EM – The need for stronger international cooperation amid the climate crisis, Prime Minister Lee says at the G20 summit

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Singapore

Singapore

Prime Minister Lee Hsien Loong will attend the opening plenary session of the G20 summit in Rome on Saturday (October 31st). (Photo: Ministry of Communication and Information)

SINGAPORE: There is a need for stronger international cooperation and the expansion of sustainable finances amid the climate crisis, said Singapore Prime Minister Lee Hsien Loong on Sunday (October 31) at the group’s summit 20 (G20).

At the “Climate Change and Environment” meeting on the second day of the summit in Rome, Lee said that the climate crisis remains the “existential challenge of our time” even amid the COVID-19 pandemic.

“It is time for COP26 to start today. Whether it’s heat waves, rising sea levels, heavy rainfall or flooding – Singapore is vulnerable as a small island nation, “he said.

The United Nations annual climate conference, known this year as COP26, begins on Sunday evening in Glasgow, Scotland.

Singapore, for example, is working on building regional power grids with its neighbors in the form of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, he said.

“There is a lot of scope for the large and mutually beneficial Unlock economic opportunities while pushing for decarbonization and sustainability, “he said.

” We must continue to work together internationally. To address challenges in emission allowance markets around the world, improve their environmental integrity and expand green opportunities, and address potential cross-border carbon pricing spillovers and related actions by individual countries, “he added.

” For Asia and many other emerging economies, it is becoming increasingly important to free up private funding. To do this, we need to implement uniform global standards for disclosure and reporting, “he said.

” We need to develop compatible taxonomies for green and transition activities; and the quality, To improve the availability and accessibility of data. ”

And, as an international financial center, Singapore is committed to supporting the development of sustainable financial capacity and mobilizing private capital through innovative sustainable finance solutions, and by“ catalyzing ”climate resilient investment strategies, explained er.

“This will facilitate our low-carbon transitions by making emission reductions more affordable and sustainable in the long run,” he said.

“For our part, Singapore will quadruple local solar energy production (from 2020 levels) by 2025. We are also actively investigating and investing in advanced low-carbon solutions such as carbon capture, capture, use and storage technologies, and hydrogen. ”He also pointed out that G20 climate leadership is urgently needed at this crucial time, and Singapore itself committed to doing its part.

In his speech at the third session of the summit, which was later in the day on sustainable development, Mr. Lee also addressed the need to “mobilize collective action” in order to “ Achieving balanced and integrated “sustainable development for all.

This includes economic development, environmental protection and social inclusion, which are the three seasons The pillars of the 2030 Agenda for Sustainable Development should also be emphasized.

The 2030 Agenda was adopted in 2015 by all member states of the United Nations (UN). According to the United Nations, it offers a common approach to peace and prosperity for people and the planet, now and in the future. The focus is on 17 Sustainable Development Goals (SDGs).

“Second, we have to close the digital gap. The pandemic has underscored the importance of digitization, but also widened the gap between digital “obsessed” and “obsessed” He added.

Even before the pandemic, progress on most of the SDGs Lee noted was too slow. And the pandemic has set things back further, he added. “We look forward to the G20’s active role in stimulating global action and realizing synergies between G20 priorities and the 2030 Agenda,” added Lee.

Mr. Lee is on a working visit to Rome from October 28th to November 1st to attend the summit at the invitation of Italian Prime Minister Mario Draghi.

He is attending G20 talks and bilateral meetings with Staats – and heads of government of other countries take part in the margins of the summit.

Singapore is not a G20 member, but an invited host country from Italy, which is holding the G20 presidency this year.

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