Oral Reply to Parliamentary Question on Loss and Damage Fund by Ms Grace Fu, Minister for Sustainability and the Environment
Mr Leon Perera: To ask the Minister for Sustainability and the Environment (a) whether Singapore will be contributing to the Loss and Damage Fund set up in COP27; (b) if yes, what is the quantum of Singapore’s contributions and how is the quantum arrived at; and (c) if not, what are the reasons behind the decision.
1 Singapore, as part of the Alliance of Small Island States, along with other developing countries, has long called for the establishment of a Loss and Damage fund. According to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) Working Group II, climate change is already causing widespread loss and damage. Close to half of the world’s population live in contexts that are highly vulnerable to climate change. Of note, small island states like Singapore are disproportionately affected by sea level rise, and are at risk of submergence by century’s end, if nothing is done to prevent it. Such scenarios present an urgent need to channel financial resources towards building adaptive capacity and addressing loss and damage. We were therefore pleased that developed countries agreed to support this call at COP-27 last year.
2 A Transitional Committee has been tasked to make recommendations by COP-28 on the details of the fund, taking into consideration the views of all stakeholders. Singapore will engage constructively with the Transitional Committee.
3 A key guiding principle is that countries that have caused and are most responsible for climate change must take the lead in supporting vulnerable communities to avert, minimize and address climate-related loss and damage. The Paris Agreement, which was ratified by more than 190 countries, including Singapore, also reaffirms this obligation of developed countries to mobilise climate finance for developing countries.