Singapore's global lead towards no net-carbon emissions

CLIMATE catastrophes make the urgent case for a coordinated response from governments, but global actions to cut rising carbon emissions remain thin on the ground. To get the support of advanced and developing countries alike, fears that robust climate action will hurt economic competitiveness - which are very real in these fraught times - need to be allayed.

That is why the International Monetary Fund's (IMF) proposal for setting a minimum price for carbon emissions across countries is so appealing. Yet to achieve a sharp drop in emissions, it needs to go hand-in-hand with a massive increase in green investment - in other words, a global price-and-invest approach that not only discourages polluting fuels but also encourages clean expenditures.

The stakes are very high for South-east Asia, among the most vulnerable regions to climate change and one seeing the biggest jump in greenhouse-gas emissions. Singapore contributes only around 0.1 per cent of global carbon emissions. Even so, because it has among the highest per-capita incomes in the world, a seat at the policy table, and much to gain from slowing climate change, it could be a powerful voice. Singapore has had a carbon tax since 2019, gaining experience valuable to others. The Republic also has set out a Green Plan 2030, a framework within which it could become a role model for a climate-smart economy.