The temperature is getting hotter, the sea levels are rising, the turtles are dying… you know the spiel. Climate change is real. Jeng, jeng, jeng…
Thankfully, the Singaporean government has kicked the nation’s sustainability efforts into high gear so that we don’t all end up living in a pineapple under the sea. Called the Singapore Green Plan 2030, the initiative is a national sustainability movement to tackle climate change.
The Green Plan is organised into 6 different categories. Let’s take a deep dive into each and delve into the details of the plan:
1. City in Nature
The Green Plan will zero in on creating a green, liveable and sustainable home for Singaporeans. This means by 2030, every household will be a 10-minute walk away from a park. The existing parks will also be given a facelift with lush greenery, taking Singapore’s reputation as a green city to the next level.
2. Sustainable Living
In the thick of the pandemic, cycling became somewhat of a national hobby. If you’ve parted with good money for a Brompton bicycle but have already exhausted the cycling routes in our tiny island, rejoice! The cycling path network will triple in size by 2030.
Likewise, the MRT network will be expanded to make travelling by public transport even more convenient even if you live in the ulu ends of Singapore – people living in Choa Chu Kang, help is on its way!
3. Energy Reset
Electric cars are the future. Singapore might be a little late to jump on the bandwagon but we’re finally getting there. In fact, tax revisions are in view to incentivise the switch to electric cars. Plus, you won’t have to go on a witch hunt for a charging station. By 2030, the goal is to install 60,000 charging points across the island. By 2025, 8 HDB towns – Ang Mo Kio, Bedok, Choa Chu Kang, Jurong West, Punggol, Queenstown, Sembawang and Tengah – will be EV-ready.
The energy reset umbrella also includes quadrupling the use of solar energy by 2025, tapping on cleaner electricity imports, and digging deeper into renewable energy.
For example, Grab Singapore has wasted no time to get onboard the efforts with its very own Green programme with its own goal of a full fleet running on cleaner energy by 2030. You might’ve already seen striking, lime green Stride taxis on the road, which are Singapore’s first batch!
4. Green Economy
On the business end, the sustainable industry will be a focus. The new Enterprise Sustainability Programme will help local businesses adopt sustainability practices. With more investments flowing into the industry, more jobs will also be created in this sector.
5. Resilient Future
This encompasses safeguarding our coastlines against rising sea levels, ensuring food security, and keeping the city cool to ensure that we don’t all drown, starve, or overheat.
6. Green Government
The government, as it always does, will take the lead in the sustainability efforts in the public sector. The effects of these efforts are meant to trickle down to the community level and inspire Singaporeans to do their part for a sustainable future. Remember, turn off the lights if you don’t need them!
So, if you’re wondering what any of this has to do with you…here’s what.
It might finally be worthwhile to buy an electric car
If you own a car, you might be parting with no less than $100 a week to fuel it. With the projections for inflation looking grim, you’ll definitely be wiping your tears with the receipts from the petrol kiosk as petrol prices continue to soar in the coming years.
In the past, the Singapore government has largely dismissed electric cars. We can only wonder why…ehem. In the past year, however, with sustainability on the agenda, the tune has changed.
Not only is the government in the midst of lowering the road tax for electric cars to incentivise the switchover, it is also building more charging points including the heartlands like Ang Mo Kio.
In the past, the lack of charging facilities was a major drawback of owning an electric car in Singapore. With that due to change combined with lower taxes, you might be better off owning an electric car. Also, you’d be saving a lot more in the long run – this DBS article estimates the cost of charging an entry-level electric car at $11 per week.
But also, an increase in MRT lines means you don’t even have to own a car
We all know this. Taking the train or bus is the cheapest mode of transportation. Regardless whatever gripe you may have with the government, you must admit they have done a great job with our public transport system.
Well, granted, if you live in Sembawang (like me), it still takes you a little less than an hour to make the commute to Orchard. That’s about to change with the new MRT lines in the works across the island. When the brown line is fully up and running, it’ll shave off my commute to town by at least 20 minutes!
What this means is that with more MRT stations, getting from point A to point B might be fastest by train. You won’t have to worry about getting caught in peak hour traffic on the road or the money that’s bleeding through your pockets everyday as you cross the ERP gantries!
If you’re looking to invest, the Green Plan offers clues where to look
With big plans underway in the sustainability sector, if you’re looking to invest your money, the Green Plan offers big clues on where to look. If you’re stock-picking, local companies and startups in the sustainability industry is one you shouldn’t overlook.
Don’t waste time, start your research now. Afterall, you want to get into the market when these companies are fairly young and with lots of potential to grow!
Interested to learn more about investing in sustainability? Read more here.