SMEs that Have Benefited from Green Financing Scheme

Debated in Parliament on 1 Aug 2022.

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Since its launch in October 2021, 19 local enterprises have taken up nearly $60 million in loans under the Enterprise Financing Scheme Green (EFS-Green), with examples including Terrenus Energy for solar projects and Durapower Group for lithium-ion batteries.
The government is encouraging more SMEs to adopt EFS-Green and has implemented additional support measures such as the Enterprise Sustainability Programme, MAS' Green Loans Grant Scheme, and sector-specific training to build sustainability capabilities.
Despite the promising take-up, efforts are ongoing to address barriers to rapid adoption, including outreach and partnerships with trade associations to enhance awareness and knowledge of green financing opportunities.

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Foo Mee Har

Ms Foo Mee Har asked the Minister for Trade and Industry (a) how many SMEs have benefited from the Enterprise Financing Scheme Green (EFS-Green); and (b) what is preventing more SMEs from rapid adoption of this scheme.

Gan Kim Yong

Since the launch of the Enterprise Financing Scheme-Green (EFS Green) in October 2021, 19 local enterprises have taken up close to $60 million in such loans. The take-up of the scheme has been promising. We will continue encouraging our enterprises to use the EFS Green scheme to finance their sustainable projects.

Examples of local enterprises that have taken up EFS Green loans include solar energy developer,Terrenus Energy, which used the loan to deploy portable solar photovoltaic panels and mobile substations at Changi Business Park. Another example is Durapower Group, which tapped on EFS Green to accelerate the development and distribution of lithium-ion batteries for Tuas Mega Port's automated guided vehicle fleet.

In addition to the EFS Green scheme, the Government has implemented various measures to support our local enterprises in developing capabilities in sustainability and embarking on green projects. These include the Enterprise Sustainability Programme (ESP), MAS' Green and Sustainability-Linked Loans Grant Scheme, NEA's Energy Efficiency Fund and EDB’s Resource Efficiency Grant for Emissions.

Furthermore, as part of the ESP, Enterprise Singapore has worked with various partners to develop training courses to help business leaders build awareness and knowledge of sustainability. The courses cover sustainability trends, risks and opportunities as well as key concepts and topics such as decarbonisation and sustainability reporting, and highlight the kinds of Government support available. Enterprise Singapore is also partnering our trade associations and chambers to develop sector-specific initiatives, including outreach and training programmes for their respective sectors. We encourage Singapore enterprises to leverage the various support schemes to capture new opportunities in the green economy.

Summary written by AI (learn more)

Since its launch in October 2021, 19 local enterprises have taken up nearly $60 million in loans under the Enterprise Financing Scheme Green (EFS-Green), with examples including Terrenus Energy for solar projects and Durapower Group for lithium-ion batteries.
The government is encouraging more SMEs to adopt EFS-Green and has implemented additional support measures such as the Enterprise Sustainability Programme, MAS' Green Loans Grant Scheme, and sector-specific training to build sustainability capabilities.
Despite the promising take-up, efforts are ongoing to address barriers to rapid adoption, including outreach and partnerships with trade associations to enhance awareness and knowledge of green financing opportunities.

Questions identified by AI (learn more)

SMEs that Have Benefited from Green Financing Scheme | PAPERCUTS

SMEs that Have Benefited from Green Financing Scheme

Debated in Parliament on 1 Aug 2022.

Summary written by AI (learn more)

Since its launch in October 2021, 19 local enterprises have taken up nearly $60 million in loans under the Enterprise Financing Scheme Green (EFS-Green), with examples including Terrenus Energy for solar projects and Durapower Group for lithium-ion batteries.
The government is encouraging more SMEs to adopt EFS-Green and has implemented additional support measures such as the Enterprise Sustainability Programme, MAS' Green Loans Grant Scheme, and sector-specific training to build sustainability capabilities.
Despite the promising take-up, efforts are ongoing to address barriers to rapid adoption, including outreach and partnerships with trade associations to enhance awareness and knowledge of green financing opportunities.

Questions identified by AI (learn more)

Full Transcript

Foo Mee Har

Gan Kim Yong

Summary written by AI (learn more)

Since its launch in October 2021, 19 local enterprises have taken up nearly $60 million in loans under the Enterprise Financing Scheme Green (EFS-Green), with examples including Terrenus Energy for solar projects and Durapower Group for lithium-ion batteries.
The government is encouraging more SMEs to adopt EFS-Green and has implemented additional support measures such as the Enterprise Sustainability Programme, MAS' Green Loans Grant Scheme, and sector-specific training to build sustainability capabilities.
Despite the promising take-up, efforts are ongoing to address barriers to rapid adoption, including outreach and partnerships with trade associations to enhance awareness and knowledge of green financing opportunities.

Questions identified by AI (learn more)

SMEs that Have Benefited from Green Financing Scheme

Summary

Questions Identified

Full Transcript

Foo Mee Har

Gan Kim Yong

Summary

Questions Identified

SMEs that Have Benefited from Green Financing Scheme

Summary

Questions Identified

Full Transcript

Foo Mee Har

Gan Kim Yong

Summary

Questions Identified