Singapore’s first climate adaptation plan to offer climate risk ‘checklist’ for businesses: Grace Fu

Singapore’s upcoming National Adaptation Plan, announced by Minister for Sustainability and the Environment Grace Fu on May 19, will focus on identifying gaps in the country’s climate resilience rather than prescribing solutions. The plan, set for release in 2027, will help businesses assess climate risks across their operations and supply chains, serving as a practical adaptation framework based on the UN’s Global Goal on Adaptation—comprising 59 indicators spanning water, food, and public health. Fu emphasized the plan will act as a ‘useful checklist’ for businesses operating in Singapore, including those with regional exposure, such as firms importing agricultural products like rice. It will help them evaluate risks like water security in source markets and improve supply chain reliability through adaptation measures. The plan was first announced during Fu’s ministry’s Committee of Supply debate in March and will require cross-government collaboration, as climate adaptation extends beyond environmental agencies. Discussions must involve sectors like telecommunications, where critical infrastructure operators need to ensure equipment remains functional amid climate disruptions. During a panel at Ecosperity Week, Fu also highlighted the growing physical and economic impacts of climate change, including extreme heat and weather events, which threaten sectors like insurance and financial markets. She noted that adaptation is becoming essential for businesses and governments facing these escalating risks. Additionally, Fu witnessed the signing of an agreement between DBS and the Climate Bonds Initiative (CBI) to develop a research paper on climate adaptation and resilience investment opportunities in Asia-Pacific. The paper will explore investable sectors like energy and real estate, combining CBI’s assessment methodologies with DBS’s regional insights.