Talent Crunch May Dampen S'pore's Growing Carbon Services Sector

Singapore's carbon services sector is gaining traction with new initiatives and research projects, but a shortage of talent could hinder the growth of the new sector in the long run.

- Shabana Begum

The Republic is home to more than 150 firms in the carbon services sector—double the number from 2021, when the sector was identified as an engine of economic growth.

The ecosystem includes local and global players such as sustainability advisers, carbon project developers, carbon credit traders and firms that conduct greenhouse gas emissions monitoring, reporting and verification for companies.

"Despite the uncertain global outlook, the ongoing and urgent need to mitigate climate change will continue to drive growth opportunities in sustainability and the green economy," the Economic Development Board and Enterprise Singapore told The Straits Times in a joint statement.

"Many Asean countries have also announced net-zero ambitions and will need the help of carbon services firms to chart their decarbonisation pathways," they said.

Initiatives to boost the talent pipeline for this relatively new sector were recently rolled out, but experts say those looking to gain a foothold in this sector can also look to applying their existing skill sets.

At the recent Ecosperity sustainability conference, the National University of Singapore announced that it will invest $10 million in a campus-wide initiative that will push for research and education on sustainability.

Under this initiative is the NUS Sustainability Academy, which will offer a new professional certificate in carbon services and trading.

On May 5, SkillsFuture Singapore also released a national framework, outlining the career opportunities and skills needed in the carbon services sector.

During a panel discussion on May 5, Mr Tommy Ricketts, chief executive of carbon ratings agency BeZero Carbon, said it is rare to hire someone "off the shelf" with all the know-how in carbon markets—environmental science, finance and policy.