Singapore to contribute $19.2m to global facility to spur international carbon trading

SINGAPORE – The Republic will pump in US$15 million (S$19.2 million) to help make international carbon trading a practical reality amid rising economic pressures and geopolitical uncertainty. This will make Singapore the first country in Asia to contribute to intergovernmental organisation Green Growth Institute’s facility, which supports and funds carbon credit projects that meet UN standards. Announcing the contribution on May 19, Minister of State for Trade and Industry Alvin Tan said the ongoing conflict in the Middle East has compounded challenges that delay action to combat climate change, disrupted global energy markets and shifted the focus to short-term survival in many parts of the world. Progress on climate action needs to continue as the cost of inaction and delay in addressing the crisis will only compound over time, he added, noting that cleaner energy systems will also insulate governments from the volatility of polluting fossil fuel markets.