Singapore is racing to meet its net-zero emissions target by 2050. A growing carbon services and trading sector is supporting this national objective and contributing to wider efforts across the region to accelerate the low-carbon transition.
Carbon services and trading may have once been niche but it is now fast becoming one of the most important sectors in the sustainability economy. It covers a broad range of services – from low-carbon advisory and carbon accounting to project development and the trading of carbon credits. These services help companies and governments measure and manage their carbon footprint.
Envisioned as a key driver of green growth, Singapore’s carbon services and trading sector is now home to more than 150 firms – double the number from 2021. A study by the Singapore Economic Development Board (EDB) and Enterprise Singapore projects that the sector could contribute up to US$5.6 billion (S$7.6 billion) in gross value-add, depending on global climate efforts.
With new funding schemes and national initiatives to grow talent, it is clear the sector is central to Singapore’s sustainability push. And with that growth comes opportunity.
Many professionals from other industries are discovering that their existing skills, such as in finance, tech, data, science or policy, are highly relevant to the carbon services and trading space. Here are three stories of Singaporeans – from fresh graduates to seasoned players – who took that leap and found purpose and possibility.
Leading the way in battling climate change
Ms Choo Oi Yee made a mid-career switch from investment banking to carbon trading, drawn by the chance to contribute to global climate solutions.PHOTO: SPH MEDIA
After spending more than 20 years in the world of investment banking and finance, Ms Choo Oi-Yee, 51, joined the carbon services and trading sector, and quickly discovered how exciting and meaningful it could be. Here was a chance to make a direct, long-lasting impact on the world by helping companies and governments decarbonise.
As the chief executive officer of Climate Impact X, a leading exchange in the environmental markets that manages the trading, supply and demand of carbon credits and renewable energy certificates, she draws much satisfaction from knowing that she is playing an important role in contributing to global efforts to address the challenge of climate change.
“I’ve always been interested in how we can use finance and technology to improve lives and make things better, to take the skill sets that I had built up over the years and translate them into a space that supports our net-zero target,” she says.
Before joining Climate Impact X, Ms Choo held leadership roles in global banks and led businesses across fintech, innovation and capital markets.
Climate Impact X was born out of the Emerging Stronger Together Taskforce, a public-private initiative to establish Singapore as a climate services and carbon trading hub. It works to support high-impact climate solutions by facilitating the flow of funding to products and projects that protect the environment – from reducing carbon emissions through reforestation projects, and innovations to capture and store carbon.
“Not one solution is going to work, everybody needs to contribute. All the solutions have to get out there and get funded, and carbon credits are one of the many ways,” says Ms Choo of the efforts to address climate change.
Ms Choo (left) says the sector’s fast-paced evolution and real-world impact make it both exciting and meaningful.PHOTO: SPH MEDIA
What makes Ms Choo’s job particularly exciting is the fact that it is constantly evolving. Unlike traditional finance and commodities industries, where products are more stable and established, the carbon sector is still in its nascent stage. Efforts to achieve net-zero targets are affected by global politics and the opening of new carbon markets, while carbon credits are being formed and distributed in new ways.
“It is evolving day to day,” says Ms Choo. “We are constantly thinking about how we can improve the quality of carbon credits and how to trade them more efficiently. Things can change quite quickly, so we have to be adaptable and nimble in responding to changes.”
Having just joined the sector about six months ago, Ms Choo sees much potential and opportunity for growth. “Singapore is a good place to be in this space, because it has a great ecosystem,” she says, pointing to the encouraging presence of GenZero, a decarbonisation-focused investment platform founded by Temasek, and the support of government agencies.
She is also inspired by the passion she sees in the people around her. “The folks in this industry are extremely passionate,” she says enthusiastically. “Everyone really wants to understand what the industry is about.” Colleagues, for instance, have gone on field visits to check out environmental projects overseas, spent time with conservationists, and seen for themselves the impact of their work.
“It’s super fun,” she says. “You can combine your skill sets to serve the broader sustainability and impact community, and value-add in this space. And you’ll get drawn in by the passion and what people do.”
Protecting the world for his children
A mid-career switch enabled Mr Izzat Hamzah to apply his skills in a fast-growing sector while also making an impact on the next generation.PHOTO: SPH MEDIA
Mr Izzat Hamzah, 37, spent many years trading traditional commodities like iron ore and palm oil, but an early encounter sourcing sustainable packaging sparked his interest in decarbonisation.
“It was about nine years ago,” he recalls. “While purchasing materials to make the bottles, we had to look at things like how to reduce the use of plastic, alternative materials and how to reduce carbon footprint.”
Soon after, Mr Izzat moved into the public sector. At EDB, he was exposed to more sustainability issues as a member of a pioneering team tasked to transform Jurong Island into a sustainable energy and chemicals park. “I was very fortunate to get a macro view of policy, strategy, supply chain operations and data analytics,” he recalls.
All these experiences cemented his interest in the sustainability sector and decarbonisation issues, and in 2020, he made yet another career pivot into the carbon services and trading sector.
Today, he is the Asia-Pacific lead in Trading and Origination for Environmental Commodities at 3Degrees, a global climate solutions provider focusing on carbon credits, renewable energy solutions and climate consulting.
He helps companies access and grow the supply of environmental commodities like carbon credits and renewable energy certificates. He finds his job especially meaningful because of its far-reaching, long-term impact.
“It’s not just about making money,” he notes. “I am doing it with a purpose beyond myself – ultimately, we’re trying to get the world to a better state and creating a better future for our children.”
As a father of two young children, Mr Izzat is particularly aware of the need to preserve the environment for the next generation. “My kids will face the challenges of climate change,” he says. “We need to be sustainable in the way we consume energy. The carbon market, in particular, needs to get going.”
Mr Izzat believes the carbon economy offers professionals a chance to bring in skills from other fields while contributing to a better future.PHOTO: SPH MEDIA
Having joined this new sector via a mid-career switch from other sectors, Mr Izzat has also found much personal and professional satisfaction in combining his previous skills in commodity markets and trading with a new knowledge of sustainability issues.
Moreover, he also sees a bigger purpose in helping companies understand and navigate evolving government regulations and climate policies. “There is an element of education in introducing them to carbon taxes, sustainability and decarbonisation issues,” he says.
Mr Izzat hopes that through his work, more companies will come to see that sustainability is not just a luxury or “good to have” element, but also a “lens” through which everything is assessed and businesses thrive.
He encourages professionals like him to consider joining the carbon services and trading sector and bring their skills from other fields into play. In fact, he believes that such skills are needed in the sustainability sector.
“You can’t just come in to preach sustainability,” he notes. “You need to understand supply chains and limitations, and be part of functional teams, to be a credible voice in the community.”
Singapore, he adds, is a good place to start. “Although we are a small country, we are well-placed, for we have a credible voice across various international climate platforms and can leverage these platforms to catalyse growth. Singapore is a lighthouse for the region.”
Getting an exciting and meaningful start
As a fresh graduate, Mr Samuel Lee finds not only excitement in his job but also fulfilment of his love for nature and his beliefs in conservation.PHOTO: SPH MEDIA
Mr Samuel Lee, 27, had always been interested in geography, but an internship with a non-profit organisation during his studies piqued his interest in carbon, conservation and sustainability.
So, when the opportunity to continue working with Conservation International came after graduating from the National University of Singapore’s Bachelor of Environmental Studies programme, he took it without hesitation – and has never looked back since.
“I’ve always been interested in biodiversity and the field of nature conservation, so it was a no-brainer to take this job,” he says, “It gives me room to develop my professional skills, while still ensuring an ethical approach and quality in the things we do.”
Mr Lee’s job as a regional geographic information system (GIS) coordinator involves geospatial mapping and data analysis to measure the impact of nature-based carbon projects that help decision-makers plan and maximise climate benefits and carbon credits.
His work has also taken him on field trips to the Philippines and Indonesia, to support forest biomass measurements by Conservation International’s field teams. While he was there, he was able to see how Conservation International’s field programmes improved livelihoods sustainably and protected forests to reduce carbon emissions.
“This is a personal highlight for me,” he says of the field trips. “It is a privilege to be directly involved in conservation work, directly supporting conservation projects and working with the field crews. It is most meaningful to see how the projects are managed, the livelihoods they create, and the benefits they bring to people.”
Using geospatial mapping and data analytics, Mr Lee supports nature-based carbon projects across the region.PHOTO: SPH MEDIA
Many of the projects seek to reduce carbon emissions and improve sustainability without taking away farmers’ livelihoods. “We don’t drive them away from doing what they do best,” says Mr Lee. “Rather, we shape their livelihoods and show them how to use mangroves to improve their fisheries and aquaculture, for example.”
Conservation International supports conservation research, climate policy development, and conservation project implementation through partnerships on sustainability projects with the private sector, educational institutions and governments. Among other things, it uses research and science-based methods to promote nature-based approaches and creates conservation tools that support conservation projects to protect biodiversity.
The work is rewarding, says Mr Lee, for it fulfils his lifelong love for nature as well as his core beliefs in protecting the environment. He is especially motivated by how the carbon services and trading sector supports these goals by pulling in resources to protect nature without destroying community livelihoods.
“What I enjoy most is being personally involved,” he says. “I get to see the whole process through, mapping real changes in resource use and improvements in people’s lives.” Having been able to apply what he learnt in school, he sees much potential in a career in this sector, with much scope for growth.
“I have ex-classmates in this sector who are working in the government, with private donors, in fundraising – there’s a wide range of roles, from technical and finance to consultancy and advisory,” he says. “There is much room for professional development. This industry has a lot of high capacity and potential.”
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