In August, Singapore’s Prime Minister Lee Hsien Loong announced that Singapore may need to spend S$100bn over the next 100 years to curb climate change and rising sea levels. Now the Government has said that a combination of funding methods will be needed in this endeavour. Second Minister for Finance and National Development Minister, Lawrence Wong has suggested to Parliament that smaller-scale infrastructure like flood barriers for hospitals and bus depots could be funded from the budgets of ministries, while longer term infrastructure like sea walls could be funded by borrowing. He has claimed that land reclamation costs which are planned by the Government as part of its climate sustainability goals, can already be met with reserves. The initiatives also include a new pump house at Marina Barrage, and the creation of drainage systems for the reclamation of land.

The Government will seek to increase expenditure in these areas when Parliament debates and approves the annual Supply Bill.

Share Story: