Gen Zs: Can you save for retirement while saving the environment?

As Singaporeans, travelling is in our DNA. Whether it’s a short trip to Lazarus Island or travelling outside the country, we need to take sustainability seriously.

Around 2.4% of global CO2 emissions come from air travelling¹. As greenhouse gases trap more energy from the sun, the oceans are absorbing more heat, resulting in an increase in sea surface temperatures and rising sea levels. What this means for Singapore is that our country is likely to experience a sea-level rise of approximately 0.2 meters by 2050². And if we don’t do something about it, Singapore’s coastlines might see an increase of sea level by 1 metre, or between 4m-5m by 2100, should there be coastal surges and extreme high tides³.

What we can do as responsible travellers:
Going green doesn’t mean you need to break the bank! Smart sustainable travel can surprisingly bring financial benefits. Instead of jetting off on a plane, embrace staycations and day trips closer to home. Not only will you save the environment, but your wallet will thank you too!

Sources:

1. https://www.bbc.com/future/article/20200218-climate-change-how-to-cut-your-carbon-emissions-when-flying
2. https://climatecafes.org/will-singapore-go-underwater
3. https://www.straitstimes.com/multimedia/graphics/2022/01/singapore-protect-sea-levels-rise

Keeping up with fashion trends may land you in crippling credit card debt. If you’re planning to buy a house or car, the bank would need to check your credit score for loan eligibility. By having a good credit score, you’ll pay less in interest for your housing or car loan. On the flip side, having a bad credit score would result in paying more in interest; not to mention possibly getting your loan application rejected.

Fast fashion addiction can also hurt the environment. The high volume and manufacturing speed of your trendy wear can pollute rivers and streams as well as further add to landfill waste by 60 percent in 2030¹. Believe it or not, clothes are pretty hard to recycle.

What we can do as consumers:
Thankfully, the thrifting culture in Singapore remains eminent. Visit second-hand and swap stores to find your favourite pre-loved Y2K essentials — sustainable and affordable!

Source:

1. https://www.thelovepost.global/protection/articles/fast-fashion-loose-ethics-human-and-environmental-cost-cheap-clothing-and-what

Food has always played an integral role in our culture and heritage. As Singaporeans, we love our food to the extent of indulging excessively. Buffets, hawker delights, viral food trends - you name it. As a result, our country generated around 744 million kg of food waste in 2019¹. That is equivalent to 2 bowls of rice per person per day, or around 51,000 double-decker buses!

When food is wasted, it increases our carbon footprint which contributes to global warming and climate change. If we don’t tackle this issue and other environmental hazards, global warming will hit 1.5°C by 2040².

What we can do as consumers:
The Singapore Green Plan 2030 aims to enhance food resilience by building the capability and capacity of our agri-food industry to produce 30% of our country’s nutritional needs locally and sustainably³.

In other words, buy local ingredients and plan your home-cooked meals. Some of the ingredients used in restaurants are sourced outside of Singapore. Take avocados, for example. The amount of water needed to grow and transport them into the country increases carbon footprint despite the low production footprint.

Sources:

1. https://www.towardszerowaste.gov.sg/foodwaste/#:~:text=Food%20waste%20is%20one%20of,around%2051%2C000%20double%20decker%20buses.
2. https://www.business-humanrights.org/en/latest-news/global-ipcc-report-warns-warming-will-hit-15c-by-2040/
3. https://www.greenplan.gov.sg/targets/

If you’re travelling internationally or domestically:

1. Opt for an economy seat. Did you know that a first-class ticket on a long-haul flight emits 4 times as much as an economy seat on average¹? More expensive seats take up more space and weight on the plane. Save the environment and your money by choosing an economy-class air ticket.
2. Reduce your luggage. By bringing less during your travels, it can reduce the fuel burn which minimises carbon emissions.
3. Select direct flights without layovers. Going through hubs adds a major amount of emissions to your flight.

If you're travelling to any neighbouring countries:

1. Take a public ferry. Take a local ferry trip to the nearby islands, such as St John's Island, Lazarus Island and Kusu Island. Planning local trips are more affordable, and ferries do release far less CO2 emissions than airplanes.
2. Consider taking a coach when travelling within the country or to Malaysia. It produces lower carbon emissions compared to flying and driving alone.

If you’re going out daily:

1. Share a car ride. Driving alone in a medium-sized petrol car produces about 192g of CO2 for every kilometre you travel, but it is less carbon intensive if you can give someone else a lift¹.
2. Take public transportation or walk to your favourite haunts. You don't have to travel far to have a relaxing getaway. Buses and MRTs can take you to your destination while reducing harm to the environment

Sources:

1. https://www.bbc.com/future/article/20200218-climate-change-how-to-cut-your-carbon-emissions-when-flying