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  Today Online 6 Jun 07
Save the earth, and save money, too
Sheralyn Tay sheralyn@mediacorp.com.sg

BEING energy-efficient helps the environment — and a company's bottom-line, too.

Some 58 manufacturers and buildings in Singapore have saved $13.9 million and reduced carbon emissions by 113,000 tons after implementing energy audits and energy-efficient measures, Dr Amy Khor, Senior Parliamentary Secretary for Environment and Water Resources, said on World Environment Day yesterday.

The Singapore Zoo and the Night Safari, for example, reported savings of more than $4, 000 a month from reducing their electricity consumption by 8 per cent.

According to the Stern Report on the economics of climate change released earlier this year, the cost of stabilising carbon dioxide emissions is about 1 per cent of global gross domestic product. But the price of inaction could cause the global economy to shrink by 5 to 20 per cent.

It is these long-term benefits that need to be driven home, said Dr Khor during a business and climate change conference hosted by the Association of Charted Certified Accountants.

She added that there was a need to cultivate a culture of energy consciousness among corporations.

Dr Scott Valentine, a research scholar with the Lee Kuan Yew School of Public Policy, suggested that incentives like these must be coupled with strong political leadership and regulation. Some form of carbon trading could be factored in to take some of the strain off companies.

However, Dr Khor said the focus would remain on education and awareness, rather than regulation, for now.

"Those who adopt it voluntarily will also imbue this value much better than if we enforce rules. Going by how it's progressing, I don't think ( regulation at this stage) is necessary," she said.
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