Countries will also need to scale up sustainable financing in order to achieve climate goals and help hard-to-abate sectors decarbonise or switch to clean energy, he said.
Last month, the Monetary Authority of Singapore injected S$5 million into a new grant which aims to provide funding for studies on innovative blended finance solutions and mobilise capital in target sectors in Asia.
Mr Lee cited the Asia Climate Solutions Design Grant as an example of how countries can support efforts to encourage more private sector participation in sustainable infrastructure projects.
During his intervention at the summit, he also highlighted Singapore’s climate plans which include raising carbon taxes and developing a hydrogen economy.
Last month, the country raised its climate targets – ahead of this year’s UN climate summit (COP27) – pledging to reduce emissions to around 60 million tonnes of carbon dioxide equivalent (MtCO2e) in 2030 after peaking emissions earlier. In the longer term, Singapore is targeting to achieve net-zero by 2050.
However, high production costs and a lack of infrastructure remain obstacles in the usage of hydrogen in Singapore. Whether or not the country will meet its climate targets will depend on how quickly it can overcome these barriers as well as technological advances.
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2022-11-15 06:14:00Z
CBMiZ2h0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vc2luZ2Fwb3JlL3BtLWxlZS1nMjAtZm9vZC1lbmVyZ3ktc2VjdXJpdHktZ2xvYmFsLXRyYWRpbmctc3lzdGVtLTMwNzI1MTbSAQA
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