The problem is that countries and companies alike are pledging to hit targets in almost three decades’ time without committing to action for which they can be held accountable in the short term. To achieve net-zero by 2050, the necessary policies and the associated investments must be made between now and 2030. Singapore is firmly committed to doing its part in the global effort to reduce greenhouse gas emissions. Last year, the government launched the Singapore Green Plan, which sets out a road map towards sustainable development, a green economy, and net zero emissions. Singapore aims to peak carbon emissions around 2030 and to achieve net zero by or around mid-century. If anything, the direction of travel in the coming years can only be towards greater climate ambition, not less. The world should be upfront about the cost of decarbonisation and have concrete plans to support those adversely affected. There will no doubt be opportunities in green technologies and industries, and the long-term cost of doing nothing will be much more than the cost of mitigation measures. But decarbonisation will impose substantial short-term economic costs and have profound distributional implications. Like all economic transformations, the green transition will involve winners and losers, and unless this is recognised and dealt with, the sustainability agenda will lose social legitimacy. If we do not support the losers, there will be a strong backlash against the shift to a greener, cleaner future, much like the backlash we have seen against globalisation by those who were adversely affected by it.
We are exploring geothermal and biomethane technologies as well as small modular reactors using nuclear fission. GREEN ECONOMY The third imperative for the net zero transition is to green the economy. Greening the existing economy is more important than growing new green sectors. Investing in green technologies and renewable energy is important. But such pure green activities are estimated to make up less than 8% of the global economy. Non-green activities – in manufacturing, building and construction, aviation, maritime, agriculture and fisheries - make up the bulk of any economy. To move the needle on emissions reduction, we need transition strategies that progressively reduce the carbon footprint across all sectors. Let me highlight six challenges associated with greening the global economy. First, a green economy will rely much more on electricity. The cheapest and easiest way to decarbonise several sectors of the economy, such as cars that run on petrol or heat generated by burning natural gas, is to electrify them and ensure that the electricity is generated from zero 5/9  BIS central bankers' speeches  or low carbon sources. According to the Princeton researchers, total electricity usage in the United States will likely be two to four times as great in a fully decarbonised economy compared with today. In the IEA’s net zero world, electric vehicle sales would vault from 5% of the car market today to 60% in 2030. This would require building the equivalent of 20 of Tesla’s massive “gigafactories” every year this decade.