Explainer: How Singapore will fund its S$100b effort to mitigate climate change effects
The Ministry of Finance said the Government will use various sources to fund the estimated S$100 billion needed to mitigate the effects of climate change over the next 50 to 100 years.
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SINGAPORE — The Government will use a combination of sources to fund the S$100 billion needed over the coming decades to mitigate rising sea levels caused by climate change, said the Ministry of Finance (MOF) in response to TODAY’s queries.
During Sunday’s (Aug 18) National Day Rally, Prime Minister Lee Hsien Loong outlined various climate change mitigation measures Singapore could undertake to protect itself against rising sea levels — which he called a matter of “life and death”.
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Whether it is building polders — low-lying reclaimed land protected by embankments — reclaiming offshore islands or building dykes, Mr Lee estimates that all these will cost the Government about S$100 billion over the next 50 to 100 years.
Amid ongoing debates around the world on “intergenerational justice” with regards to funding climate change measures, an online survey conducted last month by Mediacorp had found that young Singaporeans and permanent residents here are split between getting the present generation to directly foot the bill via taxes, and tapping the reserves which have been described by government leaders and experts as Singapore’s "precious nest egg".
https://www.todayonline.com/singapo...illion-effort-mitigate-climate-change-effects