G-20 leadership needed to manage climate crisis: PM Lee

[ROME] Climate change and sustainability were the focus of the Group of 20 (G-20) talks on Sunday (Oct 31), at which Prime Minister Lee Hsien Loong pledged that Singapore is committed to do its part on these issues.

The climate crisis remains "the existential challenge of our times" and the leadership of the G-20 is much needed at this crucial time, he said.

PM Lee added that he was happy to hear that sustainability will continue to be a key priority under Indonesia's leadership of the grouping next year.

This year's G-20 Summit, which brings together leaders of the world's 20 largest economies and invited guests, is hosted by Italy, which will hand over the rotating presidency to Indonesia next year.

The summit - which revolves around the theme of people, planet and prosperity - will draw to a close on Sunday, dovetailing with the start of the United Nations Climate Change Conference or COP26 in Glasgow which many leaders will also attend.

"It is timely that COP26 begins today," said PM Lee. "Whether from heatwaves, rising sea-levels, heavier rainfall or flooding - as a small island state, Singapore is vulnerable."

In his speech, the prime minister suggested 3 ways in which the climate crisis might be averted. First, countries need to urgently harness technology that will smooth the transition to a low-carbon future, making the reduction of emissions more affordable and sustainable in the long run.

Singapore is doing this by quadrupling its solar energy production between 2020 and 2025, he said. It is also studying and investing in advanced low-carbon solutions, such as carbon capture, utilisation and storage technologies, as well as the use of hydrogen.

Next, the world needs to scale up sustainable finance. It will become increasingly important for Asia and other emerging economies to unlock private financing, he explained.

"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 finance centre, Singapore is committed to supporting the development of sustainable finance capabilities. It will also mobilise private capital through innovative solutions, and catalyse climate-related investment strategies.

Lastly, the world needs 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," PM Lee said.

For instance, the Republic is working to set up regional power grids with its neighbours. He noted that the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project will facilitate cross-border power trade within the region.

Internationally, countries must also work together to address challenges in carbon credit markets, improve their environmental integrity and scale up green opportunities. They should also manage potential cross-border spillovers of carbon pricing and related measures taken by individual countries, he added.

THE STRAITS TIMES