Global climate fight: Singapore announces major $500 million investment at COP29

Singapore is committed to allocating up to $500 million for climate projects under the FAST-P (Financing Asia Transition Partnership) programme, Minister for Sustainable Development and Environment Grace Fu announced at the COP29 summit in Baku.

Speaking at the event, Fu explained that these funds will be used to leverage additional concessional capital from public, private, and philanthropic sources, which will be an important catalyst for increased private investment in green and transition projects, Caliber.Az reports via local media.

She also highlighted Singapore's significant progress in renewable energy, stating, "We have increased solar deployment five-fold since 2019, despite constraints on alternative energy." Fu emphasized that Singapore is actively working to enhance energy efficiency across all sectors, including industry and transport.

Fu further stressed the importance of global cooperation in combating climate change, noting, "Climate change has no borders, and cross-border cooperation is essential to achieve global goals." She pointed out that Singapore is working with its neighbours to develop the ASEAN electricity network, a key initiative for the region’s energy transition.

On the international front, Singapore is collaborating with global ports to introduce low-carbon fuels in the shipping industry as part of decarbonization efforts. "We are also contributing to knowledge and capacity building on climate adaptation and mitigation through the Singapore Cooperation Programme and Climate Research," Fu added.

Additionally, Fu emphasized Singapore’s efforts in creating a robust carbon market: "We are working with partners to build an efficient carbon market, including facilitating negotiations on Article 6 of the Paris Agreement and building a stream of high-quality carbon credits."

The COP29 summit, which is being held at Baku Stadium from November 11 to 22, marks Azerbaijan’s first time hosting a COP conference. It is the country’s largest international event to date. The summit’s key focus includes establishing a New Collective Quantitative Goal (NCQG) for climate finance and introducing 14 initiatives that aim to integrate climate action with the UN Sustainable Development Goals (SDGs), covering areas such as green energy corridors, climate resilience, clean hydrogen, and green digital technologies.

Azerbaijan also reaffirmed its commitment to global climate action, with President Ilham Aliyev emphasizing the nation's central role in sustainable development. The unanimous selection of Azerbaijan as the host is a reflection of the international community’s confidence in the country’s leadership on climate issues.

By Tamilla Hasanova