S2E7: What the finance-focused COP29 is delivering for South-east Asia

Dec 2, 2024

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The implementation of developing countries’ climate targets hinges on the availability of finance and technology

Synopsis: Every first and third Tuesday of the month, The Straits Times analyses the beat of the changing environment, from biodiversity conservation to climate change.

Despite the criticisms surrounding the UN climate conference COP29, which took place over two weeks in November in Baku, Azerbaijan, negotiators managed to reach an agreement on two key finance-related issues.

A new goal for annual climate finance flows was set at US $300 billion by 2035, a three-fold increase from the previous $100 billion target. Developed countries should take the lead in delivering this amount to developing countries to help them take climate action. An agreement on carbon markets was also reached at the summit, allowing countries to cooperate through the international trade in carbon credits to meet their climate goals.

But what do all these mean for Singapore and South-east Asia? In this episode, host Audrey Tan finds out from Ms Grace Fu, Singapore’s Minister for Sustainability and the Environment.

Highlights of conversation (click/tap above):

3:45 What does the COP29 outcome mean for Singapore and South-east Asia?

9:17 Can the outcome on carbon markets at COP29 help to overcome concerns on environmental integrity?

11:00 What is Singapore’s reputation in the area of carbon markets like?

13:07 How will the outcome on the new climate finance target affect climate action in Asia?

17:46 Will the waning leadership of traditional climate champions such as the US and the EU affect investor confidence in climate initiatives?

Follow Audrey Tan on LinkedIn: https://str.sg/848W

Read her articles: https://str.sg/JLM2

Follow David Fogarty on X: https://str.sg/JLM6

Read his articles: https://str.sg/JLMu

Hosts: Audrey Tan (audreyt@sph.com.sg) & David Fogarty (dfogarty@sph.com.sg)

Produced and edited by: Hadyu Rahim