Based on these studies, the government’s most recent time record, which was compiled from discussions with its 30-plus users and experts in coal change and coal markets, identifies risks and proposes practical solutions.
Gillian Tan, the agency’s key sustainability official, said part of the government’s work is understanding buyers ‘ considerations. What do they want change credits to have and what qualities do they want in coal credits?
” We want to make sure that we can create a strong network of great integrity certificates that the business can rely on to ensure that carbon pollution have been actually reduced,” she said.
Ms. Tan added that establishing a robust business requires a balance between supply and demand.
NEED FOR Rules
By the COP of next year, the central bank is currently developing a comprehensive handbook that can be used throughout Asia.
A set of guidelines is necessary, according to Sharad Somani, partner and head of business consulting firm KPMG Singapore, to ensure the system’s dignity and respect, and ensure the source of credits is reliable.
There must also be a need for such certificates, he added. This means stakeholders at COP summits – such as the ongoing , COP29 , in Baku, Azerbaijan – may push for bilateral deals on the Paris Agreement, linking method to generate business demand, he said.
Countries can move or buy coal funds earned from reducing greenhouse gas emissions in accordance with Article 6 of the deal to assist other countries in meeting their climate goals.
” We ( also ) have to have a proper documentation process, to ensure that every credit that has been generated is documented and extinguished. Just when we can meet need, supply, and technology, in my opinion, will transition credits mature in this area,” said Mr. Somani.
Singapore added that in accordance with the concepts of “green” or” transitional actions” the country has also endorsed the European Union and China.
Investors will now be able to identify what activities they can invest their money in to achieve green goals with this world-first nomenclature.