S'pore contributing to global climate finance voluntarily: Grace Fu

It does not have to under treaty but is looking to aid green projects in Asia

- Shabana Begum

Singapore is not obliged to contribute resources to developing countries to help them take climate action, but will do so voluntarily, said Minister for Sustainability and the Environment Grace Fu.

In an interview ahead of the UN climate conference COP29, which is shaping up to be a "finance COP", Ms Fu said the Republic stands by the provisions of the Paris Agreement with regard to financing for developing countries.

The multilateral treaty clearly states that developed countries have the obligation to contribute to the climate finance pot, she said.

But as Singapore is classified as a developing country in international negotiations, it is not required by the Paris Agreement to provide financial resources to the least developed and developing nations.

Parties like Singapore are encouraged to voluntarily contribute to global climate finance, which it has been doing in a few ways, said Ms Fu.

She pointed to a blended finance initiative Singapore launched in 2023 to raise up to US$5 billion (S$6.6 billion) to address the financing gap in green projects in Asia, such as the early phase-out of coal power plants and the upgrading of electricity grid infrastructure.

Blended finance refers to using public and philanthropic funding support to make it easier for private funding to come on board.

The platform, Financing Asia's Transition Partnership, involves the Monetary Authority of Singapore, multilateral development banks and philanthropic organisations, among others.

With less than a fortnight to go before the annual UN climate summit begins on Nov 11 in Azerbaijan, Ms Fu outlined Singapore's position on a major global climate finance goal to be brokered at COP29.