Minister for Sustainability and the Environment Grace Fu said the Republic stands by the provisions of the Paris Agreement with regard to financing for developing countries.
Parties like Singapore are encouraged to voluntarily contribute to global climate finance, which it has been doing in a few ways, said Ms Fu. Called the New Collective Quantified Goal on Climate Finance, this target is a successor to the previous goal agreed in 2009, where developed countries committed to channelling US$100 billion a year to developing countries by 2020. The goal was reached only in 2022, two years after the deadline.According to a report by the Organisation for Economic Cooperation and Development, 69 per cent of public financing from developed countries in 2022 came in the form of loans.
Through the negotiations, Ms Fu is hoping to see a clearer definition of the NCQG with a proper structure fleshed out. Dr Axel Michaelowa, senior founding partner of consultancy Perspectives Climate Group, said: “A Trump presidency would cast a massive chill on international climate policy, given that Trump has clearly stated he plans even to withdraw from the UNFCCC itself, not only the Paris Agreement... would mean no US climate finance would become available.”