Global Instability Is Fueling Climate Risks, Singapore Warns

t08qy5pxw0mni67l1{2z2n(g_media_dl_1.png European CommissionArticle content(Bloomberg) — Singapore’s government and businesses must prepare to handle accelerating risks posed by climate change, according to the country’s environment minister.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentChallenges to economic and geopolitical stability, including the crisis in the Middle East, are clouding the world’s focus on climate protections and mean there’s a more urgent need to bolster resilience, Singapore’s Minister for Sustainability and the Environment Grace Fu said during a budget debate in parliament. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“Major emitters may backslide on their climate obligations as they grapple with the global tensions on security, energy, trade and investments,” Fu said. “In such uncertain times, the environment becomes an inevitable casualty, and our planet will face the impacts of climate change more severely — and sooner.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentTo avoid larger losses and reassure investors, companies need to do more to assess risks, protect workers and infrastructure, diversify suppliers and insure against climate hazards, she said.Article content“Businesses must be able to ride through extreme weather events and resume operations as quickly as possible,” Fu said at the Tuesday debate. “Those who innovate and adapt will thrive in the future.”Article contentSingapore is managing rising sea levels that are forecast to threaten some of the city’s most prized real estate, and higher temperatures that are projected to trigger annual productivity losses of S$2.2 billion ($1.7 billion) by 2035. The wider Southeast Asia region also faces an accelerating threat from climate change-fueled disasters, underlined by multi-billion losses during a series of deadly floods in late 2025. Article contentArticle contentThe country has designated 2026 as “the year of climate adaptation,” and will commence work on a national plan covering resilience to heat, floods and potential shortages of water and food. The plan will also help businesses deal with damaged infrastructure, reduced productivity and supply chain disruptions.Article contentSingapore’s first National Adaptation Plan will be published next year. Under the Paris Agreement, countries were encouraged to submit a strategy to the United Nations as early as 2015, though only 75 countries have filed so far. Article contentFocus is increasing on climate adaptation as extreme weather losses mount and efforts to mitigate climate change wane, particularly as the US pulls back under President Donald Trump. Even so, adaptation has so far struggled to attract private sector financing. Annual investment required to maintain climate resilience in Asia is estimated at $431 billion, and the financing gap in Southeast Asia is close to 90%, according to the Climate Policy Initiative.Article contentSingapore, which is preparing to spend as much as S$100 billion in the coming decades on the effects of global warming, has set aside S$10 billion for a flood protection fund and will this week debate proposed new coastal protection policies. Article contentThe nation will also launch a S$40 million research initiative to examine heat impacts and resilience, and is separately seeking to improve its climate monitoring and forecasting capabilities.Article contentTrending Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Housing affordability improves yet again, though not for the right reasons Real Estate Why the Canadian dollar is bearing up as the surging greenback punches a hole through other G10 currencies Economy Atlantic Canada's energy isolation is getting worse as East-West pipeline divide persists Oil & Gas Heading for a mortgage default? Bank of Canada research lays out three telltale signs Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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