Mr. Lee also discussed how new markets and technologies provide” trust” for nations like Singapore that are dealing with inherent difficulties in climate transitions, in addition to fresh borrowing models.
For instance, Singapore has created a national plan to use gas, one of the burgeoning technologies that can aid in the country’s shift away from carbon emissions and toward green energy. & nbsp, It was revealed in October of last year that by 2050, low-carbon hydrogen could meet up to half of Singapore’s power needs.
Establishing dependable and adaptable global supply chains with global partners may be necessary for the validity of scaling up gas deployment. No nation can accomplish this on its own, Mr. Lee continued, adding that Singapore is eager to collaborate with” like-minded partners” to broaden its power base.
Regarding new areas, Mr. Lee remarked that institutions will need to cooperate in order to foster investments in decarbonization, such as by defining what natural and change activities are.
The first step in determining effective strategies to combat climate change, create new markets, and immediate funding to where it is most needed, according to The & nbsp, is the development of various prevention policies.
Singapore supports multilateral strategies for achieving mitigation objectives for this reason, such as the inclusive forum on carbon mitigation strategies hosted by the Organization for Economic Co-operation and Development ( OECD ).
New markets, new funding models, and new technologies will both necessitate international cooperation, which the G20″ can and should offer” leadership for, he continued.