Grace Fu on Singapore's role in climate Loss and Damage Fund

Singapore, as part of the Alliance of Small Island States, along with other developing countries, has long called for the establishment of a Loss and Damage Fund, said Sustainability and the Environment Minister Grace Fu. Replying to an MP's question in Parliament on Friday (Feb 24), she pointed out that small island states like Singapore are disproportionately affected by sea level rises and are at risk of submergence by the end of the century if nothing is done to prevent such a scenario. She said there is an urgent need to channel financial resources towards building adaptive capacity and addressing loss and damage. She said Singapore is pleased that developing countries agreed to support this call at COP27 last year. A transitional committee has been tasked to make recommendations by COP28 on the details of the fund, taking into consideration the views of all stakeholders. Ms Fu said Singapore will engage constructively with the transitional committee. A key guiding principle is that countries that have caused and are most responsible for climate change must take the lead in supporting vulnerable communities to avert, minimise and address climate-related loss and damage, she said. The Paris Agreement, which was ratified by more than 190 countries, reaffirms this obligation of developed countries to mobilise climate finance for developing countries, she added.