Lawrence Wong outlines ambitious climate goals, targeting significant emissions reduction by 2030
On October 25, Deputy Prime Minister and Finance Minister Lawrence Wong revealed Singapore’s commitment to achieving net-zero emissions by 2050. This move, which includes a target to cut emissions to 60 MtCO2e by 2030, marks a significant step towards tackling climate change. These updated goals will be presented to the United Nations Framework on Climate Change during the COP27 conference in November.
Wong, who initially proposed these climate goals in Budget 2022, emphasized that the shift to net-zero will require substantial changes across the nation. He stressed that energy security must go hand in hand with environmental sustainability, particularly in the context of the disruptions caused by the war in Ukraine. Wong also made it clear that Singapore faces challenges due to its limited ability to deploy renewable energy at scale, but he is optimistic that international collaboration and advancements in decarbonisation technologies will support the country’s targets.
Wong pointed out that achieving these goals will require behavioural changes from both businesses and individuals. Efforts to improve energy efficiency, reduce energy consumption, and adopt green alternatives will be critical. Several initiatives, including an increase in carbon taxes to S$50-S$80 per tonne of CO2 equivalent by 2030, will support this transition. Moreover, the government will offer targeted relief to businesses and consumers to alleviate the impact of higher costs associated with the carbon tax.
Singapore will also focus on green energy initiatives such as low-carbon hydrogen adoption, especially in sectors like power, maritime, and aviation. The public sector is set to lead by example, with the aim of reaching net-zero emissions in its operations by 2045. Furthermore, the upcoming Jurong Lake District is expected to be a model for net-zero development by 2045.
In terms of financing, Wong highlighted the need for substantial investments in green infrastructure, particularly in Southeast Asia, to ensure the successful transition to clean energy. These updated climate goals are a more explicit commitment than previous targets, and they demonstrate Singapore’s determination to contribute to global efforts to combat climate change.
