Climate change is longer-term threat to food and energy security: PM Lee
Singapore systematically working towards goal of reaching net-zero by 2050, he tells world leaders in Bali
Lee U-Wen
[NUSA DUA, BALI] COUNTRIES around the world must collectively accelerate their net-zero ambitions, with climate change being the longer-term threat to food and energy security, said Prime Minister Lee Hsien Loong on Tuesday (Nov 15).
Addressing world leaders at the start of the G20 Summit in Bali, he shared that Singapore is systematically working towards reaching its target of net zero by 2050.
“We are raising carbon taxes significantly. We will implement a National Hydrogen Strategy to green our power sector,” he told his audience at the Apurva Kempinski hotel, including US President Joe Biden, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi.
“We are working with regional partners to develop the Asean Power Grid, to enhance regional energy interconnectivity and security while supporting decarbonisation efforts,” said PM Lee at the closed-door session.
In his remarks, he said recurring waves of Covid-19 around the world and Russia’s ongoing war against Ukraine have exacerbated global food and energy insecurity.
He stressed the need to strengthen the rules-based multilateral trading system, which is important to ensure all countries continue to enjoy “unimpeded access” to energy, food and agricultural commodities, especially during crises.
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“Singapore takes our role as a trusted hub for logistics, transportation and energy very seriously. We look forward to working with partners to keep global supply chains free and open,” he added.
PM Lee also spoke of the need to scale up sustainable financing, with countries needing more “transition finance” to help hard-to-abate sectors decarbonise or switch to green energy.
He cited the example of the Asian Development Bank’s energy transition mechanism that helps to facilitate the early retirement of coal-powered plants.
The ability to mobilise private capital is also crucial, said PM Lee. He shared how the Monetary Authority of Singapore is injecting seed capital into a new Asia Climate Solutions Design Grant.
This S$5 million fund, launched in October, will be used to provide funding for studies on innovative blended finance solutions and mobilise capital in target sectors within Asia.
“It is just one example of how we can encourage private sector participation in sustainable infrastructure projects,” said PM Lee.
On the sidelines of the summit on Tuesday, PM Lee met separately with the leaders of Spain and the Netherlands, as well as with World Trade Organization (WTO) director-general Ngozi Okonjo-Iweala.
PM Lee wrote on his Facebook page that he had a fruitful discussion with Spanish Prime Minister Pedro Sanchez on deepening collaboration on artificial intelligence, innovation, digitalisation, and on developing sustainable and liveable cities. He added that Spanish companies are welcome to use Singapore as their gateway to the region.
As for the meeting with Dutch Prime Minister Mark Rutte, the two leaders had a good exchange on global developments, including the war in Ukraine, Sino-US relations, and their implications for the region.
After his meeting with the WTO chief, PM Lee said that Singapore has been an active member of the WTO since 1995, and is a strong supporter of an open and rules-based multilateral trading system as embodied by the organisation.
“In times of crisis, such as the Covid-19 pandemic, this is especially important so that the supply chains do not get disrupted, and the peoples of all countries can continue to have access to commodities,” he said.
The G20 Summit continues on Wednesday, with a joint statement expected to be endorsed by the leaders at the end of their discussions.
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