Use of Past Reserves to Fund Projects to Mitigate Climate Change
04 Oct 2023Parliamentary Question by Ms Mariam Jaafar:
To ask the Deputy Prime Minister and Minister for Finance (a) whether the Government is currently considering the use of past reserves to fund any projects to mitigate climate change; and (b) if so, what are these projects.
Parliamentary Reply by Deputy Prime Minister and Minister for Finance Mr Lawrence Wong:
The Government is undertaking a range of measures to address climate change. These comprise both mitigation measures, which seek to limit climate change; and adaptation measures, which seek to adapt to the effects of climate change such as rising sea levels.
The Government has no plans at the moment to fund mitigation projects using past reserves. We will set aside the necessary resources in the annual Budgets to green our economy and society, and to achieve our net zero targets.
As for adaptation measures, the Government is studying long-term solutions to protect our coastline and land mass. These include land reclamation projects, building of infrastructure such as polders and seawalls, and the installation of equipment like pumps and localised flood barriers.
The Government plans to employ a combination of funding methods to finance these measures. This includes funding from the Coastal and Flood Protection Fund (CFPF), through long-term borrowing via SINGA bonds, and through the use of past reserves to fund land reclamation costs. The Government will continue to study how best to finance these measures in a way that is fiscally sustainable and equitable across generations.