SINGAPORE — The government will set up a Coastal and Flood Protection Fund, with an initial injection of $5 billion, as Singapore gears up for the fight against climate change.
“The risk of rising sea levels remains significant. So our fourth strategic thrust is to prepare our island for rising levels,” said Finance Minister and Deputy Prime Minister Heng Swee Keat as he delivered Budget 2020 in Parliament on Tuesday (18 February).
The new fund will be topped up “whenever our fiscal situation allows”, said Heng.
The 58-year-old also alluded to Prime Minister Lee Hsien Loong’s National Day Rally speech last year, when Lee said that fighting the effects of climate change could cost more than $100 billion over the next 50-100 years.
“We must have the resolve to deal head-on with the existential threat of rising sea levels,” said Heng.
“Just as our pioneers planted the trees for us to enjoy, we must protect our island for future generations to come.”
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