'poreans are joining the carbon services and trading sector
For the growing number of Singaporeans entering the sector, the appeal goes beyond job prospects – it is about purpose, impact and being part of a global solution. PHOTO: SPH MEDIA BRANDED CONTENT Fast-growing, future-facing: Why more S'poreans are joining the carbon services and trading sector This burgeoning space is creating new opportunities for professionals at all stages – and with diverse skill sets – eager to drive real impact in the sustainability economy Singapore is racing to meet its net-zero emissions target by 2050. A growing carbon services and trading sector is supporting this national objective and contributing to wider efforts across the region to accelerate the low-carbon transition. Carbon services and trading may have once been niche but it is now fast becoming one of the most important sectors in the sustainability economy. It covers a broad range of services – from low-carbon advisory and carbon accounting to project development and the trading of carbon credits. These services help companies and governments measure and manage their carbon footprint. Envisioned as a key driver of green growth, Singapore's carbon services and trading sector is now home to more than 150 firms – double the number from 2021. A study by the Singapore Economic Development Board (EDB) and Enterprise Singapore projects that the sector could contribute up to US$5.6 billion (S$7.6 billion) in gross value-add, depending on global climate efforts. With new funding schemes and national initiatives to grow talent, it is clear the sector is central to Singapore's sustainability push. And with that growth comes opportunity. Many professionals from other industries are discovering that their existing skills, such as in finance, tech, data, science or policy, are highly relevant to the carbon services and trading space. Here are three stories of Singaporeans – from fresh graduates to seasoned players – who took that leap and found purpose and possibility. Leading the way in battling climate change Ms Choo Oi Yee made a mid-career switch from investment banking to carbon trading, drawn by the chance to contribute to global climate solutions. PHOTO: SPH MEDIA After spending more than 20 years in the world of investment banking and finance, Ms Choo Oi-Yee, 51, joined the carbon services and trading sector, and quickly discovered how exciting and meaningful it could be. Here was a chance to make a direct, long-lasting impact on the world by helping companies and governments decarbonise. As the chief executive officer of Climate Impact X, a leading exchange in the environmental markets that manages the trading, supply and demand of carbon credits and renewable energy certificates, she draws much satisfaction from knowing that she is playing an important role in contributing to global efforts to address the challenge of climate change. 'I've always been interested in how we can use finance and technology to improve lives and make things better, to take the skill sets that I had built up over the years and translate them into a space that supports our net-zero target,' she says. Before joining Climate Impact X, Ms Choo held leadership roles in global banks and led businesses across fintech, innovation and capital markets. Climate Impact X was born out of the Emerging Stronger Together Taskforce, a public-private initiative to establish Singapore as a climate services and carbon trading hub. It works to support high-impact climate solutions by facilitating the flow of funding to products and projects that protect the environment – from reducing carbon emissions through reforestation projects, and innovations to capture and store carbon. 'Not one solution is going to work, everybody needs to contribute. All the solutions have to get out there and get funded, and carbon credits are one of the many ways,' says Ms Choo of the efforts to address climate change. Ms Choo (left) says the sector's fast-paced evolution and real-world impact make it both exciting and meaningful. PHOTO: SPH MEDIA What makes Ms Choo's job particularly exciting is the fact that it is constantly evolving. Unlike traditional finance and commodities industries, where products are more stable and established, the carbon sector is still in its nascent stage. Efforts to achieve net-zero targets are affected by global politics and the opening of new carbon markets, while carbon credits are being formed and distributed in new ways. 'It is evolving day to day,' says Ms Choo. 'We are constantly thinking about how we can improve the quality of carbon credits and how to trade them more efficiently. Things can change quite quickly, so we have to be adaptable and nimble in responding to changes.' Having just joined the sector about six months ago, Ms Choo sees much potential and opportunity for growth. 'Singapore is a good place to be in this space, because it has a great ecosystem,' she says, pointing to the encouraging presence of GenZero, a decarbonisation-focused investment platform founded by Temasek, and the support of government agencies. She is also inspired by the passion she sees in the people around her. 'The folks in this industry are extremely passionate,' she says enthusiastically. 'Everyone really wants to understand what the industry is about.' Colleagues, for instance, have gone on field visits to check out environmental projects overseas, spent time with conservationists, and seen for themselves the impact of their work. 'It's super fun,' she says. 'You can combine your skill sets to serve the broader sustainability and impact community, and value-add in this space. And you'll get drawn in by the passion and what people do.' Protecting the world for his children A mid-career switch enabled Mr Izzat Hamzah to apply his skills in a fast-growing sector while also making an impact on the next generation. PHOTO: SPH MEDIA Mr Izzat Hamzah, 37, spent many years trading traditional commodities like iron ore and palm oil, but an early encounter sourcing sustainable packaging sparked his interest in decarbonisation. 'It was about nine years ago,' he recalls. 'While purchasing materials to make the bottles, we had to look at things like how to reduce the use of plastic, alternative materials and how to reduce carbon footprint.' Soon after, Mr Izzat moved into the public sector. At EDB, he was exposed to more sustainability issues as a member of a pioneering team tasked to transform Jurong Island into a sustainable energy and chemicals park. 'I was very fortunate to get a macro view of policy, strategy, supply chain operations and data analytics,' he recalls. All these experiences cemented his interest in the sustainability sector and decarbonisation issues, and in 2020, he made yet another career pivot into the carbon services and trading sector. Today, he is the Asia-Pacific lead in Trading and Origination for Environmental Commodities at 3Degrees, a global climate solutions provider focusing on carbon credits, renewable energy solutions and climate consulting. He helps companies access and grow the supply of environmental commodities like carbon credits and renewable energy certificates. He finds his job especially meaningful because of its far-reaching, long-term impact. 'It's not just about making money,' he notes. 'I am doing it with a purpose beyond myself – ultimately, we're trying to get the world to a better state and creating a better future for our children.' As a father of two young children, Mr Izzat is particularly aware of the need to preserve the environment for the next generation. 'My kids will face the challenges of climate change,' he says. 'We need to be sustainable in the way we consume energy. The carbon market, in particular, needs to get going.' Mr Izzat believes the carbon economy offers professionals a chance to bring in skills from other fields while contributing to a better future. PHOTO: SPH MEDIA Having joined this new sector via a mid-career switch from other sectors, Mr Izzat has also found much personal and professional satisfaction in combining his previous skills in commodity markets and trading with a new knowledge of sustainability issues. Moreover, he also sees a bigger purpose in helping companies understand and navigate evolving government regulations and climate policies. 'There is an element of education in introducing them to carbon taxes, sustainability and decarbonisation issues,' he says. Mr Izzat hopes that through his work, more companies will come to see that sustainability is not just a luxury or 'good to have' element, but also a 'lens' through which everything is assessed and businesses thrive. He encourages professionals like him to consider joining the carbon services and trading sector and bring their skills from other fields into play. In fact, he believes that such skills are needed in the sustainability sector. 'You can't just come in to preach sustainability,' he notes. 'You need to understand supply chains and limitations, and be part of functional teams, to be a credible voice in the community.' Singapore, he adds, is a good place to start. 'Although we are a small country, we are well-placed, for we have a credible voice across various international climate platforms and can leverage these platforms to catalyse growth. Singapore is a lighthouse for the region.' Getting an exciting and meaningful start As a fresh graduate, Mr Samuel Lee finds not only excitement in his job but also fulfilment of his love for nature and his beliefs in conservation. PHOTO: SPH MEDIA Mr Samuel Lee, 27, had always been interested in geography, but an internship with a non-profit organisation during his studies piqued his interest in carbon, conservation and sustainability. So, when the opportunity to continue working with Conservation International came after graduating from the National University of Singapore's Bachelor of Environmental Studies programme, he took it without hesitation – and has never looked back since. 'I've always been interested in biodiversity and the field of nature conservation, so it was a no-brainer to take this job,' he says, 'It gives me room to develop my professional skills, while still ensuring an ethical approach and quality in the things we do.' Mr Lee's job as a regional geographic information system (GIS) coordinator involves geospatial mapping and data analysis to measure the impact of nature-based carbon projects that help decision-makers plan and maximise climate benefits and carbon credits. His work has also taken him on field trips to the Philippines and Indonesia, to support forest biomass measurements by Conservation International's field teams. While he was there, he was able to see how Conservation International's field programmes improved livelihoods sustainably and protected forests to reduce carbon emissions. 'This is a personal highlight for me,' he says of the field trips. 'It is a privilege to be directly involved in conservation work, directly supporting conservation projects and working with the field crews. It is most meaningful to see how the projects are managed, the livelihoods they create, and the benefits they bring to people.' Using geospatial mapping and data analytics, Mr Lee supports nature-based carbon projects across the region. PHOTO: SPH MEDIA Many of the projects seek to reduce carbon emissions and improve sustainability without taking away farmers' livelihoods. 'We don't drive them away from doing what they do best,' says Mr Lee. 'Rather, we shape their livelihoods and show them how to use mangroves to improve their fisheries and aquaculture, for example.' Conservation International supports conservation research, climate policy development, and conservation project implementation through partnerships on sustainability projects with the private sector, educational institutions and governments. Among other things, it uses research and science-based methods to promote nature-based approaches and creates conservation tools that support conservation projects to protect biodiversity. The work is rewarding, says Mr Lee, for it fulfils his lifelong love for nature as well as his core beliefs in protecting the environment. He is especially motivated by how the carbon services and trading sector supports these goals by pulling in resources to protect nature without destroying community livelihoods. 'What I enjoy most is being personally involved,' he says. 'I get to see the whole process through, mapping real changes in resource use and improvements in people's lives.' Having been able to apply what he learnt in school, he sees much potential in a career in this sector, with much scope for growth. 'I have ex-classmates in this sector who are working in the government, with private donors, in fundraising – there's a wide range of roles, from technical and finance to consultancy and advisory,' he says. 'There is much room for professional development. This industry has a lot of high capacity and potential.' Thinking of a career in Carbon Services and Trading? Singapore has rolled out a range of initiatives to support those who are considering a pathway into the sector: Training and education opportunities Dedicated learning initiatives have been set up to equip talent with specialised skills for the carbon services and trading sector. These include the Carbon Market Academy of Singapore by Nanyang Technological University (NTU) and the Sustainability Academy by the National University of Singapore (NUS), both of which offer courses on sustainability and carbon markets. Clarity on career pathways For those wondering how to enter the field or what skills are required, the Skills Framework for Carbon Services and Trading offers detailed guidance. Developed by SkillsFuture Singapore, the Economic Development Board (EDB) and Enterprise Singapore, the framework launched this month outlines the competencies and job roles available, making it easier for job seekers and career switchers to chart their path into the sector. Support for mid-career switchers For professionals looking to make a transition, Workforce Singapore's Sustainability Career Conversion Programme provides structured support for upskilling and job placement. The programme helps individuals pivot into sustainability roles, including those within carbon services, by combining training with real-world work attachments. Find out how the EDB is supporting the carbon services and trading industry, and how you can be part of it. Join ST's WhatsApp Channel and get the latest news and must-reads.
Barnama
05-05-2025
- Business
- Barnama
3Degrees Grows Carbon Asset Development Capabilities in Singapore
SINGAPORE, May 5 (Bernama) -- 3Degrees, a leading global climate solutions provider, announced today that it will be expanding its carbon asset development capabilities in Singapore. The move will see the company developing a pipeline of projects that are aligned with Article 6 of the Paris Agreement across Southeast Asia and beyond, supporting the region's growing demand for credible, science-based climate action. The company brings nearly two decades of market experience and technical expertise to the region and is well-positioned to help operationalize Article 6 through high-integrity, scalable project development—enabling both environmental impact and market confidence. This expansion will be supported by the Singapore Economic Development Board (EDB)'s Carbon Project Development grant. The grant aims to support early-stage carbon project development and financing activities for Article 6 carbon credit projects. The initiative reinforces Singapore's position as a global hub for high-integrity climate solutions and marks a key milestone in 3Degrees' continued expansion in Asia Pacific.
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.
Reuters
26-03-2025
- Business
- Reuters
Singapore February manufacturing output falls 1.3% y/y
SINGAPORE, March 26 (Reuters) - Singapore's manufacturing output in February fell 1.3% from the same period a year earlier, bucking expectations of growth due mainly due to a steep decline in the biomedical sector, official data showed on Wednesday. Analysts had expected a 7% year-on-year expansion in February, according to a Reuters poll. Make sense of global markets with the Trading Day newsletter. Sign up here. On a month-on-month and seasonally adjusted basis, manufacturing output fell 7.5% in February, missing analysts' expectations of a 0.1% expansion. Biomedical manufacturing output fell 14.3% year-on-year and pharmaceuticals plunged 30%, data from the Singapore Economic Development Board showed, due to weaker demand. Electronics also fell 6.4% year-on-year due to weakness in segments including semiconductors, which was down 9.5%. Maybank economist Chua Hak Bin said Singapore's manufacturing recovery momentum has clearly waned as consumers and businesses turn more cautious given uncertainty over U.S. President Trump's intention to implement new tariffs from April 2. "Singapore will likely be spared from the reciprocal tariffs on April 2 as its not one of the 'Dirty 15', but may be hit if the 25% tariffs on semiconductors are introduced," he said, referring to countries the United States has said it may focus its tariffs on.
