Singapore’s Ambassador for Climate Action, Ravi Menon, while opening the Singapore Pavilion at COP29, held in Baku, underlined carbon markets would be key to the global climate strategy.
Ravi Menon, Singapore’s Ambassador for Climate Action, said opening remarks in the Singapore Pavilion at the 29th United Nations Climate Change Conference, known as COP29, on November 12, 2024, in Baku, Azerbaijan. “Carbon markets have a very significant role to play in delivering on global climate commitments-all under the aegis of COP29’s theme: climate finance and mechanisms of carbon trading.”.
Therefore, Menon argues that carbon markets should be strong so as to bring capital into impactful climate solutions, underlining the potential of carbon markets to arrange the transition into a low-carbon economy. He asserted, “Carbon markets channel catalytic capital towards impactful solutions for climate action, thereby helping to build the global architecture for carbon markets.”
The keynote panel the Singapore Pavilion had selected for its opening was “Building the Global Architecture for Carbon Markets.” That alone will tell one about Singapore’s desire to promote international cooperation in climate actions. Notable personalities during the panel were Ajay Banga, President of the World Bank, with a moderator who is a highly placed expert in the field.
Such active participation in COP29 underlines the importance Singapore places on its agenda to confront climate change through innovative financial mechanisms and international partnerships. The nation’s endeavors are expected to engage in the global approach to discussing climate finance and carbon markets as a proactive participant in the arena for global climate issues.
The event is COP29, running from 11 to 22 November 2024, where nations and stakeholders gather for critical discussions and negotiations required to overcome climate crisis.
