Transforming an economy towards a greener, sustainable future can be a huge task, but the sprint towards the finish line can be made easier with the Government’s support. Businesses can leverage various packages and grants to ensure they are not trailing behind, as Singapore looks towards greater collaboration and partnership opportunities for stewardship and knowledge-sharing.
Numbers at a glance
S$1.3 billion
Enterprise Support Package (new)
50%
corporate income tax rebate
S$5 billion
Future Energy Fund to build a low-carbon economy
Overcoming hurdles, and winning new growth areas
Recognising the concerns of rising costs, the Budget 2024 is poised to alleviate this burden through tax rebates, while encouraging businesses to invest in sustainable solutions in various sectors such as maritime and construction. In the same vein, ease of access to financing and capital will be given to businesses looking into new areas of growth.
Key initiatives:
S$1.3 billion Enterprise Support Package, including a 50% corporate income tax rebate (capped at S$40,000)
Enterprise Financing Scheme financing new areas of growth
Energy Efficiency Grant (EEG) for investments in sustainable solutions
Building a low-carbon economy, training for a green future
As we lead the race to net-zero, the Government has pledged its support to set the foundations for building a low-carbon economy, which will ensure Singapore’s energy security, and prime the stage for businesses to participate in green innovation opportunities.
Key initiatives:
- S$5 billion Future Energy Fund providing funding to build infrastructure for low-carbon economy
Taking the lead in climate action
Singapore, backed by a strong financial ecosystem and trusted governance, is in a prime position to undertake a stewardship role in the region in climate action. While there is a good pillar of support for environmental sustainability, there is scope for greater participation in initiatives that will allow a consistent development of green capabilities of the economy in the near-term to mid-term.
Key initiatives:
Exploration of tripartite partnerships between Government, private sector, and philanthropies to optimise capital flow
Catalyse funding for sustained and long-term climate action which will in turn generate growth in strategic areas and high-quality employment opportunities
