Keynote Address by Senior Parliamentary Secretary for Law and Social and Family Development, Mr Eric Chua at the Opening of GenZero Climate Summit Insights 2026 – Legal and Accounting Forum
20 May 2026 Posted in Speeches
A. Opening and Welcome
1. Good afternoon everyone. It is indeed my pleasure to join all of you today at GenZero’s Climate Summit Insights 2026 – Legal and Accounting Forum.
2. Today we meet at an important point in history.
3. Around the world, sustainability goals are increasingly being challenged by geopolitical dislocations – the US officially withdrew from the Paris Agreement in January this year, and the European Commission’s new ESG reporting rules are raising concerns amongst investors about the trajectory of corporate accountability.
4. More recently, the conflict in Iran and the blockade in the Strait of Hormuz has driven up global energy costs and threatened shortages all around the world. These developments underscore the need for more resilient supply chains, more diverse energy sources, and more credible pathways in our long-term growth.
5. Beyond politics, two other major forces will continue to shape the climate agenda:
a. First, Economics. Global investment in the energy transition reached record highs of US$2.3 trillion in 2025, and this is up by 8% from 2024, and green growth opportunities remain strong.
b. Second, Mother Nature. The effects of climate change are being acutely felt through damaged assets, disrupted supply chains, and harm to communities. In 2025, extreme weather events caused over US$70 billion in losses across the Asia-Pacific region alone. Public expectations will compel governments and businesses to move decisively to reduce greenhouse gas emissions.
6. Southeast Asia plays a central role in this global climate transition. The region possesses significant potential in renewable energy, blue carbon, nature-based solutions, and avoided deforestation projects. This opens up significant opportunities to spur economic development while bolstering climate resilience.
7. Against this backdrop, organisations need to position themselves to not only manage risks, but also make the most of new opportunities to spur economic development while bolstering climate resilience. And this is where the legal and accounting professions have a very important role to play.
8. You help businesses understand their obligations, structure transactions, manage risks, and perhaps most important of all, build confidence. In the carbon ecosystem, your expertise will help turn climate ambition into practical, credible action.
B. Singapore’s ESG efforts
9. Singapore will continue to position ourselves as a proactive and trusted partner in building a more sustainable future.
10. Our ambition is clear - to be a global and regional hub for sustainability, green finance and climate action.
11. Our ESG efforts are anchored in three core principles:
a. First, pragmatic long-term planning. For a resource-constrained nation like ours, sustainable development is imperative. This is why we have designated the year 2026 as the Year of Climate Adaptation, and we are formulating our first National Adaptation Plan to strengthen heat, coastal, and flood resilience. Through the Singapore Green Plan 2030, we have set ambitious yet concrete milestones for the decades ahead, including our commitment to net-zero emissions by the year 2050. While we remain cognisant of the economic costs of decarbonisation, we cannot afford to retreat from climate action.
b. Second, catalysing change through finance and technology. A green future is not just about environmental protection, but also about creating new opportunities. Singapore is positioning ourselves as a leading centre for green finance in Asia through a whole range of Government initiatives.
c. Third, constructive international engagement and regional cooperation. Through our collaboration with our ASEAN partners, Green Economy Agreements with major partners like Australia, and Implementation Agreements under Article 6 of the Paris Agreement, we are building regional and global frameworks for cross-border climate cooperation.
C. Singapore as a trusted and well-connected carbon trading and services hub
12. The same values guide our approach to carbon markets - we have been intentional in building a vibrant carbon services and trading ecosystem, anchored on our strengths of trust and connectivity. And let me say a little bit more on these two fronts.
13. First, on trust: In carbon markets, trust is not just a ‘good-to-have’, it is in fact fundamental to the demand, pricing, and long-term viability of carbon credits. To that end, Singapore’s robust legal and accounting systems are not merely instruments of oversight, they are market infrastructure that is essential to the growth of carbon markets.
a. Our trusted legal system gives market participants the confidence that disputes, if and when they arise, will be resolved in a manner that is fair, efficient and principled.
b. Legal clarity gives investors confidence in what is being bought, sold, owned, and financed. Singapore actively participates in multilateral initiatives examining the legal issues relating to carbon markets, including the International Institute for the Unification of Private Law (UNIDROIT) Project on the Legal Nature of Verified Carbon Credits and the Hague Conference on Private International Law (HCCH) Experts’ Group on Carbon Markets, which address private law and private international law issues arising from these markets. Engaging in global carbon market discussions allows Singapore to align its domestic climate strategies with international standards, anticipate trends, and help shape robust, credible carbon trading systems worldwide. This also ensures the operability of the carbon market system which often span across several jurisdictions.
c. Accounting frameworks are also equally important. They help translate climate ambition into measurable outcomes. They support clearer reporting, more informed decision-making and better planning. And so that is the first strength, that of trust in our systems, in our frameworks.
14. Second, on connectivity: As the world embraces green transition, Singapore’s connectivity, especially in Southeast Asia, makes us a prime candidate to serve as the region’s leading carbon trading and services hub.
a. We are deeply embedded in global financial flows – Singapore is well-positioned to connect regional decarbonisation projects with global capital, particularly given Southeast Asia’s potential as one of the world’s largest sources of carbon credits.
b. Our world-class communications and financial infrastructure allow us to seamlessly connect companies seeking credible offsets with developers in need of financing.
c. Our strength as a professional services hub allows us to bring together legal, accounting, and risk professionals across traditional sectoral boundaries.
15. As carbon markets mature, these attributes will become increasingly critical: to uphold confidence, enable cross-border activity, and connect supply, demand, and capital across the region.
16. This is why Singapore is well positioned to serve as the region’s leading carbon trading and services hub.
D. Call to action for the legal and accounting professions
17. But I must add that a successful hub is not built by policy alone, it is built in fact by people – by professionals with the expertise, acumen, and willingness to engage with new opportunities. This brings me to the lawyers and accountants in the room.
18. The growth of carbon markets presents a significant opportunity for the legal and accounting professions.
19. You represent an essential part of the equation that will enable carbon markets to scale.
a. These markets need clear contracts, reliable reporting, practical advice, and professionals who can help businesses move forward with confidence.
b. The advice you provide will continue to set the standards that carbon markets rely on.
20. I encourage all of you to see carbon markets not just as a sustainability topic, but also as an exciting professional frontier.
21. Recognising this, the Government, in partnership with key stakeholders, has made a few deliberate investments to strengthen carbon-related and sustainability capabilities for your professions.
a. This year for instance, the Ministry of Law launched a pilot ESG Legal Secondment Programme to build sustainability-related capabilities across the legal profession. Under this programme, lawyers are seconded to ESG-forward corporations to develop their expertise working on live ESG projects.
b. In addition, key stakeholders such as the Law Society, SAL, SCCA and ISCA offer regular programmes on the latest ESG related trends and issues. For instance, SCCA, in partnership with NTU, has launched a Carbon Market Series targeted specifically at in-house counsel.
22. I would also like to encourage all the legal and accounting professionals here today, to consider new ways to work more closely and seamlessly across disciplines. Carbon markets do not sit neatly within one profession. Your ability to integrate the many perspectives, legal, accounting, and business, all into one, will enable you to deliver greater value to both your organisation as well as your clients.
23. Forums such as the one we are in today, are precisely where such cross-disciplinary systems and networks are designed and forged, and I hope all of you will make full use of this afternoon’s opportunity.
E. Closing
24. Let me close by returning to why carbon markets matter: high-integrity carbon markets can help channel capital, reward real emission reductions, and support growth that is greener, fairer, and more durable.
25. But these markets will succeed only if people trust them. As legal and accounting professionals, you are stewards of the infrastructure that undergirds this trust.
26. If we get this right, we will do more than build a carbon trading hub. We will help shape a regional ecosystem comprising sustainable businesses and communities, that generations to come can look forward to with confidence.
27. This is an opportunity that all of us can seize together.
28. On that note, I would like to extend my gratitude and word of thanks to GenZero, A&G, HFW, and Linklaters for today’s programme. I am confident that the discussions ahead will be productive, insightful and fruitful, and I wish everybody a wonderful afternoon.
29. Thank you very much.
Last updated on 20 May 2026