Closing Remarks by Singapore's Ambassador for Climate Action at SBF Post COP30 Dialogue

06 APR 2026

CLOSING REMARKS BY SINGAPORE’S AMBASSADOR FOR CLIMATE ACTION AT SINGAPORE BUSINESS FEDERATION POST-COP30 DIALOGUE

Towards a Competitive and Resilient Climate Transition

I would like to thank everyone for being here today.

The war in Iran and the closure of the Straits of Hormuz have sent shockwaves across the world.

  • Oil trading at more than US$110 a barrel and global LNG spot prices doubling;

  • Massive spikes in shipping insurance and airline prices;

  • Growing risks of stagflation and financial market turbulence; and

  • Not to mention, the cost in lives in the Middle East and livelihoods around the world.

With so many fires to fight, should climate change remain a priority for businesses? It is significant that SBF has even organised this event – at a time like this. Why?

First, the current geopolitical situation does not weaken the case for climate action. If anything, it strengthens it.

  • And the key reason is this: energy security and environmental sustainability are becoming mutually reinforcing objectives.

  • The ongoing energy crisis is a reminder of the inherent vulnerability of oil and gas dependence globally.

    • A large share of oil and gas production is in a small number of regions.

    • And much of it moves through a few critical choke points.

  • Diversifying oil and gas sources or switching to coal-fired energy are effective short-term responses.

  • But the durable long-term strategies are to increase energy efficiency and switch to renewables – and that is transition.

Climate transition is not a distraction from business priorities. It is central to them.

Second, climate risk is business risk.

  • Even as we are preoccupied with economic and geopolitical risks, climate change is accelerating. There is no pause button, the planet is not waiting for us to sort out our other problems.

    • Greenhouse gas emissions are still rising – they are now 50% higher than pre-Industrial Revolution.

    • Global temperatures are still rising - the world will not be able to limit temperature increase to 1.5 degrees Celsius.

    • Extreme weather events are increasing in frequency and impact.

  • We are seeing the business impacts everywhere.

    • Floods disrupting manufacturing hubs;

    • Droughts affecting agricultural output;

    • Storms damaging logistics infrastructure.

  • Climate-related risks are every bit as real and relevant as other business risks.

Transition planning is planning for business resilience in a climate-impaired world.

Third, while the pace of climate policy has slowed globally, the direction remains clear.

  • Notwithstanding setbacks, global climate action remains alive and kicking.

    • Almost every major economy is on a decarbonisation trend while continuing to grow.

    • Carbon pricing is expanding globally – including in Asia.

    • Disclosure requirements are tightening – despite some recalibration in Europe.

    • Capital is slowly but surely rewarding climate-friendly practices.

  • As Minister Grace Fu emphasised earlier, Singapore is taking concerted steps to implement the decisions taken at COP30.

  • The global transition will be uneven – like all major changes – but it is irreversible. The question is not whether to act— but whether we lead or lag.

Transition planning is not a cost centre. It is competitiveness strategy in a carbon- constrained world.

Fourth, early movers will capture disproportionate advantage.

  • We have seen this in every major economic transition. Companies which delay will:

    • face rising costs;

    • tightening constraints; and

    • play catch-up under pressure

  • Companies which move early will:

    • mitigate their risks;

    • attract more capital;

    • capture new opportunities; and

    • shape the rules of the game.

In a world of uncertainty, the companies that succeed will be those that manage the present — while preparing for the future.

Fifth, businesses are not alone—you are part of Singapore Inc. We will do this together.

  • Transition planning is not easy. There are too many unknowns, too little data, too few levers for action.

  • But Singapore is progressively building the key enablers to support the transition

    • sustainable finance;

    • carbon markets; and

    • clean technology solutions

  • So companies operating here are not navigating this alone. They are part of a broader national effort.

  • And this is where the Council for a Competitive Transition, or C3T, comes in.

As a public-private partnership, C3T’s aim is simple: to make the business transition more manageable, more co-ordinated, more value-creating.

  • It will help to align sectoral transition policies with business realities

    • by co-creating solutions to implement macro initiatives like Sectoral Transition Plans and the National Adaptation Plan.

  • It will help to address businesses’ data problem:

    • by aggregating and sharing relevant climate-related data, and

    • providing tools and frameworks to interpret the data.

  • It will help to unlock enterprise value for transition actions, such as through:

    • access to green finance; and

    • participation in sustainable procurement

C3T is not about telling companies what to do. It is about helping companies do what they already know they must do.

  • Not by adding requirements, but by reducing frictions.

  • Not compliance, but competitiveness.

  • Not fragmented efforts, but shared solutions.

  • Not transition alone, but transition together.

Let’s get started. Thank you.