OPINION: Singapore has ambitious plans to become a global carbon services and carbon trading hub and is developing a classification system and guidelines to ensure the quality and credibility of carbon credits.
The goal of developing an internationally trusted carbon services and leading carbon trading ecosystem has the backing of Singapore’s Emerging Stronger Taskforce, which is studying ways to re-ignite the economy and progress sustainability initiatives amidst the Covid-19 pandemic.
Meanwhile, researchers from the National University of Singapore and supermajor Shell are teaming up to develop novel processes to use carbon dioxide to produce cleaner-burning fuels and chemicals for the energy industry.
Also, this week leading research centres in Singapore joined a partnership with the COP26 Universities Network to address climate change in the Asean region.
This collaboration echoes COP26 president designate Alok Sharma’s call to global academia to help deliver the strategic aims for November’s UN climate change conference, which will be hosted in the UK in partnership with Italy.
Singapore has long punched above its weight in the global oil and gas arena.
Despite having no indigenous hydrocarbon production, it has grown to include contractor giants such as Keppel Offshore & Marine and Sembcorp Marine in its ranks.
Also, the city state is becoming a global LNG trading hub and offering bunkering facilities.
This trend of becoming a global powerhouse now looks set to be replicated within the energy transition space under Singapore’s Green Plan 2030.
(This is an Upstream opinion article.)