COP27: Act fast to finance net-zero emission goals, says Singapore central bank MD

Decarbonisation is a costly affair and it is imperative to act fast to finance the transition to net-zero emission goals, said Ravi Menon, Managing Director of the Monetary Authority of Singapore.

It is important to balance decarbonisation and development, Menon said in his keynote speech at the COP27 Singapore Pavilion Finance Day on Wednesday.

“We must also balance decarbonisation and development. The world requires significant financing for sustainable development and new technologies to reach net zero by 2050 – by some estimates, USD 9.2 trillion annually. This is USD 3.5 trillion more than the annual investment today,” Singaporean central bank top official said.

Further in his address, terming the climate challenge too big for governments or any one country to solve, Menon said, global effort and a whole-of-society approach are needed.

“Effective partnerships across the public, private, and people sectors will be key to mobilise the financing necessary for an effective and just transition,” Menon added.

He added Singapore is well-positioned to be a carbon service and trading hub.

In conclusion, he said we have a common mission: to reduce global greenhouse gas emissions to net zero by 2050.

“But time is running out. We must act now, act fast, and act together. There has never been a greater opportunity for us to find common purpose, build solidarity, and ensure the sustainability of our planet and better lives for communities everywhere,” Menon said.

The 27th…

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