credits generated from the verifiable reduction of emissions can improve the economic case for many transition projects. mas has published a working paper with mckinsey that outlines how highintegrity carbon credits can be generated from future emissions reduction due to the early retirement of coal - generated power and replacement with cleaner energy sources. such transition credits can potentially enable a broader market - driven financing mechanism and help to crowd - in private capital at scale. we will be sharing concrete initiatives on scaling these financing mechanisms and announcing new partnerships to take them forward. finally, resilience. with long coastlines and heavily populated low - lying areas, southeast asia is one of the world's most vulnerable regions to extreme weather and rising sea levels. singapore can play a useful role in pioneering and scaling urban solutions to build climate resilience. let me highlight some examples. to address rising temperatures, we have piloted the use of cool paint on flat facades to reduce the amount of heat they absorb in the day and emit at night. we are exploring the use of smart sensors to collect wind flow data for more robust environmental models which enables achieving cooler temperature with better ventilation. to address sea - level rise and heavy rainfall, we are strengthening local capabilities and expertise. we have set up a coastal protection and flood resilience institution ( cfi ) singapore. this is a multi - institutional and inter - disciplinary research centre to advance domain knowledge as well as explore innovative solutions. to address potential disruptions in food supplies due to climate change, we have taken steps to build a more sustainable and resilient agri - food system. for example, we have plans for a high - tech agri - food hub that can raise food production capacity to up to three times of current levels. this future hub will harness technology for efficient waste management and reduce water consumption by capturing rainwater for farming use. in short, the singapore pavilion aims to foster active partnerships across businesses, research institutes, civil society, youth groups, and government agencies. it aims to connect across countries and sectors to drive change and create impact. 3 / 4 bis - central bankers'speeches i invite you to be a part of this collaboration and wish you a fruitful experience at the singapore pavilion and at cop28. 4 / 4 bis - central bankers'speeches

ravi menon : singapore - catalysing climate solutions of the cop28 singapore pavilion speech by mr ravi menon, managing director of the monetary authority of singapore, at the launch of cop28 singapore pavilion, singapore, 30 november 2023. * * * ambassador kamal vaswani, ladies and gentlemen, good morning. welcome to the launch of the singapore pavilion at cop28 in dubai. every cop is more important than the previous one, simply because with each passing year the world is running out of time. according to the latest ipcc report, the world needs to reduce greenhouse gas emissions by 43 % by 2030, compared to 2019 levels, this is what is necessary to keep temperatures from rising above the 1. 5 degrees celsius threshold. but greenhouse gas emissions are still rising not falling. average global temperatures are already 1. 1 degrees celsius above pre - industrial levels. the negotiations that take place at cop to foster new climate commitments are thus critically important. but it is out here – in pavilions like these - where commitments are turned into action, where individual contributions coalesce into collective impact. the singapore pavilion aims to serve as a platform for such collective action to catalyse climate solutions. later today, singapore will co - host with bain & co the inaugural climate leaders'assembly. we have convened leaders from the private and people sectors to brainstorm ideas and develop initiatives. singapore is committed to achieving net zero emissions by 2050. but our contribution to climate action is not just to remove the 0. 1 % of global greenhouse gas emissions that we account for. more importantly, it is to collaborate with partners from around the world to galvanise resources and incubate and scale solutions for climate action. and singapore is well placed to do this. as an aviation and maritime hub, singapore can play a role in developing the infrastructure and networks for promoting cleaner fuels and decarbonisation. as an international financial centre, singapore can help to mobilise the financing necessary to support asia's transition towards a low - carbon future. as an urban metropolis, singapore can be a test bed for innovative solutions ranging from measures to reduce urban heat to fortifying defences against rising sea levels. the pavilion's programme will span these three big themes : decarbonisation, finance, and resilience. 1 / 4 bis - central bankers'speeches let me start with decarbonisation. as a major air and sea transportation hub, singapore can play a key