In combating climate change, Second Finance Minister Lawrence Wong said smaller-scale infrastructure projects like flood barriers may be funded by the government’s yearly budget, while”long-lived significant” infrastructure, such as sea walls, might be financed through borrowing.
Wong, who also functions as National Development Minister, disclosed that after property reclamation is involved, the prices is covered by Singapore’s past reservations and the reclaimed property’s worth after its economy will be fully returned to the reservations, reported Today Online.
“The reclamation of property is in nature a conversion of previous reserves — from monetary assets to state property. This usage isn’t a draw on past bookings,” he said.
Register your interest for a Verdale showflat appointment.
Wong further explained the agreement is part of their Reserves Protection Framework agreed upon by the authorities along with the President, whose constitutional duty is to guard the federal reservations.
He was reacting to a parliament query by Associate Professor Walter Theseira, who inquired about the extent to which the policy of financing land reclamation would be put on the 100 billion climate change prices announced by Prime Minister Lee Hsien Loong in this year’s National Day Rally.
In a supplementary question, the MP asked if”the devotion then… the the expense of land reclamation would be arriving from previous reservations, without drawing or (having) requirement for raising taxes, or is it likely to be flexible based on the Finance Minister at the moment?”
For this, Wong explained the frame already allows the authorities to use beyond reserves for land reclamation jobs.
“That’s already the situation today and that’s the way by which we function currently,” he said.
A current Mediacorp poll revealed that young people were split in their views on whether climate change mitigation measures must be financed by current taxes (41 percent) or by federal reservations (42 percent). A minority (18 percent) needs such steps to be financed by taxes paid by future generations.