SINGAPORE – Breakthroughs in three areas – the adoption of low-carbon technologies, redirecting of finance to climate action, and greater international cooperation – will be needed for countries toThis timeline will be crucial in helping the world avert the catastrophic impacts of climate change, and limit global warming to 1.5 deg C, said Minister for Sustainability and the Environment Grace Fu.
However, increased innovation and adoption would be needed in this space as technology and supply chains are still nascent, and large-scale deployment has yet to be demonstrated, she noted.and is actively building capabilities for hydrogen innovation, and various R&D collaborations with industry players.She pointed to a report by global management consulting company McKinsey which found that getting to net zero by 2050 would require US$9.
For instance, carbon credits generated from re-foresting projects can help local communities better adapt to climate change, support biodiversity, and create economic opportunities and jobs for them.Ms Fu noted that Singapore has concluded negotiations with Ghana on an agreement which would set out the criteria and processes for carbon credit project development and trading.