G-20 leadership is needed to deal with climate crisis: PM Lee, Politics News & Top Stories
ROME – Climate change and sustainability were at the center of the Group of 20 (G-20) discussions on Sunday 31 October, in which Prime Minister Lee Hsien Loong pledged Singapore to pledge to do its part on these issues.
The climate crisis remains “the existential challenge of our time” and the leadership of the G-20 is much needed at this crucial time, he said.
Mr Lee added that he was happy to learn that sustainability will continue to be a key priority under the Indonesian leadership of the consortium next year.
This year’s G-20 summit, which brings together leaders of the world’s 20 largest economies and guests, is hosted by Italy, which will hand over the rotating presidency to Indonesia next year.
The summit – which revolves around the theme of people, planet and prosperity – will end on Sunday, coinciding with the start of the United Nations Climate Change Conference, or COP26, in Glasgow, which will be attended by many leaders. also.
“It is time for COP26 to start today,” said Mr Lee.
“Whether it’s due to heat waves, rising sea levels, increased rainfall or flooding – as a small island state, Singapore is vulnerable.”
In his speech, Mr. Lee suggested three ways to avoid the climate crisis.
First, countries urgently need to harness technology that will facilitate the transition to a low-carbon future, making emissions reductions more affordable and sustainable in the long run.
Singapore is doing this by quadrupling its solar power production between 2020 and 2025, he said.
It also studies and invests in advanced low-carbon solutions, such as carbon capture, use and storage technologies, as well as the use of hydrogen.
Next, the world must step up sustainable finance.
It will become increasingly important for Asia and other emerging economies to unlock private finance, he added.
âTo that end, we need to implement a consistent set of global standards for disclosures and reports. We need to develop compatible taxonomies for green and transition activities, and improve the quality, availability and accessibility of data.
As an international financial center, Singapore is committed to supporting the development of sustainable financial capacity. It will also mobilize private capital through innovative solutions and catalyze climate-related investment strategies.
Finally, the world needs stronger international collaboration on sustainable development initiatives.
âThere are many possibilities to unlock important and mutually beneficial economic opportunities as we push for decarbonization and sustainability,â said Lee.
For example, the Republic is working on setting up regional electricity networks with its neighbors. He noted that the Lao-Thailand-Malaysia-Singapore Electricity Integration Project will facilitate cross-border electricity trade in the region.
At the international level, countries must also work together to meet the challenges of carbon credit markets, improve their environmental integrity and increase green opportunities.
They should also manage the potential cross-border fallout from carbon pricing and related measures taken by countries, he added.