Funds being set aside to help future generations tackle climate change

Protecting Singaporeans from climate impacts is a long-term endeavor, says Grace Fu

- Chin Hui Shan

Protecting Singaporeans from the impacts of climate change is a long-term endeavor, and the country is starting to put aside funds now so future generations will not have to bear all the costs, said Minister for Sustainability and the Environment Grace Fu.

"Many aspects of the Budget are about getting ourselves ready for the long term," she said, referring to Singapore's spending plan for the year ahead.

"In the area of sustainability, the coastal protection fund (top-up) of $5 billion is a very clear sign that when we have resources, when we have a surplus, we are going to put that aside so that this generation will start to pay for the future generation and not load all the costs on them," she added.

Ms Fu was speaking about how Singapore is tackling climate change on The Straits Times' current affairs podcast, The Usual Place on March 20.

Prime Minister Lawrence Wong had announced in his Budget speech on Feb 18 that another $5 billion will be injected into the Coastal and Flood Protection Fund, which was set up in 2020 to protect Singapore against rising sea levels and enhance flood resilience.

As coastal protection is a long-term effort, the use of the fund is expected to ramp up towards the end of the decade to fund the design and construction of coastal protection measures, ST reported.

Despite the current geopolitical situation not being conducive for climate initiatives, with the United States scaling back on its climate plans, Ms Fu said Singapore is pressing on with climate action.