His Serene Highness Prince Albert II of Monaco,

His Excellency Maumoon Abdul Gayoom, President of the Republic of Maldives,

Ministers,

Mr Achim Steiner, Executive Director, UN Environment Programme and Under-Secretary of the UN,

Mr Georg Kell, Executive Director, UN Global Compact,

UNEP Champions of the Earth 2008 Award recipients,

Excellencies,

Ladies and Gentlemen,

“Joint Leadership for the Environment”

Introduction

1. I am honoured to be here today. This conference, in its second year running, is an invaluable platform to bring together businesses, NGOs and government representatives to discuss the urgent environmental challenges that face us all.

Our Changing Environmental Context

2. The environmental context that we live in has changed and is changing rapidly. The Intergovernmental Panel on Climate Change (IPCC) concluded that global warming is not only unequivocal, but very likely to be man-made. The UNFCCC Conference last year adopted the Bali Roadmap to work towards a new climate change regime, which will have major implications on the way businesses operate worldwide. The oil price increases are expected to persist, driven by an expanding world population and strong economic growth. The conclusion is clear. We need to act, and act fast.

Sustainable Development “The Singapore Way”

3. As a low-lying, densely populated island-state with limited natural resources, Singapore is highly vulnerable to these global environmental changes. We import almost all our energy and other needs, especially food, and would be directly affected by sea-level rise. We have no luxury of land, which means that in pursuing industrialization and urbanization, we cannot neglect our environment, as we have to live in close proximity to our industries. By sheer necessity, our approach to sustainability has been a pragmatic one. We believe in, and have demonstrated, that we can achieve a sustainable balance between economic growth and a good living environment.

4. The Singapore Way to sustainable development is to take a long-term view of development, and to consistently pursue a pragmatic set of policies and measures. For the last 40 years since independence, we adopted a long term and integrated approach to land use planning. We built key environmental infrastructure for waste and water management, and regulated pollution from our industries tightly. We invested heavily in our public transport system and controlled private vehicle ownership and usage through congestion charging and vehicle quotas. We cleaned up our rivers and planted trees across the island. These have not been easy policies to implement, some of them.

5. But today, our people are reaping the fruits of these policies. Our people enjoy both economic growth and a good quality of life. Singapore is internationally recognized as a liveable city, and this has in turn attracted talents and capital to Singapore.

Singapore : A Sustainable Development Hub

6. If Singapore, a tiny island with little natural resources can balance both economic growth and the environment, so can many other cities. The Singapore Story demonstrates that it is possible for densely populated and fast growing cities, especially those that we see in Asia, to achieve growth while enjoying a clean environment. We hope to share our practical experiences with other highly urbanized and densely populated cities, to grow in a clean and sustainable way.

7. Our vision is to build Singapore into a Sustainable Development Centre, among many, in a network where we will exchange knowledge and expertise in sustainable development.

8. We seek to achieve this through three ways. First, to bring Singapore up a few more notches in terms of sustainable development practices. Second, to develop Singapore as a hub for environmental services. Third, to nurture a ground up movement among the people and the private sectors to support a more sustainable Singapore going forward.

a) Sustainable Development Policies and Measures

9. The Government will take the lead in efforts to address environmental challenges. An Inter-Ministerial Committee for Sustainable Development has been formed to holistically review and chart our sustainable development strategies going forward.

10. We will intensify efforts in the area of energy efficiency. A 5-year, $50 million Sustainable Energy Fund to build competency in energy management and support energy efficiency programmes has been set up, on top of a $10 million Energy Efficiency Improvement Assistance scheme (EASe) to co-fund energy audits of existing buildings.

11. The basic Green Mark standard has been legislated as the minimum standard for new buildings. A $20 million Green Mark Incentive Scheme has been put in place to incentivise buildings to aim for performance standards higher than the basic Green Mark standard.

b) Exploiting Growth Opportunities in Environmental Services

12. Singapore also sees growth opportunities amidst the challenges of this new global environmental landscape. The Government will help our companies seize these opportunities and develop Singapore into an environmental business hub. We will support our companies through a series of incentives and initiatives to build R&D and manpower capabilities in environmental services.

13. In particular, the global water industry has great potential. Over a billion people still lack access to safe drinking water, and the problem is further exacerbated by pollution, urbanization and climate change. Through necessity, through the need to enhance our water security, we have evolved and developed a model of integrated water resource management which I believe can be applicable to many other cities as well. Local water industry players like Hyflux, Keppel and SembCorp are already exporting water technologies and expertise to key markets like China and the Middle East. The Government has allocated $330 million to promote research and commercialization of environment and water technologies.

14. The Clean Energy sector is another area of strong growth. The Government has set up a multi-agency Clean Energy Programme Office and allocated $350 million in public funding to develop R&D capabilities and manpower for this sector. Special emphasis is on the solar industry, leveraging on our location on the equatorial belt, our strong semi-conductor base and our highly educated workforce. We have attracted leading global solar players like Renewable Energy Corporation, Norsun, Oerlikon Solar, SolarWorld and Solar-Fabrik here. We have also set up the Solar Energy Research Institute of Singapore (SERIS) to accelerate the development of R&D and manpower capabilities to support this new growth area.

c) Leadership from the Business Sector

15. To build Singapore into a sustainable development hub, we will need a third pillar – a supportive domestic population and business community that will champion sustainable development in the way they live and do business. We believe that the Singapore Story of sustainability for the decades ahead should be co-authored with the people and the private sectors. Our path to greater sustainability ahead has to be a journey we make together.

16. In this regard, businesses must be prepared to take initiative and invest in advance to make their businesses more environmentally friendly. This need not come at the expense of the bottom line. For instance, the EASe scheme to co-fund energy audits has helped 87 manufacturing facilities in Singapore identify energy efficiency measures that can save them a collective $23 million in annual energy savings, through measures that can more than payback any capital investments made upfront.

17. In addition, companies that learn to be more resource-efficient ahead of the competition can reap first mover advantage in a new carbon-constrained world. Businesses that adopt environmental sustainability as a form of corporate social responsibility will distinguish themselves in a world of increasingly discerning consumers.

Conclusion

18. The time to act is now. We need joint leadership among the people, private and public sectors to tackle the environmental issues of the day. I urge progressive business leaders to step forth as champions for the environment, and I hope this Summit can pave the ground for collective action. Thank you.

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