Intervention by PM Lee Hsien Loong in Session 1 Food and Energy Security at the G20 Bali Summit
I would like to thank President Jokowi for Indonesia’s excellent hospitality, and for inviting Singapore to this year’s G20 Meeting.
Recurring waves of COVID-19 around the world and Russia’s ongoing war against Ukraine have exacerbated global food and energy insecurity. As a small island state that imports most of its food and energy needs, Singapore has long understood acutely the importance of maintaining access to food and energy sources.
May I offer three suggestions: First, we need to strengthen the rules-based multilateral trading system. This is important so that all countries continue to enjoy unimpeded access to energy, food and agricultural commodities, especially during crises. Singapore takes our role as a trusted hub for logistics, transportation, and energy very seriously. We look forward to working with partners to keep global supply chains free and open.
Second, we must collectively accelerate our net zero ambitions. Climate change is the longer-term threat to food and energy security. Singapore is systematically working towards our target of net-zero by 2050. We are raising carbon taxes significantly. We will implement a National Hydrogen Strategy to green our power sector. We are working with regional partners to develop the ASEAN Power Grid, to enhance regional energy interconnectivity and security while supporting decarbonisation efforts.
Third, we need to scale up sustainable financing. Countries will need more transition finance to help hard-to-abate sectors decarbonise or switch to green energy. For example, the Asian Development Bank’s Energy Transition Mechanism is helping to facilitate the early retirement of coal-powered plants. And it is important also to mobilise private capital. The Monetary Authority of Singapore is injecting seed capital into an Asia Climate Solutions Design Grant. This will fund studies on innovative blended finance solutions and mobilise capital for target sectors within Asia. It is just one example of how we can encourage private sector participation in sustainable infrastructure projects.
We look forward to working with G20 partners to strengthen global food and energy security.