Singapore (Commonwealth Union)_ At the G20 summit, Singapore Prime Minister Lee Hsien Loong urged world leaders to improve the rules-based multilateral trade system and collaboratively speed up the net-zero goals. On the opening day of the G-20 Leaders’ Summit in Bali, Indonesia, Mr. Lee stated that this was necessary to address the world’s food and energy instability, which has been worsened by the COVID-19 pandemic and Russia’s ongoing conflict with Ukraine.
The PM said: “It is important that all countries continue to enjoy unimpeded access to energy, food and agricultural commodities, especially during crises. We look forward to working with partners to keep global supply chains free and open.” He added that Singapore is very serious about its position as a reliable hub for logistics, transportation, and energy. According to him, to accomplish climate targets and assist difficult-to-regulate industries in decarbonizing or switching to renewable energy, countries will have to increase sustainable finance.
Moreover, the Monetary Authority of Singapore invested S$5 million in a new project last month that intends to encourage studies on innovative blended financing solutions and bring capital into Asia’s target industries. PM Lee referenced the Asia Climate Solutions Design Grant as an example of how nations should contribute to initiatives to increase private sector involvement in sustainable infrastructure projects.
During his address at the conference, he also discussed Singapore’s climate ambitions, which include increasing carbon taxes and establishing a hydrogen economy. During this year’s United Nations climate summit (COP27), the country pledged to cut emissions to roughly 60 million tonnes of carbon dioxide equivalent (MtCO2e) by 2030. Further, in the long run, Singapore aims to reach net-zero emissions by 2050. PM Lee concluded his address by expressing Singapore’s eagerness to collaborate with G20 partners to enhance global food and energy security.
