7 POLICY PILLARS
全民受益，全球受益
A good deal for Southeast Asia, a good deal for the planet
Singapore has made the first steps to mitigate the effects of climate change, and there is more work to be done to close the policy gaps to meet the IPCC targets for 1.5C (Climate Action Tracker, 2020). The Green New Deal is a proposed set of climate change policy measures to meet the scale of the energy transformation required, create new jobs, stimulate investments and put workers and families first in the new zero carbon economy.
It aims to remedy challenges faced by everyday Singaporeans such as rising costs of living, declining quality of life and job competition, and match the scale and speed of the economic transformation called for by the Intergovernmental Panel on Climate Change (IPCC) in their 2018 Special Report, “Global Warming of 1.5°C”.
The policy measures are founded on the principles and goals of putting a meaningful cost on carbon emissions to drive entrepreneurial innovation towards green solutions; creating a fair deal for the working class; ensuring a just transition for workers in sunset industries; co-creating as a form of participation in policy formation to utilize the creativity of citizens inside and outside of Singapore; and strengthening relationships for regional ASEAN cooperation.
01 MEETING SCIENCE-BASED EMISSIONS TARGETS
The IPCC has called on all nations to reach peak carbon emissions by 2020, cut emissions by 45% by 2030, and reach zero emissions by 2050, in order to limit further global warming to 1.5 degrees C (IPCC, 2018). If the latter cannot be achieved, Singapore and the world will suffer dramatically higher risks of extreme weather, coastal flooding, and lack of food (IPCC, 2018). Singapore must recalibrate its Nationally Determined Contributions (NDCs) to the Paris Agreement to meet these targets as an example to the world.
02 PRICING THE SOCIAL COST OF CARBON
Our current economic system does not account for the social cost of carbon emissions that falls on the environment and people that depend on living ecosystems. We should correct this by setting the right price on carbon in line with IMF guidance and at the level that incentivises companies to switch to low carbon alternatives and stimulate new green growth investments -- at a minimum of USD $75/ton by 2030 and rising thereafter (IMF, 2019).
03 DECARBONISING OUR FUTURE
Publish a decarbonisation masterplan which details the implementation of how to meet the scientific targets including the funding budget of expenditures, revenue sources and impact to stakeholders in business, households and international allies. The masterplan is intended to be a state directed whole-of-government shift of the economic model away from high risk sunset industries and into new growth industries.
04 ENSURING A JUST TRANSITION
Provide direct support to the vulnerable to avoid the cost of inaction and to manage the cost of the transition. Develop programs that offer social assistance and financial relief for the hardest hit workers and families with less adaptive capacity yet are exposed to sunset industries and cost of living during the transition period
05 IMPROVING PUBLIC WELFARE
Deliver general social and economic improvements for households and workers in Singapore that enhance their quality of life
06 ENCOURAGING PUBLIC CO-CREATION
Pioneer policy building from the ground up where people can play a role in the writing of the policy. To encourage direct public participation as a means of policy development and representation at the policy making decision table.
07 BEING A LEADER AND TEAM PLAYER IN THE REGION
To be an exemplary leader in expanding integration of green policies in the region, strengthen economic and diplomatic ties with ASEAN neighbors and empower the more vulnerable with direct support.
REFERENCES
Climate Action Tracker last accessed Jan 2020 Singapore policy report
Intergovernmental Panel on Climate Change (IPCC), 2018 Special Report on Global Warming of 1.5C - Summary for Policymakers
International Monetary Fund (IMF), 2019 Fiscal Monitor : How to mitigate climate change