Opening Remarks by Singapore's Ambassador for Climate Action at Singapore Climate Transition Forum

Green 100: Climate Action Driving Business Value

Good morning, ladies and gentlemen.

Amidst today’s geopolitical tensions and economic uncertainty, many businesses are asking: Is climate action still worth the effort?  Especially for SMEs?

When margins are tight, supply chains disrupted, and markets volatile, sustainability can feel like one more requirement, one more report, one more cost.

Climate transition is not a distraction from business priorities.  It is central to them. 

• It is increasingly becoming a condition for success in a climate-impaired and carbon-constrained world.

• The key question for businesses is: Can we transition early enough – and well enough – to survive and thrive?

• This is why we launched last month the Council for a Competitive Climate Transition, C3T.

C3T’s mission is simple: help Singapore businesses stay resilient and competitive in a climate‑impaired and carbon‑constrained world.

• Co‑chaired by the National Climate Change Secretariat and the Singapore Business Federation, C3T brings together business leaders, industry experts, and government officials, from across 14 organisations.

• We had our first meeting last week.

 C3T will be action-oriented and outcome-focused.

• No lengthy reports or recommendations. 

• Instead, practical solutions that businesses can use to develop credible climate transition plans.

• To help businesses do this, C3T will work with trade associations and government agencies to chart sectoral roadmaps for decarbonisation, climate resilience, and seizing green opportunities.

• In addition, C3T will establish two workgroups:

  • one on climate information infrastructure, and

  • the one we are launching today: the Green 100 initiative.

CLIMATE INFORMATION INFRASTRUCTURE – GETTING THE BASICS RIGHT

 The first workgroup will focus on getting the data basics right.

• Singapore announced in 2024 mandatory climate reporting based on ISSB standards for listed companies and large non-listed companies. This will take effect over the next few years.

• Companies are also increasingly expected to develop credible transition plans to access financing, customers, and markets.

• But firms face significant roadblocks to doing so.

  • Important data can be hard to obtain.

  • Available information is scattered across different sources, based on different assumptions, and often not tailored to Singapore businesses.

C3T will address the data challenges faced by companies in climate reporting and transition planning.

• We will:

  • scan existing data sources;

  • identify those that are most relevant and reliable; and

  • develop clear guidance to help companies use them.

• If any of you here today have feedback on the information challenges your company is facing — or ideas on how we can co-create solutions — we would very much welcome your partnership.

But good information alone is not enough. Businesses also need incentives, support, and commercially meaningful pathways for climate action.

This brings me to the second workgroup and the focus of today’s event: Green 100.

GREEN 100: ENABLING SMEs TO TAKE THE SUSTAINABILITY JOURNEY

Green 100 is a national movement to make it simpler and more rewarding for SMEs to take the sustainability journey.

We will do this in three steps.

First, leverage on 100 large corporates or Queen Bees to each mobilise 100 SMEs in their value chains to start their sustainability journey.

• These SMEs will onboard a digital platform to generate – at zero cost - basic Scope 1 and Scope 2 emissions data.

Second, recognise SMEs that make genuine progress in their sustainability journey.

• Supplier SMEs can obtain tiered Green 100 badges when they demonstrate that they have met progressively higher sustainability standards.

• These badges will reference the new Technical Reference, TR, 149, developed by Enterprise Singapore through the Singapore Standards Council, together with industry and research partners.

Third, make SMEs’ climate action commercially meaningful.

• Too often, sustainability is seen as a cost centre.  Green 100 aims to change that.

• As SMEs advance on their sustainability journey, they will be able to access.

  • procurement opportunities;

  • financing; and

  • stronger supply chain positioning.

• Queen Bees are uniquely placed to support this ecosystem. They can:

  • strengthen supplier capabilities;

  • aggregate demand for greener products and services; and

  • create stronger incentives for transition across their networks.

Green 100, in short, is about lowering barriers and raising incentives.

• By simplifying disclosures and lowering costs, it helps SMEs get past the first hurdle.

• By tying the Green 100 badge to procurement incentives and financing opportunities, it makes sustainability not just viable, but valuable for business.

My co-chair Ping Soon and our colleagues from the work group will share more details about Green 100.

CALL TO ACTION

Let me conclude.

Climate action is not a mere reporting exercise that sits outside business strategy.

C3T and Green 100 are here to help businesses make the climate transition with greater clarity, confidence, and support.

• Not sustainability as compliance.  But sustainability as competitiveness.

• Not climate action as burden.  But climate action as enterprise value.

• Not acting alone.  But together as an ecosystem – Queen Bees, SMEs, financial institutions, government.

Our call today is simple

To SMEs:

• take the first step

• join the Green 100 movement

To Queen Bees:

• bring your suppliers with you

• reward those who strengthen their sustainability metrics

And to all businesses:

• give us your feedback so that C3T can co-create with you solutions that meet your transition needs; and

• transform your businesses and supply chains with these solutions. 

Together, let us build a Singapore economy that remains resilient, competitive, and trusted in a climate-impaired and carbon-constrained world.