The Singapore government will amend its regulations to make it necessary for existing buildings to adopt minimum standards set under its Green Mark scheme.

The scheme will start on a pilot basis on Oct. 1, local daily Today reported on Thursday.

Singapore has set a goal of greening 80 percent of its buildings by 2030. Minister of State for National Development Tan Chuan-Jin said that existing buildings make up more than 95 percent of the total stock in the country and that Singapore can reduce its carbon footprint by making old buildings more energy efficient.

It rolled out an award to encourage more energy efficient office buildings in 2005 and then expanding it to cover more buildings.

Tan said the move would make Singapore one of the first countries in the world to mandate minimum energy efficiency standards for existing buildings.

"While the upfront retrofitting cost to meet the minimum standards may be higher, the energy savings after the retrofit will eventually pay for this retrofitting cost," he said.

In the initial phase, the scheme will cover some 1,000 buildings like hotels, retail and office buildings with a gross floor area exceeding a minimum area, which is still being determined.

Building owners will be required to replace their cooling systems with more energy efficient ones to comply with Green Mark standards. Only 12 percent of buildings here meet the minimum environmental sustainability standard currently.

They will also be required to conduct three-yearly audits on their cooling systems, and utility companies will be required to submit energy consumption figures to related authority.

The Standard Chartered Bank and United Overseas Bank have confirmed their participation in this pilot scheme. The Building and Construction Authority and the participating financial institutions will share the risk of any loan default.

A green building conference and exhibition is currently being held in Singapore, with exemplary buildings that can save as much energy as taking thousands of cars off the road featured at the show.