A new platform will consolidate sandbox efforts by various regulatory agencies to better support businesses in developing sustainable products and services to combat climate change.
Trade and Industry Minister Gan Kim Yong launched the Green Economy Regulatory Initiative (Geri) on Tuesday.
Geri is a one-stop platform that pulls together existing sandbox efforts by various regulatory agencies and aids the creation of new sandboxes in the green economy in a shorter time, said Mr Gan.
He was speaking at the Pro-Enterprise Panel-Singapore Business Federation Awards ceremony at Conrad Centennial Singapore.
Mr Gan added: “Businesses can expect quicker responses and better support from relevant agencies. They will also be able to trial innovative and potentially impactful concepts at a faster pace.”
The initiative is a government effort to provide stronger support - in the form of regulatory sandboxes - to businesses that want to trial innovative green solutions whose implementation might be constrained by regulations today, said the Ministry of Trade and Industry on Tuesday.
Businesses may submit their proposals through the one-stop platform, and promising proposals will benefit from an expedited assessment timeline. This will help businesses to trial their ideas quickly and potentially introduce new green solutions in Singapore.
This effort comes amid the increasing need to address the impact of climate change and transition to a low-carbon future, said Mr Gan.
