A new coastal and flood protection fund, with an initial injection of $5 billion, will be set up to help protect Singapore against rising sea levels, Deputy Prime Minister Heng Swee Keat said on 18 February.
The fund will be topped up subsequently “whenever our fiscal situation allows”, he said.
Noting that Prime Minister Lee Hsien Loong had last August said that $100 billion or more may be needed over 100 years to protect Singapore against rising sea levels caused by climate change, Mr Heng said: “This is a major fiscal outlay in the coming years – so it is right and prudent that we set aside resources for this.”
The authorities had earlier said Singapore will be considering a range of options, including engineering feats such as reclamation and building sea walls, as well as nature-based solutions, to protect its people, economy and infrastructure from the rising tides.
But rising sea levels caused by climate change are not the only threat. Erratic weather patterns caused by climate change or geopolitical tensions could also impact food supplies in Singapore, which imports more than 90% of its food.
More details on Singapore’s “grow local” strategy will be given during the debate on the budget for the Ministry of the Environment and Water Resources.
Mr Heng also said that by 2040, Singapore wants to phase out conventional vehicles that run on internal combustion engines in favour of those that run on cleaner energy sources instead.
To encourage homes to be eco-friendly, the Government will introduce incentives to help lower-income households with the cost of greener appliances, said Mr Heng.
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Source: The Straits Times, 19 February 2020