Budget 2024 > Latest > Commentary
Mr Louis Ng Kok Kwang: Achieving net-zero emissions by 2050 must be a whole-of-nation effort that must involve businesses. In Budget 2023, Minister Grace Fu said that “businesses should do more with less”. The Minister also said that while some upfront costs may be incurred, lower energy and resource used will lower costs over the long run.
In a 2023 survey of businesses that have adopted technology to make the green transition, only 16% were confident of achieving their sustainability target. Businesses are optimistic about the green economy, but may lack the guidance needed to take concrete steps to transition.
The $5 billion Future Energy Fund is a huge boost for the transition to cleaner fuels. I am also heartened by the extension and expansion of funds by SMEs, including through the Enterprise Financing Scheme and the Energy Efficiency Grant.
Beyond making funds available, can the Government proactively reach out to SMEs on accessing and utilising these funds? I hope we can provide more support to SMEs to cross the barrier and translate funding into concrete actions on the ground.
Watch the speech here.