The Singapore government recently launched a new initiative called Green Economy Regulatory Initiative (GERI), which supports businesses in seizing new green growth opportunities, developing green products and services. The new platform will be utilized to consolidate sandbox efforts by multiple regulatory agencies in order to encourage businesses in developing sustainable products and services to fight climate change.
According to the Singapore Ministry of Trade and Industry, the initiative’s target audience are businesses that plan to trial innovative green solutions whose implementation might be constrained by current regulations. Businesses may submit their proposals through the platform, and promising proposals will benefit from an expedited assessment timeline. This will help businesses to try their ideas quickly and eventually introduce new green solutions in Singapore.
Projects in the following key areas may be trialed on an expedited timeline through regulatory sandboxes:
- Carbon services and trading
- Circular economy (Plastics recycling and e-waste recycling solutions)
- CO2 to aggregates
- Electric vehicles
- Energy (Solar, energy storage systems and smart grid solutions)
- Sustainable aviation and maritime
- Sustainable tourism
(Sources: Ministry of Trade and Industry Singapore; The Straits Times)