SINGAPORE, May 2 (Xinhua) -- The Singaporean Finance Minister Heng Swee Keat shared here Wednesday his thoughts on three ways for maintaining sustainability in the city-state.

Addressing the 5th Singapore Sustainability Symposium, Heng pointed out that given land and resource constraints, sustainability is not a matter of choice for Singapore, but a matter of survival.

The finance minister pointed out three ways in which Singapore can contribute to sustainable development: research and innovation, green financing as well as encouraging a community which fosters green business models.

In the meantime, Singapore as the rotating of Association of Southeast Asian Nations (ASEAN) this year, would join hands with other ASEAN member countries in renewed commitment to global climate action.

"Sustainable practices need not necessarily equate to higher overhead costs. Studies have shown that sound sustainability standards lower a company's cost of capital, resulting in better operational performance," said Heng.

This year's symposium, organized by the Nanyang Technological University of Singapore, focused on how countries can use incentives to encourage sustainable, eco-friendly practices against climate changes.