Welcome Address at the COP29 Singapore Pavilion Launch - Ms Grace Fu

WELCOME ADDRESS BY MS GRACE FU, MINISTER FOR SUSTAINABILITY AND THE ENVIRONMENT AND MINISTER-IN-CHARGE OF TRADE RELATIONS, AT THE COP29 SINGAPORE PAVILION LAUNCH ON 12 NOVEMBER 2024

Dear friends,

Salam, and a warm welcome to our Singapore Pavilion at COP29 in Baku, Azerbaijan. This year, our theme for the Pavilion is ‘Realising Our Shared Climate Vision Together’.

2 Every year, we gather at COP to discuss how the world must collaborate to realise our collective climate ambitions. The decisions and choices we make today will shape the future for many generations to come.

3 This year, the COP29 Presidency has set a vision anchored on two key pillars – Enhancing Ambition and Enabling Action. These two pillars are essential to achieving our collective climate goals.

4 The inaugural Global Stocktake at COP28 last year gave us clear direction. While the world has made progress since Paris Agreement, our efforts thus far are insufficient to limit global temperature rise to 1.5°C.

5 The Global Stocktake has set out clear actions to keep this goal within reach.

6 It called for the world to transition away from fossil fuels, to triple the world’s renewable energy capacity and double global energy efficiency by 2030.

7 It highlighted the need to accelerate the deployment of zero- and low-emission technologies.

8 Singapore is committed to do our part despite being an energy-disadvantaged city state. In 2022, we announced our ambition to achieve net zero emissions by 2050 and to reduce emissions to around 60 million tonnes CO2e in 2030 after peaking emissions earlier, as part of our revised 2030 NDC.

9 Our climate ambition is backed by a whole-of-nation Singapore Green Plan that charts out concrete actions and targets. They include: Increasing our solar energy capacity to at least 2 gigawatt-peak (GWp) by 2030; greening at least 80% of our buildings by 2030; and raising our clean energy imports to around 6 gigawatts by 2035.

10 We have made good progress on these initiatives. These are captured in our inaugural Biennial Transparency Report (BTR) and National Inventory Report, which we have recently submitted to the United Nations.

11 The BTR, which has higher reporting standards, strengthens accountability and builds trust in global efforts to advance towards our shared climate goals. We call on all Parties to submit the BTR as required under the Paris Agreement's Enhanced Transparency Framework, before the end of 2024.

12 Second, enabling action.

13 As a financial hub, Singapore is doubling our efforts to mobilise financing to support the global climate action.

14 Last year, we launched the Financing Asia’s Transition Partnership (FAST-P) which aims to mobilise up to USD 5 billion to de-risk and finance green and transition projects in Asia. This year, I am pleased to announce that the Singapore Government will pledge up to USD 500 million as concessional capital, to match dollar-for-dollar, other concessional capital from partners. This combined pool of concessional capital will be used to crowd in commercial capital and other sources of finance to accelerate capital flows to support Asia’s green transition. More on the progress of FAST-P will be announced over the next few days.

15 Carbon Markets are another important mechanism to unlock financial flows for energy transition projects. We have lined up a series of in-depth discussions with industry practitioners, to examine how we can catalyse this mode of financing and support the implementation of Article 6.

16 In the coming days, we will bring together stakeholders to discuss these topics, and many others including Energy Transition, Cities, Youth, Food and Water, here at the Pavilion.

17 Leading experts, thought leaders will inspire us through panel discussions and showcases of bold and innovative solutions. Our youths will share their aspirations, perspectives and actions through youth-led programmes. Agreements and deals will be made at the Pavilion through MOU signings and launches by the Singapore Government, corporates and NGOs.

18 We look forward to welcoming you, either in person at this cosy space, or virtually through our Pavilion’s website.

19 We hope that our programme will inspire you to act and to partner us in one of our many endeavours. Please join us in building new friendships, partnerships, and collaborations, on climate action.

20 Thank you, once again, for supporting our COP29 Singapore Pavilion.