At the forefront of net-zero innovation: How this European region enables Singapore firms to drive green growth
Source: The Straits Times
The global transition to net-zero is crucial to protect and restore the environment and with the increasing need for new technology and innovation, there is a gathering pace that offers businesses unprecedented commercial opportunities. It is predicted that new green activities could create US$10.3 trillion (S$13.8 trillion) in global GDP by 2050 and create 24 million new jobs globally by 2030.
With the business potential of the green economy evident, 10 companies and eight stakeholders from Northern Ireland will be visiting Malaysia and Singapore from March 18 to 22 to demonstrate their expertise, offerings and establish relationships with key in-market stakeholders.
They form a Net Zero Exchange Mission that seeks to facilitate collaboration and innovation in this space. The five-day trip is organised by economic development agency, Invest Northern Ireland. The exchange is focused on three key areas: sustainable water management, hydrogen, and decarbonisation.
Northern Ireland’s green credentials
With its combination of talented people, an abundance of natural resources and a world-renowned reputation for engineering and manufacturing expertise, Northern Ireland is well placed to capitalise on the opportunities arising from the green economy. Supported by proactive government policies focused on doubling the size of the region’s low carbon and renewable energy economy, Northern Ireland is home to a vibrant and growing sustainability ecosystem, and a collaborative supply chain dedicated to building world-leading net-zero solutions.
Ms Rachel Sankannawar, Head of Green Economy Development at Invest NI, says that Northern Ireland companies and stakeholders are keen to collaborate with businesses around the world to drive forward the green economy. Ms Sankannawar, who will be part of the Net Zero Exchange Mission, explains:
“Our aim for the week is to find out what companies in Malaysia and Singapore need to help them achieve their net-zero targets, and to highlight businesses in Northern Ireland that can collaborate to offer green products, solutions and innovation-driven partnerships.
“We also want to raise awareness of Northern Ireland as an excellent investment location for companies seeking a European base in which to establish a green technology business.”
The visit will put a spotlight on sustainable water management, hydrogen and decarbonisation as priority areas where Northern Ireland presents a compelling proposition. The region’s expertise in water treatment technologies, such as UV disinfection, wastewater treatment and sludge management, has led to improved water quality, efficiency and climate resilience, further enhanced by investment in leak detection and monitoring systems, and smart metering.
Through collaboration spanning industry, academia and government, Northern Ireland has pioneered using curtailed wind for hydrogen production. It is also developing hydrogen and alternative fuels for the road transport and maritime sectors. The region possesses strategic assets such as abundant wind and water resources, a modern gas network and salt cavern storage sites. Targeted investments aim to further build capabilities via centres of excellence and a Hydrogen Training Academy focused on commercialising skills and technologies to support a hydrogen economy.
Additionally, Northern Ireland is a world leader in systems integrating renewable energy into the grid and energy storage. Over 50 per cent of electricity used in the region is from renewable sources. With an additional £3 billion (S$5.1 billion) investment in infrastructure underway, the goal is to facilitate a target of 80 per cent renewable energy. The region has cultivated key strengths and breakthrough innovations across key sectors working to deliver decarbonised energy, heating and transport solutions. For example, the region is home to ground-breaking advancements in carbon capture technologies and circular systems that reprocess waste into reusable materials.
Facilitating collaboration to meet net-zero targets
In the face of a predicted 40 per cent increase in energy consumption between 2020 and 2030 in South-east Asia and with the need to reduce greenhouse gas emissions by around 33 per cent to meet the region’s agreed targets, there is a growing demand for renewable energy and decarbonisation solutions.
Achieving net-zero emissions is a priority that demands collaboration, both regionally and globally. In a step towards joint climate action, the United Kingdom and Singapore signed the UK-Singapore Green Economy Framework (UKSGEF) in March 2023. The UKSGEF will help support both countries in achieving their net-zero targets and contribute to the development of a dynamic green economy.
Collaborations between businesses and organisations can drive tangible progress on developing net-zero enabling technologies and infrastructures.
The Net Zero Exchange Mission aims to open the door to the kind of collaboration that will deliver results for businesses in Malaysia and Singapore as well as in Northern Ireland.
Mr Nick Caldwell, Head of Asia Pacific Territory at Invest NI says:
“We hope that it will also highlight further opportunities for trade between the countries. Invest NI recognises the green economy’s immense potential as a key driver of growth and prosperity.”
The agency offers a variety of financial and advisory support mechanisms to help companies implement sustainable practices – whether by improving efficiencies, decarbonising processes or instilling circular economy principles into their business models. These same supports are offered to investors looking to set up sustainability-focused ventures in Northern Ireland.
“We have a dedicated team based in Singapore and I would encourage local companies to talk to us to find out how Northern Ireland’s expertise can help them achieve their green economy goals,” says Mr Caldwell.
To find out more contact singapore@investni.com or visit www.investni.com/netzeroexchange