Remarks by Senior Minister Teo Chee Hean at the Global Stocktake High Level Event on Mitigation
Remarks by Senior Minister and Coordinating Minister for National Security Teo Chee Hean at the Global Stocktake High-Level Event on Mitigation at UNFCCC COP28
Good afternoon, colleagues.
I thank the GST High-Level Committee for organising this event.
COP28 will see the conclusion of the first ever Global Stocktake of the Paris Agreement. The Global Stocktake is a critical process to ensure that we have a firm understanding of our progress so far, and know what course corrections are needed to keep the 1.5 degree goal within reach. Singapore believes that it is important for the GST outcome to include several elements related to Mitigation.
First, to highlight the role that climate technologies can play.
We cannot afford to write off any solution prematurely. Low-carbon technologies such as hydrogen, carbon capture, utilisation, and storage, and carbon dioxide removal can help to move the needle on climate change, particularly in hard-to-abate sectors. The IPCC’s sixth assessment report is also clear that such technologies have an important role to play in global modelled pathways to keep the 1.5 degree goal within reach.
Second, to reinforce the importance of multilateralism and enhanced international cooperation.
Each country has its own national circumstances, but by working together, we can take collective action and raise our ambition. For instance, transboundary flows of renewable energy, including through regional grids, can help to create lead demand for renewable energy deployment. This will accelerate the transition away from fossil fuels, even as we pursue a just and equitable transition to net zero. Voluntary cooperative approaches under Article 6 of the Paris Agreement can help to channel much needed investment towards projects that can realise additional mitigation outcomes.
Third, to reflect the need to complete the transition to the Enhanced Transparency Framework, and call on Parties to submit their first Biennial Transparency Reports in 2024.
Trust among Parties will be crucial for mitigation measures to be successfully implemented. Transparency and accountability are needed to build this trust. As we conclude the Consideration of Outputs phase of the Global Stocktake, Singapore will continue to contribute to the success of both the Global Stocktake and Mitigation tracks at COP28.
Our Minister for Sustainability and the Environment Grace Fu is co-facilitating ministerial consultations on mitigation, and our Chief Negotiator for Climate Change Joseph Teo is co-facilitating the Joint Contact Group of the Global Stocktake.
Singapore looks forward to an ambitious outcome to the first Global Stocktake – one that will be remembered by future generations for helping to keep the goal of 1.5 degrees within reach.