(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 19. Singapore is
ready to allocate up to $500 million for climate projects under the
FAST-P (Financing Asia's Transition Partnership) program,
Singapore's Minister for Sustainability and the Environment Grace
Fu said in her national address at the COP29 in Baku, Trend reports.
"These funds will be used to attract additional concessional
capital from public, private, and philanthropic sources, which will
serve as a critical catalyst to increase private investments in
green and transition projects," she said.
Despite the challenges in the alternative energy field,
Singapore has increased its solar energy capacity fivefold since
2019. The country is actively working to enhance energy efficiency
across all sectors, including industry and transport.
The minister also emphasized that climate change knows no
borders, and cross-border cooperation is essential to achieving
global goals.
"We are actively collaborating with our neighbors to create an
ASEAN power grid, which plays a key role in the energy transition
in our region," she noted.
On the global stage, Singapore is working with ports worldwide
to implement low-carbon fuels in the shipping industry as part of
decarbonization efforts. The country is also contributing to
climate adaptation and mitigation knowledge and capacity through
the Singapore Cooperation Programme and climate research
initiatives.
"We are also working with partners to create an effective carbon
market, which includes facilitating negotiations under Article 6 of
the Paris Agreement and fostering the flow of high-quality carbon
credits," Fu added.
To note, the 29th session of the Conference of the Parties to
the UN Framework Convention on Climate Change (COP29), which will
run until November 22, opened at the Baku Olympic Stadium on
November 11. It is the largest event organized by Azerbaijan to
date, and the first time in the region that it is being held in
Azerbaijan.
Within COP29, the highest level event - the summit of world
leaders on climate action – was held on November 12–13.
The main expectation from COP29 is to agree on a fair and
ambitious New Collective Quantitative Goal (NCQG) on climate
finance. The COP29 Presidency has launched 14 initiatives that
include linkages between climate action and the Sustainable
Development Goals, including green energy corridors, green energy
storage, harmony for climate resilience, clean hydrogen, methane
reduction in organic waste, action on green digital technologies,
and other topics.
In addition to being a top priority that creates the conditions
for action, creating climate finance will also help fulfill the
1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for“Conference of Parties” and is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless
otherwise decided by the parties, COP is held annually. The first
COP event was held in March 1995 in Berlin, and its secretariat is
located in Bonn.
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