As global, trusted finance hub, S'pore is doing its part to fill gap in S$1.7 trillion climate finance goal

Greater global collective action must be taken to achieve the climate action goals laid out in the 2015 Paris Agreement, Minister for Sustainability and the Environment (MSE) Grace Fu said at the 2025 United Nations Climate Change Conference, also known as COP30, on Nov. 17.

In particular, she warned that current financing efforts "fall far short" of what is required to achieve the Baku-to-Belem Roadmap, which aims to finance at least US$1.3 trillion (S$1.7 trillion) per year in climate action to developing countries by 2035.

COP30 is being hosted by Belém, Brazil from Nov. 10 to 21 this year.

Singapore's climate efforts

Delivering the national statement at the conference, Fu highlighted Singapore's key contributions towards filling the global climate action gap between developed and developing country parties.

In capacity building, Singapore contributes to the United Nations Framework Convention on Climate Change's (UNFCC) non-core budget in ensuring accountability in developing countries through the Enhanced Transparent Framework.

"Only when all countries have the systems and capacity to act can global climate finance deliver, and keep the goals of the Paris Agreement within reach," Fu said.

Under Singapore's blended finance initiative, known as FAST-P, the Monetary Authority of Singapore (MAS) also announced US$510 million (S$664 million) in capital to support green and sustainable infrastructure projects in Southeast Asia and South Asia.

The pooled sum comes from global and regional private, public and philanthropic institutions and will fund projects including renewable energy and storage and electric vehicles, MAS previously said.

Singapore's efforts in carbon credits

Fu further raised Singapore's efforts to strengthen carbon markets.

This includes exploring the development of energy transition credits and financing the phasing out of the use of coal in Asia, she said, as well as prioritising nature-based solutions as a mitigation and finance pathway.

Fu pointed out that government-led initiatives have also helped strengthen voluntary demand for and scale the global supply of high-integrity carbon credits.

Closing off her remarks, she reiterated that the Paris Agreement remains "as relevant as ever", but that its goals can only be fulfilled when countries commit to collaborating on achieving climate goals.

Singapore remains committed to working with all member Parties of the UNFCC in supporting these efforts, she reaffirmed.

Top image via AP News/YouTube