Singapore has an ambitious urban adaptation approach which is widely considered a model among capital cities elsewhere. In order to set a clear transition pathway to a climate-adapted city, Singapore has a suite of green/climate financing initiatives in play that are rarely seen – or at least reported – in other cities. However, shortcomings exist – especially in terms of knowledge and partnerships and in relation to the engagement of the private sector.
Are Markets Interested in Adapting to Climate? Insights From Singapore has collated the views of leading practitioners in Singapore on the pressing issues of market interest in adapting to climate change and offers several policy recommendations. The scale of the impacts and the economic losses the city could face without adequate adaptation was a motivation for the study. Due to its size, geographic location and economy, Singapore is particularly vulnerable when it comes to climate change concerns.
This research offers new insights into financing climate change adaptation in cities and extends the CCFI’s Adaptation Bonds report published in September 2022. It investigates the delivery of climate finance for climate change projects in Singapore. The question, ‘To what extent can markets build for transformation in climate adaptation financing in the city?’, aims to inform and promote a better understanding of financing for climate change actions today.
Co-authored by Stella Whittaker (Visiting Researcher at the Centre for Climate Finance and Investment, Imperial College London and PhD Research Fellow at Copenhagen Business School) and Dr. Tran Bao Phuong Nguyen (a Research Fellow at the Singapore Green Finance Centre (SGFC) and based at Singapore Management University), this research has been conducted by the SGFC, backed by the Monetary Authority of Singapore (MAS) and nine leading global financial institutions. A series of interviews were conducted between September to December 2022 to learn about government and investor experiences as a participant in the delivery of climate adaptation financing in Singapore.