Intervention by PM Lee Hsien Loong on "Climate Change and Environment" at the G20 Rome Summit on 31 October 2021

Source: PMO

Thank you, Prime Minister Draghi.

Even in the midst of the COVID-19 pandemic, the climate crisis remains the existential challenge of our times. The latest IPCC report is sobering. It is timely that COP26 begins today. Whether from heatwaves, rising sea-levels, heavier rainfall or flooding – as a small island state, Singapore is vulnerable.

G20’s climate leadership is much needed at this crucial time and Singapore is committed to do our part.

Permit me to make three suggestions: First, we need to urgently harness technology. This will smoothen our low-carbon transitions, by making emissions reduction more affordable and sustainable in the long run. On our part, Singapore is quadrupling local solar energy production (from 2020 levels) by 2025.We are also actively studying and investing in advanced low-carbon solutions such as carbon capture, utilisation and storage technologies, and hydrogen.

Second, we need to scale up sustainable finance. It will become increasingly crucial for Asia and many other emerging economies to unlock private financing. To this end, we need to implement a consistent set of global standards for disclosures and reporting. We need to develop compatible taxonomies for green and transition activities; and improve the quality, availability, and accessibility of data. As an international financial centre, Singapore is committed to supporting the development of sustainable finance capabilities, to mobilising private capital through innovative sustainable financing solutions; and through catalysing climate-resilient investment strategies.

Third, we need stronger international collaboration on sustainability initiatives. There is much scope to unlock the large and mutually beneficial economic opportunities as we push for decarbonisation and sustainability. For example, Singapore is working to establish regional power grids with our neighbours. The Lao PDR-Thailand-Malaysia-Singapore Power Integration Project will facilitate cross-border power trade within the region. Internationally, we must also continue working together. To address challenges in carbon credit markets around the world, improve their environmental integrity and scale up green opportunities and to manage potential cross-border spillovers of carbon pricing and related measures taken by individual countries.

Singapore is happy to note that sustainability will remain a key priority of the incoming Indonesian G20 Presidency.

We look forward to the G20’s continued leadership to galvanise collective climate action. Thank you.