Factsheet on Singapore's participation at COP28

FACTSHEET ON SINGAPORE’S PARTICIPATION AT COP28

COP28 is a significant milestone for global climate action. Singapore has actively contributed to a positive outcome for the UNFCCC and COP28, particularly in the Mitigation and Global Stocktake tracks.

Mitigation

At the request of UAE COP28 President Sultan Al Jaber, Minister Grace Fu co-facilitated ministerial consultations on mitigation with Norwegian Foreign Minister Espen Barth Eide. This supported the efforts of the COP28 President in reaching consensus on some key actions that aim to raise global climate ambition and accelerate the energy transition in this critical decade. This included a call on Parties to:

• Transition away from fossil fuels in energy systems in a just, orderly and equitable manner;
• Triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030;
• Accelerate efforts towards the phase-down of unabated coal power.

This agreement is significant as it builds on the decisions at past COPs and includes for the first time a reference to fossil fuels in decision text. Amid other pressing global challenges, the agreed actions reaffirm our collective resolve to strengthen the multilateral framework of cooperation on climate change and accelerate the energy transition to keep 1.5oC within reach. They will serve as an important signal for the private sector, which we hope will lead to a virtuous cycle of greater investments and lower costs in the clean energy sector, which is necessary for the clean energy transition.

Global Stocktake

Singapore also played a key role in facilitating the conclusion of the first Global Stocktake (GST), which reviewed the collective progress towards the achievement of the goals of the Paris Agreement. Our Chief Negotiator for Climate Change Mr Joseph Teo co-chaired the joint contact group for the Global Stocktake, which helped to tee-up substantive outcomes under GST that were successfully adopted as a key outcome at COP28. The GST decision will guide Parties’ collective actions to achieve low-GHG emission and climate-resilient development. It will also inform the preparation of the next round of Nationally Determined Contributions by Parties due in 2025.

Singapore has announced various new initiatives to support and accelerate a green transition in Singapore, our region, and beyond, including:

• The FAST-P (Financing Asia’s Transition Partnership) blended finance initiative aims to catalyse up to US$5bn from concessional and commercial capital providers globally. It will help finance and de-risk activities that are green or transitioning towards green, and help scale up blended finance capabilities and other similar financing schemes in Asia.
• The Singapore-Asia Taxonomy to define transition activities across various focus sectors. This will help to minimise greenwashing, while allowing financing to flow to climate-friendly transition activities.
• The Transition Credits Coalition (TRACTION) to help ecosystem players identify barriers and potential solutions to develop transition credits as viable market solutions and accelerate the early retirement of coal-fired power plants.

Minister Grace Fu announced that Singapore will not be claiming from the Loss and Damage Fund and is committed to doing our part to support fellow developing countries in ways we can make a meaningful contribution, such as by sharing best practices in climate adaptation and resilience under the Sustainability Action Package under the Singapore Cooperation Programme (SCP). Under the SCP, close to 150,000 officials from over 180 countries, territories and intergovernmental organisations have participated in our capacity-building courses.

Singapore has also entered into an Implementation Agreement with Papua New Guinea and various other agreements on carbon credits collaboration with partner nations, in line with Article 6 of the Paris Agreement:

Singapore also organised the COP28 Singapore Pavilion, showcasing Singapore’s climate solutions, innovations and partnerships to accelerate collective climate Action. The Pavilion is a partnership with around 100 entities, including corporates, academia, international organisations and non-governmental organisations.

This year saw more than 6,000 unique, in-person visitors attending over 70 sessions, panels and events held at the Pavilion. 11 new announcements by Pavilion Partner Entities were also announced over the duration of the event.

Singapore sent our first official youth delegation to COP28, with youth delegates identified from the Climate Youth Development Programme. The Climate Youth Development Programme is an initiative co-led by the Ministry of Sustainability and the Environment (MSE), the National Climate Change Secretariat (NCCS), and the National Youth Council (NYC) to strengthen partnership with the youth community in advancing climate action and sustainable development.