Minister for Sustainability and the Environment urges richer nations to contribute more to climate finance
At the COP29 climate summit in Baku, Azerbaijan, Singapore’s Minister for Sustainability and the Environment, Grace Fu, expressed concern over the proposed US$250 billion per year in climate financing by 2035 for developing nations. Fu, speaking at a wrap-up interview on Nov 23, emphasized that this figure is too low and backed calls from the Alliance of Small Island States (AOSIS) and Small Island Developing States (SIDS) for a larger contribution from wealthier nations.
The proposed US$250 billion is part of a broader goal of raising US$1.3 trillion annually by 2035 for climate action, a plan underpinned by contributions from public, private, and multilateral funds. However, many developing countries, including AOSIS, have expressed disappointment, criticizing the amount as inadequate and warning that it would severely limit progress on climate adaptation and mitigation efforts.
Fu highlighted that Singapore, as a member of both AOSIS and SIDS, stands with these groups in demanding more substantial financial commitments. She called the US$250 billion figure “low,” noting the ongoing nature of negotiations. Fu also pointed out that previous climate finance goals, such as those proposed at COP28, had faced similar challenges in terms of ambition and commitment.
The summit’s discussions have centered on securing a robust financial framework for developing nations to decarbonize and manage climate change impacts like floods and heatwaves. However, despite some calls for greater ambition, the financial gap remains a significant hurdle in the negotiations, with COP29’s final outcome still pending. Fu further stressed the importance of securing stronger agreements on climate adaptation and continuing efforts to meet the goals set by the Paris Agreement.
