Singapore has planned to invest more in the building of a new green economy. The announcement has been made according to the city-state’s Finance Minister Lawrence Wong.
The climate emergency poses a threat, but it also offers the time to provide new development opportunities. The planning had to be done, and the announcement was seen coming by a long range even before it was released. A response of some sort was necessary to be accepted.
Singapore To Become a Regional Hub for Green Finance
“We are investing in renewable energy. We are investing in decarbonization technologies like hydrogen, carbon capture. And, we are also looking at building Singapore as a hub for the region when it comes to green finance,” Wong said.
Rising sea levels and other environmental damage were evident from the results and the data that Singapore collected. An initiative was solely required since the city-state is located 15 meters above sea level. Any increase in the sea level due to climate change can be harmful to the city, and it can pose a major threat too.
The green investments are to be done on the angle of different criteria. This question was posed to Wong, and he answered this with as much clarity as the situation permitted.
“We can look at things like carbon intensity, the efficiency of use of energy, a whole range of metrics that will allow us to ensure that the investments we are putting in are bona fide green investments,” he said.
Final Words
Carbon emission reduction targets have already been decided and announced by several companies. Steps are being taken, and for the betterment of the planet and the city, this decision truly holds to be one of a kind. A well-made decision indeed. Thanks for reading our article Singapore To Become a Regional Hub for Green Finance. Keep reading, and I hope today treats you well.
