APEC leaders to discuss sustainable growth at next week’s meeting

SINGAPORE: Singapore’s Ministry of Trade and Industry said that the topic of sustainable growth will be discussed at the APEC leaders’ meeting next week, along with trade and economic issues that have an impact on climate change.

Basically, APEC leaders will be clearing the air about one thing — growth should not be done at the expense of the environment.

"We are looking at very specific initiatives to increase energy efficiency in the region, and to facilitate trade in environmental goods and services," said Ravi Menon, second permanent secretary, Ministry of Trade and Industry, Singapore.

Singapore Cables Manufacturers hopes that the plans can be rolled out soon. The firm said it started producing green products over five years ago and has seen good results.

The company also said that reusing and recycling scrap materials can help to cut cost by at least two per cent a year; and that green manufacturing will also have a positive impact on revenue, as consumers pay a premium for innovative and environmentally—friendly products.

Moreover, the Singapore Manufacturing Federation is confident that green manufacturing will provide lots of spin—offs for the economy.

"When you use less resources, you lower your cost, you are more efficient, and on the other hand create a lot of economic multiplier," said Renny Yeo, president, Singapore Manufacturers’ Federation.

"A green building when you retrofit, for example, green products go into it, (and) it creates a lot of employment. It is a whole new sector that can grow into significant area in the long—term recovery of the economy," he added.

The International Chamber of Commerce said it is setting up a sustainability committee to promote sustainable development among its members. It estimated that nearly half of the 800 companies represented under the chamber adopt some form of green practices. It said it has also been lobbying the green cause with the authorities.

Shanker Iyer, first deputy chairman, Singapore International Chamber of Commerce said: "I am heading the chamber’s tax committee and one of the things we have been lobbying the Ministry of Finance for the last three years is actually to give more tax incentives to companies to have more environmentally—friendly investments in terms of buildings, renovation and so on.

"I think the ministry is receptive to the idea, but they are still looking for more evidence of whether such incentives will result in benefits or not."

Industry players said other initiatives could include green lanes at Customs to expedite the processing and shipping of environmentally friendly goods, or accelerated depreciation to encourage manufacturers to invest in innovation and technology.

— CNA/sc