Singapore wants to become the green financial center of the region

Singapore plans to increase investment in building a new green economy, Finance Minister Lawrence Wong said.

Over the years, Singapore has struggled to cope with sea level rise and environmental damage.

Within the framework of the Global Summit on Development hosted by CNBC, Finance Minister Lawrence Wong assessed, The climate change emergency is posing threats, but also creating new opportunities for sustainable development.

“We are investing in renewable energy. We are investing in decarbonizing technologies such as hydrogen and carbon storage solutions. And we are also looking at building Singapore into a regional hub. when it comes to green finance,” said Minister Wong.

Over the years, Singapore has struggled to cope with sea level rise and other environmental damage. Most of Singapore’s territory is no more than 15 m above mean sea level, of which about 30% of the area is 5 m below mean sea level. Rising sea levels caused by climate change can all pose an immediate threat to this “lion island nation”.

Regarding the criteria applied in green investment, Minister Wong said Singapore is looking at a range of different contents. “We can look at a number of criteria such as carbon density, energy efficiency, and a range of metrics that help us ensure that the investments we are making are the right investments. really green,” added Mr Wong.

Singapore state-owned investment group Temasek this year joined BlackRock Asset Management to commit $600 million to invest in businesses aimed at reducing carbon emissions.

Last month, Asia’s largest bank DBS Group joined with Standard Chartered, Temasek, and stock market operator Singapore Exchange to set up a new global carbon credit exchange based in Singapore.

Governments and private companies have set ambitious carbon-reduction targets to avert a climate catastrophe as sea levels and global temperatures rise. In the Paris Agreement on climate change, countries pledged to work “to limit global warming to below 2 degrees Celsius and preferably 1.5 degrees Celsius, above pre-industrial levels.” “.