Singapore minister calls for decisive action in fighting climate crisis

A global assessment of the situation has clearly shown the urgency of decisive action to combat the climate crisis and the need to keep global warming within 1.5 degrees Celsius, Singapore's Minister for Sustainability and the Environment Grace Fu said at a high-level meeting during COP29.

According to Report, the minister noted that despite limited resources, Singapore has achieved significant success in climate action. "We have increased the number of solar power plants fivefold since 2019 and continue to improve energy efficiency across all economic sectors. Singapore is also actively participating in regional and international initiatives. We are working with our neighbors to create an ASEAN power grid, which will be a key element in the region's energy transition. Additionally, we are collaborating with global ports to decarbonize the shipping sector," the minister said.

Grace Fu emphasized the importance of climate financing for moving from ambitions to actions.

"We have committed to allocating up to $500 million to attract concessional capital that will support green and transition projects. Furthermore, Singapore is actively working on developing carbon markets. We are creating reliable mechanisms for carbon credit trading and strive for strict compliance with the Paris Agreement principles," the minister emphasized.