Written Reply to Parliamentary Question on Financing for Green Transition

Mr Gan Thiam Poh: To ask the Minister for Sustainability and the Environment what will be the impact on Singapore’s strategies for green investments and efforts to transit towards a low-carbon society given plans by the United States to withdraw from the Paris Agreement.

Answer:

 1 A global approach gives the world our best chance at addressing the challenges of climate change. As a small low-lying island state, climate change is an existential challenge for Singapore. We are firmly committed to working within a rules-based multilateral system to maintain the momentum of global climate action to ensure Singapore’s environmental sustainability and climate resilience.

2 To meet our climate goals, Singapore has developed an ambitious, forward-looking and diversified suite of measures that will reduce the carbon footprint of our economy and society. To fulfil our obligations under the Paris Agreement, we submitted our 2035 Nationally Determined Contribution (NDC) to the United Nations Framework Convention on Climate Change on 10 February 2025, where we committed to reduce emissions to between 45 and 50 million tonnes of carbon dioxide equivalent (MtCO2e) in 2035. This builds on our previous climate commitments and sets us on a trajectory towards net-zero emissions by 2050.   

3 We are also partnering the global community, including other governments, corporations, academia, International Organisations and Non-Governmental Organisations, through various bilateral and plurilateral mechanisms to develop low-carbon solutions and technologies, support the energy transition, enable green financing, create green economic opportunities, and accelerate implementation through knowledge sharing and collaboration.

 4 Notwithstanding the announcement by the United States to withdraw from the Paris Agreement, we continue to be open to engaging and partnering like-minded stakeholders to pursue our shared aspirations for a low-carbon, climate resilient society and economy.