Put price on carbon to achieve net-zero goals: PM Wong

Countries should progressively put a price on carbon despite political sensitivities, said Prime Minister Lawrence Wong at the Asia-Pacific Economic Cooperation (Apec) summit.

- Linette Lai

"It's not easy to do, it's politically sensitive, but there is no pathway to net zero without pricing carbon properly," he told leaders of Apec's 21 economies.

"This will send a clear market signal to producers and consumers away from carbon-intensive activities."

Speaking at the Apec Economic Leaders' Retreat on Nov 16, PM Wong said putting a price on carbon makes cooperation on carbon markets more possible.

Carbon trading allows countries to reduce emissions even if they are disadvantaged in terms of alternative energy, and spurs climate action in most, he noted.

"So it's really a manifestation of win-win trade," PM Wong added.

He said Singapore has concluded a network of memorandums of understanding and agreements on carbon market collaboration, and hopes to do more with Apec economies.

In addition to carbon markets, PM Wong also spoke of unlocking and harnessing more sources of low-carbon power.

This is critical because many new digital technologies are "energy guzzlers", he said.