Nation Takes Long-Term View of Sustainability, Remains Committed: DPM Gan

The path ahead for climate action is more uncertain today than a decade ago, but Singapore continues to take a long-term view of sustainability and remains committed to climate action, said Deputy Prime Minister Gan Kim Yong.

- Sue-Ann Tan

In the Monetary Authority of Singapore's (MAS) sustainability report out on July 9, DPM Gan, who is also MAS chairman and Minister for Trade and Industry, said geopolitical shifts and heightened trade and economic uncertainty are significant challenges to climate action.

He also noted that some financial institutions have withdrawn from global net-zero alliances, and some supporters of climate action reassessed their commitments.

But Singapore remains committed, he said, with its goal to hit net-zero emissions by 2050 and develop a competitive, low-carbon economy.

"As a leading sustainable finance centre, MAS and Singapore remain committed to supporting the region's transition to a more sustainable future," he said.

Mr Gan noted that the stakes are high, as climate inaction could lead to a 17 per cent drop in gross domestic product in the Asia-Pacific by 2070 if high emissions persist.

"A further delay in action may increase the vulnerability of countries and companies to climate shocks when they materialise and necessitate sharper and more disruptive transitions eventually. Taking action early will better enable us to adjust to and thrive in a climate-impacted global economy," he said.

Transition in Asia also presents economic opportunities, Mr Gan added, with an estimate that renewable energy-related manufacturing in South-east Asia could create up to six million jobs by 2050 and generate up to US$100 billion (S$128.1 billion) in annual revenue by 2030.

"As an organisation, we continue to demonstrate leadership through reducing our corporate carbon emissions and managing a climate-resilient portfolio," he said.