Singapore will not claim from climate loss and damage fund despite facing rising sea levels: Grace Fu
DUBAI — Singapore will not claim from the breakthrough loss and damage fund that nations have adopted at the COP28 climate summit in Dubai, nor is it likely to contribute to it, Ms Grace Fu said.
DUBAI — Singapore will not claim from the breakthrough loss and damage fund that nations have adopted at the COP28 climate summit in Dubai, nor is it likely to contribute to it, Ms Grace Fu said.
Instead, the island state sees itself more as a galvaniser of financing, the Minister for Sustainability and the Environment told reporters on Monday (Dec 11), the second last day of the United Nations climate conference.
The loss and damage fund draws from wealthier nations to help countries most vulnerable to climate change cope with its effects.
It was first agreed upon at the COP27 summit in Sharm el-Sheikh, Egypt last year and was launched on the first day of this year’s talks.
More than US$400 million was initially pledged, with 225 million euros (US$246 million) from the European Union, US$100 million from the United Arab Emirates, US$40 million from Britain, US$17.5 million from the United States and US$10 million from Japan.
The fund will be housed at the World Bank on an interim basis.
‘NO INTENTION TO ACCESS THIS FINANCE’
Climate finance is a perennial sticking point, with wealthy nations most responsible for emissions not delivering on promises to support vulnerable states, who are worst affected but least responsible for global warming. The topic of the loss and damage fund has been dominating discussions at the conference in Dubai. Despite its launch on day one, questions remain over who would receive the assistance, when it would be delivered and in what form, as well as how the funds would be replenished over a proposed four-year cycle. "Singapore does not have the intention to access this finance. We will not be claiming from this fund, despite the fact that we have to invest very significantly into coastal protection,” said Ms Fu. Singapore, like other countries, is feeling the impacts of climate change, facing hotter weather and rising sea levels. Last month, it announced a plan to reclaim around 800ha of land – the size of over 1,000 football fields – on its east coast, as part of coastal protection measures. As to whether Singapore will instead contribute to the loss and damage fund, Ms Fu said the country sees its role more as one that galvanises financing for nations at risk. "There are countries that have sounded out their willingness to contribute to the fund. We very much welcome that, from the perspective of helping our fellow island states,” she said. “But there are countries also that have (other) resources, such as in Singapore, I think our resources will be really in activating finance, activating technology, and bringing solutions to cities. So each one of us, if we are able to find our own way to contribute to climate action, I think that's to be welcomed."PHASE DOWN OR PHASE OUT?
Ms Fu also addressed a major flashpoint in the COP28 climate talks, where the choice of language over whether to “phase down” or “phase out” fossil fuels remains under furious debate. “We will have to work through the languages to find possible landing zones. We are trying to now find languages that can actually meet the needs of most parties, and this is a very democratic process,” she said. At the conference, Ms Fu is also a co-facilitator in negotiations over climate mitigation, along with her Norwegian counterpart Minister of Climate and the Environment Espen Barth-Eide. While she remained vague on details, Ms Fu said the discussion to get everyone on the same page about how to speed up the world's race to net zero, is now at a crucial point. "We have been trying to find solutions that can meet the common requirements of parties, and try to find as large a common space as possible,” she said. “We still have significant work to do, although I would say that we're now closer to identifying the few core remaining issues." Singapore has also been actively paving the way for more collaboration with other countries on carbon credits. Carbon credits are generated through activities that aim to reduce, remove or avoid carbon emissions, such as restoring forests or investing in renewable energy. It has entered into deals with countries like Costa Rica, Papua New Guinea, Senegal and Rwanda, to generate and buy credits from green projects. These agreements are part of Singapore's efforts to meet its own net zero goals, while supporting other countries in their own pursuits and also display its potential as a global carbon hub.CNAFor more reports like this, visit cna.asia.
Source: CNA
