In the latest step to become an electric country, Singapore is now looking to phase out petrol and diesel vehicles by the year 2040.

The announcement was made by the Finance Minister of the country and said they are going to make a bet on electric cars as part of the country’s efforts to cut greenhouse gases and fight climate change.

Singapore, which is home to over 5.7 million people, is now joining the United Kingdom, Norway, and other big countries to become all-electric in the field of vehicles.

Heng Swee Keat, the Finance Minister of Singapore, said, “Our vision is to phase out ICE (internal combustion engine) vehicles and have all vehicles run on cleaner energy by 2040.”

Singapore is one of the most expensive countries in the world to buy a car and there are only a bunch of electric vehicles in the country.

Recently, Elon Musk, the CEO of Tesla, criticized the country for not being supportive of electric vehicles.

While presenting the budget of Singapore on Tuesday, Heng said residents of the country will be encouraged to buy electric vehicles.

This will be done by an included registration fee rebate on purchases of fully electric vehicles and taxis.

Singapore, an oil-refining hub, will also expand public charging infrastructure to 28,000 points by the year 2030.

During his speech on Tuesday, Heng said, “As a low-lying island nation, rising sea levels threatens our very existence”

The country will be setting aside a coastal and flood protection fund with an initial injection of $5 Billion Singaporean Dollars.

Last year, the prime minister of Singapore said protecting the country from the rising sea levels due to global warming can cost the country over $72 Billion USD or more in the next 100 years.