Singapore will launch a S$63 million ($46 million) incentive scheme that will help owners retrofit their buildings to become more energy-efficient.
The Green Mark Incentive Scheme for Existing Buildings 2.0 (GMIS-EB 2.0), to be launched by the Building and Construction Authority (BCA), will provide grants that will lower the costs of renovating buildings to lessen their emissions.
The amount of funding support given will depend on the standard of energy performance that a building owner will pursue. Higher standards will be financed with higher rates.
National Development Minister Desmond Lee told Parliament on Tuesday that most of Singapore’s old buildings “lag behind” in energy performance.
The incentive will be available on the second quarter of the year and will apply to new and existing commercial, industrial, institutional and residential buildings.
In a broader push to green its properties, Singapore have set ambitious targets under its Green Building Masterplan. This includes an “80-80-80 in 2030” goal, which eyes greening 80 percent of buildings, setting high energy standards for 80 percent of new buildings, and see 80 percent overall building improvement in energy efficiency.
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