Identifying Opportunities and Powering Sustainable Growth in Singapore As a small, resource-constrained country, we have to ensure that energy does

not become a limiting barrier for Singapore's economic competitiveness and growth. We also have to play our part in reducing carbon emissions as a responsible member of the global community. On the other hand, our strong engineering capability, competitive markets and ideal environment for test-bedding of new technology makes Singapore well-suited for development of innovative solutions to drive sustainable growth. In developing our sustainable growth strategy, we should identify and leverage on economic opportunities that may emerge from new markets, new technologies and innovation. What opportunities may arise from a sustainable growth path in Singapore? Propose novel strategies that capitalize on these opportunities. Essay may draw upon existing strategies, proposals and research and consider how to tailor these strategies to Singapore's unique economic and social context. Part 1: Expound on implications of statement given, state stance (thesis/ anti-thesis) 1) Small, resource constrained economy and 2) Energy as limiting barrier for Singapore's competitiveness and growth - Singapore is a small city-state, a small island/oasis in the Indian ocean that relies heavily on foreign imports for most necessities (food, water, clothing), and large component of world-famous export-orientated growth model is based on re-packaging or refining raw materials/products then reexporting them again. Unique geographical location and tropicality (at the apex of the World), highly accessible via sea and air transport modes, interconnected with the rest of the world (communications, digital technology, business/capital investment). Physical restraints (opportunity cost theory, theory of comparative advantage) dictate that devoting the same amount of land to high value-added manufacturing/ tertiary service industries > (makes better use of the existing available land) than farming/agricultural, primary industry activities. Lack of natural endowment (resources, minerals) unlike Middle Eastern countries; absence of natural disasters (blessing) also means that there is no geo-thermal (volcanoes) or hydroelectric (dams on rivers) energy to harvest. However, year-round high temperatures and sunshine mean that solar energy and wind energy are potentially viable energy sources. Development of renewable energy sources. -Energy needs to be imported (fossil fuels/oil, natural gas). Over-reliance leads to vulnerability as prices are volatile and dependent on global/regional politics that are often beyond ones' immediate range of control. Energy as a potential limiting barrier to economic growth and competitiveness- oil a huge component/raw material costs, high global

prices of oil will push up prices of locally produced goods (detrimental to both consumers and hiking up prices of exports, decreasing pricecompetitiveness of S'pore exports in foreign markets). Volatility of energy prices also affect willingness of foreign investors/ quantity of LT investments. Hesitant, uncertainty about future profits leads to low business confidence. - Development of renewable energy sources/ industry, increase energy selfreliance, regulate energy price stability. (more in 3rd part of essay) 3) Reducing carbon emissions as responsible member of global community - Despite Singapore's small size, need to be aware of its own carbon footprint. carbon emissions from industries, automobiles, construction. COE etc. to ensure cars on the road are less polluting, regular check-ups. Old cars in bad condition/little servicing are inefficient and produce high levels of COs and pollutants for every gas mile. -sustainability reports, (could be part of future potential green industry) corporate responsibility. taking initiative and active steps towards reducing carbon footprints (both beneficial for the environment and helps cut costs). cultural and social campaigns to raise eco-awareness, schools and general public encouraged to recycle, take public transport (reduced carbon emissions), ban of CFCs. - Responsible member of the global/international community, makes conscious effort/dedication towards the green cause, economic development a necessary priority but a sustained commitment towards developing sustainably. 4) Strong engineering capability + competitive markets and ideal environment for test-bedding of new technology > Spore well-suited for development of innovative opportunities that may emerge from new markets, new technologies and innovation - Unique economic, social, skill locus. highly trained and versatile local workforce coupled with a strong migrant inflow makes possible S'pore as a knowledge based, high-tech and high-skill, capital-intensive economy/ global city. high tech/skilled labour/global connectivity allows it to develop/build up and maintain strong engineering capability. Stable political climate and intensive advanced R&D already going on (A*Star science research labs, Hyflux, various industries) and free-market economy (source of competitiveness, no tariffs levied on foreign imports leading to intensive pressure to innovate and come up with low-cost, high quality goods. small size also allows for ideal environment for test-bedding new technology (NEWater, pioneering techniques in even well-established fields such as oil refining, pharmaceuticals, biomedicine). - High GDP/capita and highly skilled, trained, educated workforce allows for

any innovative ideas on paper/ the drawing board to be translated into reality. Capable and committed workforce and stable political climate/low crime rate . Many companies choose to locate their R&D departments in S'pore and production factories overseas (china, india etc.) due to the strict enforcement of intellectual copyrights/ copyright laws. Strong/trustworthy legal system. Ensures intellectual property safety and company confidentiality. -Pioneer in many fields. S'pore's unique ability to take the lead in Green Economy (Earth Hour HQ relocating to S'pore in May, 2012; EcoSingapore). Huge potential for development of green economy, not just in the SE Asia region, but in a global context. Has capability and ability to become international green hub. positive international city image as a clean and green city also helps. - Marina Bay Sands, Singapore as strong contender for international climate conferences, increased marketing of Singapore as a destination for conferences. If not production of actual green/sustainable technology (technology itself, administrative/data compilation and analysis of green data), then at least a strong research faculty to develop research technologies. - Active engagement in global environmental affairs (for a small country): Rio +20, Durban 2012. Increasing awareness of youth, corporations, government as to the importance of sustainable growth. Part 2: What opportunities arise from a sustainable growth path in Singapore? 5) What opportunities arise from a sustainable growth path in Singapore 1) LT sustainable, eco-friendly growth 2) increased energy self-reliance, stable prices, increased business confidence and pristine environment attracts more FDI 3) Unique role 'green' industries play in the near-future, approaching an energy ice-age. Development of green technology could potentially be a very profitable/lucrative industry. Able to replace current industries/engines of growth in S'pore (pharmaceutical, oil refining- all cutting edge/avant garde/front of the line technologies when they were conceived. but gradually losing traction/ as other countries also jump in on the band wagon/ mimic s'pore's success. need to source for new industry, green industry could possibly transform singapore into an international green hub, a new direction for the 21st century. international locus of green activity, manage green industry . creation of new CAs in green industry, create employment and investment opportunities. development of new niche industry. - Sustainable growth boosts long term economic growth, increase in national income (GDP/capita) leading to improved SOL - Positive externalities from sustainable rather than rapid, uncontrolled

growth (less pollution, viability of sustained LT growth rather than unstable growth spurts, smoothening out of economy, less economics shocks increase attractiveness for LT investment. clean air, pristine environment despite city locale. - Unique allure of eco-friendliness in the 21st century, The Green Economy as next potential pitstop for S'pore economy following success of pioneering Pharmaceutical/ biochemical, Oil refining industries. - Unrivaled geographical location (at the heart/centre/apex of the world), allows global connectivity and access for both goods and people via ports by sea and by air. Advanced levels of technology, widespread availability stable political climate, city as a country- having the benefits of both: city, dense with talent, international autonomy, efficient government- reduced bureaucracy. able to respond rapidly to crises/problems. opportunities/visions/ideas can be readily carried out. Robust national economy and foreign reserves allows for long-term planning, looking towards the future and taking calculated risks. Also allows development of high-tech, knowledge-based, capital-intensive industries that will be the future of tomorrow. - "Garden City" robust global image/ popular perception as a clean, green, efficient nation. longstanding positive repute Part 3: Evaluation of existing strategies, suggest and outline possible new proposals for S'pore 6) Novel strategies that capitalize on Singapore's unique socio-economic endowments/opportunities -Existing strategies: cropping up of global recession often sets back progress of green development. potential benefits more long-term, -Proposals: 1) Reduce energy dependency on foreign countries, improve energy selfsufficiency, benefits: more stable oil prices/ export prices. Surplus can be exported for profit. attractive to MNCs and investors, increased FDI and portfolio investment, due to perceived opportunities in Singapore. Development of niche industry. 2) Development of green industry: R&D, designing green technology (turbines, dams) for sale to other countries (government, firms) modeled after NEWater industry technologies. 3) International hub for green conferences and NGOs, re-image/ reinvent/reinforce city image as a vibrant, dynamic space.