UNGA High Level Thematic Debate on "Delivering Climate Action- For People, Planet & Prosperity" - Ms Grace Fu
Statement by Ms Grace Fu, Minister for Sustainability and the Environment, at the UNGA High Level Thematic Debate on “Delivering Climate Action: For People, Planet & Prosperity” on 26 October 2021
President Abdulla Shahid
1 Our climate is changing and its impact on our planet is undeniable. We need urgent action.
- The Intergovernmental Panel on Climate Change has warned that without a rapid and drastic reduction in emissions, global temperatures will exceed 2.0°C in this century.
- The consequences will be dire, especially for the most vulnerable among us, the Small Island Developing States.
- The future of our planet and the success of the 2030 Sustainable Development Agenda are at stake.
2 All countries, notably major emitters, must lead the way in closing the emissions gap.
- Singapore welcomes the new and enhanced pledges by many Parties and calls on all others to submit their enhanced NDCs and long-term strategies by COP-26.
- These pledges must be backed by concrete implementation plans to give us a realistic chance to fulfil the long-term temperature goal of the Paris Agreement.
3 COP-26 must succeed at scaling collective ambition while ensuring a fair and balanced outcome for all.
- Finalising the Paris Agreement guidelines will provide a common, rules-based framework to account for Parties' NDC achievements.
- Critically, Parties must complete negotiations on Article 6. This will strengthen confidence in carbon markets, spur innovation and reduce technology costs in greening our industries and businesses.
- As co-facilitator of Ministerial negotiations on Article 6, I look forward to working constructively with all Parties to advance our work in this key area.
4 At home, we are charting a climate-resilient future through the Singapore Green Plan 2030. It complements our NDC and LEDS to set out bold, concrete sectoral targets toward achieving sustainable development and our net-zero aspiration.
- By 2025, we will quadruple solar energy deployment.
- By 2040, we aim to phase out internal combustion engine vehicles.
- Due to our lack of land area and climatic conditions for large-scale deployment of renewables, Singapore is forging partnerships on low-carbon solutions.
- We aim to facilitate the development of renewable energy sources in Southeast Asia through developing regional power grids,
- And are harnessing finance to green Asia's energy transition.
- Our Green Finance Action Plan supports the development and mainstreaming of sustainable financing solutions and catalyses the growth of sustainable finance capabilities, including the US$1.8 billion allocation under the Green Investments Programme.
- We are building sustainable capital markets in ASEAN, through capacity-building, improving transparency and disclosures, and developing standards and a common taxonomy framework.
5 Mr President, the window for action is narrowing fast. We must work together to halt irreversible damage and build a more sustainable, resilient, low-carbon future for our future generations.
6 Singapore stands steadfast in our commitment to work with all Parties for our people, planet, and shared future.
7 Thank you.