You are here
Budget 2020: Initial S$5b injection for new fund to guard against rising sea levels
THE Singapore government will set up a Coastal and Flood Protection Fund with an initial injection of S$5 billion, Deputy Prime Minister and Finance Minister Heng Swee Keat announced in his Budget speech on Tuesday.
The fund, which will help protect Singapore against rising sea levels, will be topped up subsequently “whenever our fiscal situation allows”, he added.
"We must have the resolve to deal head-on with the existential threat of rising sea levels. Just as our pioneers planted the trees for us to enjoy, we must protect our island for future generations to come," said Mr Heng.
The announcement comes after Prime Minister Lee Hsien Loong said at the National Day Rally last August that climate change adaptation might cost S$100 billion or more over 100 years. Mr Heng said on Tuesday: “This is a major fiscal outlay in the coming years, so it is right and prudent that we set aside resources for this.”
For more Budget 2020 stories, visit bt.sg/budget20.