Singapore’s Ambassador for Climate Action, Ravi Menon, emphasized the significance of achieving net zero emissions as both an economic opportunity and a moral imperative during a recent Ecosperity Conversations event. Mr. Menon underscored the importance of three key driving forces behind global climate action: politics, economics, and nature, urging immediate action to address climate change.
Challenges in Climate Action
Mr. Menon highlighted the pressing challenges faced in the realm of climate action, particularly pointing out the negative political developments that have hindered progress. He expressed concerns over the United States’ withdrawal from the Paris Agreement and the prioritization of oil and gas production under President Donald Trump’s administration. Political support for climate action has weakened not only in the US but also in other countries, with environmental concerns taking a back seat amid various global issues and cost-of-living considerations.
The lack of timely submissions of climate pledges from the majority of countries further exacerbates the urgency of the situation. Only 13 out of 195 nations met the United Nations’ deadline for submitting their 2035 climate pledges, raising questions about the commitment of those who did not meet the cutoff. Mr. Menon warned that delays in climate action could lead to a disorderly transition that would have far-reaching consequences for nations and businesses alike.
Economic Opportunities and Commitment to Climate Action
Despite these challenges, Mr. Menon also highlighted positive developments in the economics of renewable energy. He noted a significant decline in the cost of renewable energy globally, making it a more viable option compared to fossil fuels. The decreasing costs of battery storage projects have been particularly instrumental in overcoming the intermittency of renewable energy sources, further promoting their adoption.
However, Mr. Menon acknowledged the hurdles faced in the production of low-carbon hydrogen, where rising equipment and financial costs threaten the viability of projects. Despite these obstacles, Singapore remains steadfast in its commitment to climate action, setting a target of 45 to 50 million tons of carbon dioxide equivalent by 2035. This goal aligns with the country’s long-term vision of achieving net zero emissions by 2050, fostering a competitive green economy and a climate-resilient society.
In conclusion, Mr. Menon emphasized that Singapore is fully committed to investing in the necessary measures for a sustainable future in a low-carbon world. The urgency of addressing climate change is not only an international obligation but also a critical step towards securing a prosperous and resilient future for generations to come.
