National Statement of Singapore at the UNFCCC COP29 Resumed High-Level Segment - Ms Grace Fu

National Statement of Singapore delivered by Ms Grace Fu, Minister for Sustainability and the Environment, at the UNFCCC COP29 Resumed High-Level Segment on 19 November 2024, Baku, Azerbaijan

Mr President,

1 The first Global Stocktake highlighted the urgency of the climate crisis, and that bold actions are needed to keep global warming within 1.5°C. Amidst increasing geopolitical tensions, UNFCCC's role in uniting the world in reaching our collective climate goals is even more vital.

2 Singapore reaffirms our commitment to working with all Parties and partners to advance global climate action. Despite being an alternative-energy disadvantaged city state, we have expanded solar power deployment by fivefold since 2019, and are improving energy efficiency across all sectors.

3 But climate change transcends borders, and cross-border collaboration are crucial. Singapore is partnering the global community to find innovative solutions. We are working with our neighbours to realise an ASEAN Power Grid, a critical enabler of our region’s energy transition. Globally, we are partnering other ports to pioneer the use of low-carbon fuels in decarbonising the shipping sector. We contribute to building knowledge and capabilities in the global community on climate mitigation and adaptation through the Singapore Cooperation Programme and climate research.

4 We are also enabling finance. For many developing countries, financing is what hinders ambition from being translated into action. The New Collective Quantified Goal (NCQG) is critical in COP29. We hope that we will deliver an ambitious, effective and fit-for-purpose NCQG outcome, respecting the principles of the Paris Agreement.

5 Singapore is fully committed to doing our part, in line with the Paris Agreement, to mobilise private capital towards supporting Asia’s transition. Last year, we launched the FAST-P, or Financing Asia’s Transition Partnership. At COP29, we pledged up to US$500 million to crowd in other concessional capital from public, private and philanthropic sources of an equal amount. This will catalyse a much larger amount of private capital, to support green and transition projects.

6 Carbon credits are another innovative source of finance. We are working with partners to develop a well-functioning and credible carbon market, including through the co-facilitation of the Paris Agreement Article 6 negotiations, and building a pipeline of high-quality, high integrity credits.

7 Mr President, Singapore reaffirms our full support for your leadership and the UNFCCC.

8 We are committed to taking action. We have submitted our first Biennial Transparency Report and will submit our 2035 Nationally Determined Contribution on time.

9 Together with our friends and partners, let us turn our climate ambitions into reality.

10 Thank you.