In the report, MOF stated that the expansion of public transportation system and an electric rail system is essential to reducing the carbon footprint in this business, with the property transfer sector currently accounting for about 15 % of carbon emissions in Singapore.
The Monetary Authority of Singapore( MAS ) added in a separate press release in August 2022 that the expansion of the country’s electric rail network would improve connectivity and encourage more commuters to use mass public transportation.
The Singapore Green Plan 2030’s” Sustainable Living” pillar, which aims to achieve a 75 % mass public transportation modal share, is supported by the development of the JRL and CRL & nbsp. & nbsp,
According to Ms. Rajah,” the expansion of our energy road network is a key enabler to reach our ambitious target of substantially reducing land transportation emissions in absolute terms, in line with Singapore’s target of achieving net zero by 2050.”
According to MOF, when both lines are fully operational, a complete annual carbon monoxide equivalent of between 100,000 and 120 000 kilograms will be saved.
” This is comparable to removing 22, 000 vehicles from Singapore’s roads ,” nbsp
According to MOF’s report, it & nbsp hired Morningstar Sustainalytics, an independent consultant, to create a methodology to calculate the avoided greenhouse gas emissions and air pollutants due to investments in the electric rail projects. & nbsp,
It was also stated that the amount of greenhouse gas( GHG ) emissions avoided by the project ranged from & nbsp, 100,000 to 120, 000 tCO2e per year, and the quantity of emissions financed, 1, 200, to 1, 800, respectively. Both figures had two major figures rounded out of them.
Coming natural bond reports will include yearly updates on the estimated effect.