Daily Digest for

Singapore’s Ambassador for Climate Action delivered a substantial speech at the Singapore Business Federation Dialogue on March 17, 2025, focusing on the need for businesses to adapt to climate change realities. The Ambassador stated that Singapore is committed to reducing emissions to “between 45 to 50 million tonnes of carbon dioxide equivalent by 2035” as a step toward a 2050 net-zero target. Additionally, the carbon tax will be raised to $50–$80 per ton by 2030, which will support businesses in their decarbonisation efforts. The speech underscored the importance of transition planning for businesses to remain competitive in a changing climate.

Antigua and Barbuda’s post-pandemic economic expansion continued, with real output surpassing pre-pandemic levels in 2024, driven by strong tourism and events like the T20 Cricket World Cup. The public debt decreased from 100% of GDP in 2020 to 67% in 2024, although financing needs remain high. The IMF Executive Board concluded the 2025 Article IV consultation, highlighting the need for further steps to restore debt sustainability and address climate-related vulnerabilities. The report emphasized the importance of improving fiscal management and financial stability, with a focus on enhancing tax revenue and social assistance programs.

Netherlands-based Wageningen University & Research (WUR) conducted a study on biobased building materials, revealing that these materials can reduce the environmental impact of a house by 18 to 33% compared to conventional materials. The study involved life cycle assessments of 13 biobased products and compared them with conventional materials in three reference houses. The project aimed to make biobased materials more visible in the Dutch Environmental Database, which is used to calculate the environmental performance of buildings. The research was co-funded by TKI Agri-Food under project code LWV 20.289.

Germany has initiated alliances to decarbonize global shipping and aviation, with the Hamburg Declaration on the Decarbonisation of Global Shipping and the Hamburg Declaration on Green Aviation. These alliances aim to establish ‘Green Hubs’ for shipping and aviation, involving companies like CMA CGM Germany, Hapag-Lloyd AG, and Deutsche Post AG. The initiative includes partners from Morocco, Namibia, and Chile, such as the Tanger Med Special Agency and HIF, focusing on renewable energy and sustainable fuel production. The alliances are supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and involve collaboration across the entire value chain, from renewable energy production to sustainable fuel consumption.

The Hon’ble Prime Minister of India, Shri Narendra Modi, and the Right Honourable Christopher Luxon, Prime Minister of New Zealand, have launched negotiations for a comprehensive and mutually beneficial India-New Zealand Free Trade Agreement (FTA) on March 16th, 2025. This significant step aims to enhance bilateral economic co-operation, improve supply chain integration, and provide better market access. The negotiations were marked by a meeting between India’s Minister for Commerce and Industry, Hon’ble Shri Piyush Goyal, and New Zealand’s Minister for Trade and Investment, Hon’ble Mr. Todd McClay, laying the groundwork for a stronger economic partnership.

The Medical Devices Agency in Moldova issued the first permit for industrial hemp cultivation, allowing for the production of seeds, fibers, and oil. This authorization aligns with the country’s narcotics legislation and allows for cultivation based on agrotechnical standards. The digital permit process is available online and aims to ensure transparency. Industrial hemp is a sustainable crop with a rapid growth cycle of 90 days, enabling multiple harvests each year, while contributing to climate change mitigation by capturing carbon dioxide.

The Ministry of Economic Affairs in Taiwan announced that the target price for importing green electricity from abroad is set at NT$4 per kilowatt-hour. This aligns with the solar PV installation cost in the Philippines, which ranges from NT$2-3 per kilowatt-hour. The ministry affirmed the feasibility of this pricing due to matured international submarine cable transport costs, although these may vary by geographical conditions. They highlighted that battery shipping costs will decrease significantly with economies of scale and market proliferation. The Ministry also stated intentions to collaborate with like-minded democratic countries to enhance regional economic development and carbon reduction efforts.

Telecom giants in Taiwan have established long-term contracts for green energy to support offshore wind power project development. This initiative aligns with Taiwan’s commitment to bolster renewable energy usage. The move is part of a broader strategy to facilitate sustainable energy transitions and reduce reliance on fossil fuels. Through these contracts, the companies aim to contribute to meeting national energy targets.