Singaporean Minister Lawrence Wong on Climate Change and Green Investments


SINGAPORE – Singapore plans to invest more in building a new green economy, according to city-state finance minister Lawrence Wong.

The climate emergency poses an existential threat, but also offers new opportunities for sustainability, Wong told Martin Soong at the CNBC Evolve Global Summit.

“We are investing in renewable energy. We are investing in decarbonization technologies like hydrogen, carbon capture. And we also plan to make Singapore a hub for the region in green finance,” said Wong.

The city-state, which is smaller than New York City, has worked for years to save its coastline from rising sea levels and other environmental damage.

The skyline of the financial and business center is seen in the background as people paddle along the beach at East Coast Park in Singapore on July 17, 2020.

Roslan Rahman | AFP | Getty Images

Most Singapore Lies less than 15 meters above mean sea level, with about 30% less than 5 meters above mean sea level. Any further rise in sea level caused by climate change poses an immediate threat to the country.

Asked about the criteria used to make green investments, Wong said Singapore was considering a wide range of different measures.

“We can look at things like carbon intensity, efficiency of energy use, a whole range of parameters that will allow us to ensure that the investments we make are real green investments”, a- he declared.

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