as an aviation hub, we are reviewing measures to promote the offtake of sustainable aviation fuel at changi airport. throughout today's discussions, let us ground our discussions on collaborative actions that we might take to address the climate crisis, across domains and across borders. second, fostering greater innovation. it is unlikely there will be a'miracle invention'that will save us from climate change. but to solve the climate crisis, we will need much more innovation that we have seen thus far. singapore knows from its own experience that necessity is the mother of invention. we took birth as a vulnerable, water - stressed nation. we conducted research, invested in technology, and innovated new processes - to be able to now treat, recycle, and supply water as part of an integrated and effective water system. today, we need to summon that same spirit of innovation to decarbonise our energy system despite being an alternative - energy - disadvantaged island nation. singapore has allocated $ 1. 2 billion of r & d funding for sustainability initiatives and low - carbon energy technologies such as solar, smart grids, and low - carbon hydrogen. one key initiative is the s $ 184 million low carbon energy research programme, which aims to improve the technoeconomic feasibility of technologies such as hydrogen and carbon capture and storage. earlier this year, we launched the second phase of the programme, which aims to improve the economics of the import and utilisation of low - carbon hydrogen and its carriers. third, financing as a key enabler for the net zero transition. much has been said about the role of the financial sector to channel capital for transition. equally much has been said about why this capital is not flowing. 3 / 4 bis - central bankers'speeches take for example the managed phase - out of coal in asia. with coal fired power plants accounting for a third of asia's greenhouse gas emissions, the imperative for their early decommissioning is clear. but the economics of doing so are challenging. asia's energy demand is growing rapidly and the region's coal plants are relatively young. retiring these coal plants well before the end of their economic lives and replacing them with renewable energy with high capital investments does not meet the risk - return expectations of private capital. this is why we need to link financing to the two earlier themes of partnerships and innovation. we need public - private partnerships and innovative solutions to get financing to flow to where it is needed. public - private partnerships such

first, building effective partnerships. overcoming the climate challenge will require not just individual stakeholders chipping away at the problem, but effective partnerships across domains and across borders. to achieve a credible yet just transition, we need partnerships across domains. governments, to put in place the necessary policies – imposing a price on carbon and setting emissions standards and regulations. banks, to direct financing to green and transition projects. scientists and technologists, to improve the economics and scalability of clean energy solutions. industry, to deploy cleaner technologies and work processes and prepare their workers for the green transition. people, to adjust their consumption choices to support a less carbon - intensive or energy - intensive lifestyle. take for example, singapore's approach to preparing the workforce for a lowcarbon future. a critical aspect of ensuring a just transition is to manage the impact on livelihoods and workers in a decarbonising world. in singapore, we are forging partnerships to help prepare our workforce for a lowcarbon future. the green skills committee brings together representatives from trade unions, businesses, trade associations and industry chambers, institutes of higher learning, professional bodies, and government agencies. the committee will identify the green skills that will be in demand in the future and support workers develop these skills so that they can take on new and transformed jobs in a very different type of economy : less carbon - intensive, more energy - efficient, more sustainable. partnerships also need to straddle across borders. singapore feels this acutely, both as a beneficiary of such cross - border collaborations and as a contributor to regional and global efforts. as a small city - state with very little access to renewable energy, singapore relies on regional and international co - operation. 2 / 4 bis - central bankers'speeches we have one of the highest urban densities in the world. we have very limited land and sea spaces, low wind speeds, and a lack of hydrothermal resources. even if we maximised solar energy deployment, it would cover less than 10 % of our electricity needs. we rely on international cooperation in areas like the import of low - carbon energy through regional power grids ; enabling supply chains for low - carbon fuels such as hydrogen and ammonia to meet our climate goals. as a global maritime and aviation hub, singapore plays a larger role to advance climate action beyond its borders. as a maritime hub, we are promoting decarbonisation partnerships through green and digital shipping corridors that support the transition to low - and zero - carbon fuels.