$1b to be spent on greening S’pore
[Singapore Budget 2009]
by Jessica Cheam, The Straits Times, Jan 23 2009
IN A move that pleasantly surprised industry watchers, Finance Minister Tharman Shanmugaratnam yesterday announced that $1 billion will be spent over the next five years on “greening” Singapore’s infrastructure.
He noted sustainable development is “not new to Singapore”.
However, he said, the Government has to invest more in this area to provide “a high-quality living environment while our economy continues to grow”.
There is an “economic imperative” for this type of investment, which will reap cost savings for both firms and householders in the long run, he said.
However, upfront costs might deter the private sector from making these investments. This is where the Government will step in to “provide incentives where necessary”, he said.
This $1 billion fund will support programmes such as energy efficiency for industry and households, green transport, clean energy and the greening of Singapore’s living spaces.
Industry players were surprised at this provision in the Budget. PricewaterhouseCoopers Singapore tax partner David Sandison said it was “slipped in” against a backdrop of a Budget focused on more bread-and-butter issues.
Nominated MP Edwin Khew, who is also chief executive of local waste recycling firm IUT Global, said the move was “very timely”. “After Singapore formed the Inter-ministerial Committee on Sustainable Development, I was concerned if there was going to be a budget allocated to it,” he said.
“$1 billion is a very good start.”
Singapore Environment Council’s executive director Howard Shaw was elated. “It shows that we are aiming our future economy in the right direction.”
Early adopters of green infrastructure will be the ones to benefit most, whether on a corporate or national scale, said Mr Shaw.
Mr Tharman said yesterday more details on the sustainable development blueprint will be discussed during next month’s Committee of Supply debate.
