One Belt, One Road: China Construction Bank to invest S$30bn in Singapore
New funds will be made available to support Chinese and Singaporean companies as part of China’s One Belt, One Road infrastructure project. China Construction Bank (CCB) and International Enterprise (IE) Singapore have signed a Memorandum of Understanding committing to the project.
The idea of the scheme is to better connect China with commerce from Africa, Asia, and Europe, much like the ancient silk roads used to do.
Under the MOU, which is the first signed by CCB with a Southeast Asian country, S$30 billion of financial services will be provided to support local and Chinese companies in investing in One Belt, One Road projects through Singapore. The bank has 176 major projects in One Belt, One Road countries, with a cumulative investment size of more than S$405 billion covering sectors such as mining, transportation, and power generation.
As Lee Ark Boon, CEO of IE Singapore, told Channel News Asia, the partnership between CCB and IE Singapore is “strategic, strengthening the critical financing element and bringing more projects to fruition”.
Speaking at the One Belt, One Road Infrastructure and Capital Market Financial Services Forum, Chun Sung, Minister within the Prime Minister's Office, claimed that outward investments from China are surpassing foreign direct investments into China, and thus that with the levels of infrastructure required in Southeast Asia, there is “tremendous potential” to channel part of the outward direct investment into the region.
International Code Council focuses on energy efficiency
The International Code Council has released a new framework to assist governments and building industry stakeholders in meeting energy efficiency and greenhouse gas reduction goals.
The Code Council Board of Directors, which consists of 18 government code officials who were elected by their peers, adopted the framework, Leading the Way to Energy Efficiency: A Path Forward on Energy and Sustainability to Confront a Changing Climate.
This framework includes using the Code Council’s American National Standards Institute (ANSI) approved standards process to update the International Energy Conservation Code (IECC).
Future editions of the IECC will build on prior successes including an increase of efficiency requirements by about 40%, or an average of 8% a cycle from 2006 to 2021, allowing the IECC to remain a strong avenue for communities to reach their energy efficiency and sustainability goals globally.
With the base 2021 IECC efficiency requirements just 10% away from net zero for residential buildings, under the new framework future editions of the IECC will increase base efficiency using a balancing test proposed in bipartisan legislation that has cleared the US House and Senate and has been supported by energy efficiency advocates and the building industry.
The IECC will be developed under a revised scope and be part of a portfolio of greenhouse gas reduction solutions that could address electric vehicles, electrification and decarbonization, integration of renewable energy and energy storage, existing buildings performance standards and more.
The Code Council’s new framework will also provide optional requirements aimed at achieving net zero energy buildings presently and by 2030. Using a tiered approach, the framework offers adopting jurisdictions a menu of options, from a set of minimum requirements to pathways to net zero energy and additional greenhouse gas reduction policies.
The Code Council has also announced the establishment of an Energy and Carbon Advisory Council which will consist of governmental and industry leaders to inform the Code Council’s efforts.
The Energy and Carbon Advisory Council will advise on which additional greenhouse gas reduction policies the IECC should integrate, the pace that the IECC’s baseline efficiency requirements should advance, plus needs and gaps that the Code Council should work to address. The Code Council will begin outreach to fill the Energy and Carbon Advisory Council in March.
Focus on climate and energy efficiency globally
The Use of Climate Data and Assessment of Extreme Weather Event Risks in Building Codes Around the World was published last month.
Climate data is frequently only updated on a 10-year cycle on average, so as weather becomes more severe from year to year, the underlying data simply does not accurately reflect the risk to the building of these extreme weather-related events. International Codes are updated on a three-year cycle.
Climate change, coupled with net zero emission targets, is focusing minds to act faster.
From the end of this year, all new buildings in Singapore will face higher minimum energy performance requirements, according to the Building and Construction Authority (BCA). It will raise the minimum energy performance requirements for new buildings and existing buildings that undergo major retrofit, to be 50% and 40% more energy efficient respectively, compared with 2005 levels. The city state aims to 'green' 80% of buildings by 2030.
The Net Zero Home standard developed by CCG (Scotland) is intended to deliver a standard of specification that reduces greenhouse gas emissions arising from regulated operational energy use to a rate less than or equal to 0kg C02/m2/year.
A new construction products national regulator is imminent in the UK, in a bid to bolster standards following the Grenfell inquiry.