Singapore Govt to spend S$1b on sustainable development projects

Singapore Govt to spend S$1b on sustainable development projects

By Pearl Forss,

SINGAPORE : S$1 billion has been earmarked for greening Singapore’s infrastructure over the next five years.

Experts said the real challenge lies not in new developments, but in retrofitting existing buildings.

Lee Siew Eang, head, Energy Sustainability Unit, School of Design and Environment, National University of Singapore, said: “That forms approximately about 80 per cent of our existing building stocks and these lots of buildings will be operating for a long time to come, perhaps for the next 20, 30 years… we really should look into making sure that they are more energy efficient, more sustainable.”

One area to target is air conditioning systems, which consume about 60 per cent of energy in most buildings.

For buildings that are inefficient, this number can go up to 80 per cent.

A government subsidy for landlords to become more energy efficient will certainly help to reduce the nation’s carbon footprint.

Other initiatives to consider include more solar-powered public lighting, or motion sensor lights that remain off when no one is around.

But one problem that Singapore faces in the implementation of clean or renewable energy projects is the lack of local expertise.

Many of these projects currently rely on foreign consultants. But the government hopes to change that by subsidising professional conversion courses, so that a mechanical engineer retrenched in the manufacturing sector, for example, can undergo training, and then play a part in greening Singapore.

The Building and Construction Authority plans to train at least 8,000 specialists in areas like sustainable building design and energy management, over the next five years. - CNA/ms

Source : Channel NewsAsia - 26 Jan 2009

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Obama plans tighter financial regulation

Obama plans tighter financial regulation

Support for new leader stays high as he also promotes recovery plan

WASHINGTON: - The Obama administration plans to move quickly to tighten the nation’s financial regulatory system.
US officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.

Broad outlines of the administration’s agenda have begun to emerge in recent interviews with officials and in a report by an international committee led by Mr Paul Volcker, a senior member of President Barack Obama’s economic team.

A theme of that report, that too many major firms and financial instruments now mostly unsupervised must be swept back under a larger regulatory umbrella, has been embraced as a guiding principle by the administration, officials said.

Some of these actions will require legislation, while others should be achievable through regulations adopted by several federal agencies.

Officials said they want rules to eliminate conflicts of interest at credit rating agencies that gave top investment grades to shaky financial instruments that led to market turmoil. The core problem, they said, is that the agencies are paid by firms to help them structure financial instruments which the agencies then grade.

‘Until we deal with the compensation model, we’re not going to deal with the conflict of interest, and people are not going to have confidence that the ratings are worth relying on,’ Ms Mary Schapiro, the nominee to head the Securities and Exchange Commission (SEC), testified this month before the Senate Banking Committee. Mr Timothy Geithner, the nominee for Treasury secretary, made similar comments in written and oral testimony before the Senate Finance Committee.

Aides said they would propose new federal standards for mortgage brokers who issued many unsuitable loans and are largely regulated by state officials. They are considering proposals to have the SEC become more involved in supervising the underwriting standards of securities that are backed by mortgages.

The administration will also require that derivatives like credit default swaps, at the centre of the financial meltdown last year, be traded through a central clearinghouse and possibly on one or more exchanges. That would make it significantly easier for regulators to supervise their use and determine their value.

Officials said that the proposals were aimed at the core regulatory problems highlighted by the market crisis. They include lax government oversight of financial institutions and lenders, poor risk management efforts by financial companies and risky borrowing habits of many homeowners whose homes are now worth much less than their mortgages.

‘I believe that our regulatory system failed to adapt to the emergence of new risks,’ Mr Geithner said in a written response to queries made public on Friday.

President Obama meanwhile used his first radio and Internet address from the White House on Saturday to promote his economic aid plan by emphasising its benefits for average Americans: thousands of better schools, lower electricity bills, and health coverage for millions who lose their insurance along with their jobs.

He and his top economic advisers met at the White House on Saturday for discussions focusing on the the proposed US$825 billion (S$1.2 trillion) economic stimulus plan Congress is considering.

Obama aides have refused to rule out that the administration would seek a second economic recovery plan - even before Congress approves the first - to patch the ailing economy.

The President continues to remain popular, judging by the latest Gallup poll on Saturday. Sixty-eight per cent of Americans approved of his performance in his first days in office - near the high end for new presidents, but short of President John F. Kennedy’s 72 per cent in 1961.

First 100 hours: What Obama has done
ECONOMY

Chaired daily meetings on economy with financial advisors.

Pushed for swift passage of massive economic stimulus package and approval of remaining funds for a US$700 billion (S$1 trillion) initiative to aid the struggling banking industry.

FOREIGN POLICY

Appointed a Middle East envoy, Mr George Mitchell, and another veteran diplomat, Mr Richard Holbrooke, as envoy for Afghanistan and Pakistan.

Called for border crossings to open into Gaza Strip to allow the entry of international aid.

Called on military to ramp up withdrawal of US troops from Iraq.

SECURITY/JUSTICE

Signed an executive order to close Guantanamo Bay prison in a year.

Issued an order to comply with Geneva Convention on prisoners of war and close CIA ‘ghost prisons’ around the world.

OTHERS

Repealed gag order of global funds to family-planning organisations that engage in or facilitate abortions.

Ordered a freeze on salaries of his highest-paid aides.
AGENCE FRANCE-PRESSE

NEW YORK TIMES, ASSOCIATED PRESS

Source : Straits Times - 26 Jan 2009

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