SINGAPORE - The new climate finance target agreed upon at the UN climate conference COP29 will provide developing countries with capital to implement their green plans, and could help them set more ambitious emissions-cutting goals when new targets are due in 2025.

“For Singapore, we are very focused on (achieving our climate targets),” said Minister for Sustainability and the Environment Grace Fu. “We are very focused on implementation, but we also like to see the rest of the world equally committed to their targets.”

She was speaking on ST’s Green Pulse podcast, in an episode aired on Dec 2 – about a week after COP29 concluded on Nov 24 in Baku, Azerbaijan.

“COP29 was a critical COP because for many years, developing countries have been asking, ‘where is the money? I have all these targets that you want us to achieve, but how do I get the means of implementation, how do I get the technology?’”, Ms Fu said, when asked about the significance of the summit’s outcomes for the region. 

The outcome of COP29 – which included an agreement from developed countries to channel more money to developing nations – was important because it will likely affect the next round of nationally determined contribution submissions, Ms Fu added. 

“Implementation of targets hinges on the availability of finance and technology,” she said. 

Ms Fu ...