This morning we were delighted to host Mr. Chee Hong Tat, Senior Minister of State for Finance and Transport and Mr. Alvin Tan, Minister of State for Trade and Industry and for Culture, Community and Youth. The ministers shared their views on why companies need to transition to the green economy and how they can make the transition and leverage it for local and regional growth. Their remarks were followed by a dialogue with the audience moderated by SICC Chairman Dr. Bicky Bhangu.

Why transition? Because it is urgent. Climate change has occurred. Just look at the record temperatures in SE Asia right now. More sustainable, that is, green, approaches are necessary for commercial and societal survival. They are also necessary because we must be good stewards for the sake of our successors. Another reason why the green transition is necessary is because of growing scrutiny by investors and regulators on environmental, social and governance risks and responsibilities. The circular economy is the goal where goods are designed, produced and consumed to be reused and recycled in a virtuous cycle. This compares with today’s linear models of design, production and consumption which only produce a vicious cycle of waste.

How can we best transition? By leveraging the Singapore brand for trusted systems and processes, for verification regimes, for research and development and for green and blended finance. These advantages, when coupled with a willingness from large and small businesses to collaborate to innovate, offer local and regional, sustainable success.

None of the above will happen without talent and without collaborating with the region. Singapore, like SICC, would not be Singapore without the I for international. Singapore, like every other economy, needs talent from all over the world to complement home grown talent and for both to collaborate to spur creativity, innovation and mutual success.

Many thanks, once again, to our Ministers for their authentic, engaging and sincere sharing. We also want to salute our members for a lively conversation on topics such as the social compact, renewable energy, taking immediate steps to turn down air-conditioners to 25°C and on regulation.