S1E109: How Singapore sets the global standard for carbon offsets: Grace Fu

Oct 15, 2023

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Find out why support from governments could be just what the market needs to improve quality and integrity.

Synopsis: Every first and third Monday of the month, The Straits Times analyses the beat of the changing environment, from biodiversity conservation to climate change.

Carbon credits have been in the news a lot lately. And not always for the right reasons, with concerns about whether they really do help reduce emissions.

Yet carbon credits can be a useful tool in tackling climate change. Paying investors for every tonne of carbon emissions they take out of the atmosphere or avoid from being emitted can help developing nations ramp up climate action.

What is needed is tougher standards and more careful vetting of carbon offset projects. And Singapore, which is positioning itself as a global hub for carbon offset trading and project financing, is helping drive efforts to boost the quality and integrity of carbon offsets.

For instance, the government recently announced the eligibility criteria for carbon offsets that can be used by big polluters under the nation’s carbon tax regime.

In this episode, ST's climate editor David Fogarty hosts Singapore’s Minister for Sustainability and the Environment Grace Fu, to find out more about this.

Highlights (click/tap above):

1:05 Why are carbon credits a useful tool and how can they help Singapore meet its climate targets?

5:26 Yet concerns remain about carbon offsets. Why is that?

9:59 What are the new eligibility criteria for offsets that can be used in Singapore’s carbon tax regime?

15:03 How will carbon offsets used by firms in Singapore be vetted?

19:37 What are corresponding adjustments?

24:05 Will the 5 per cent offset cap in the carbon tax scheme be increased?

Produced by: David Fogarty (dfogarty@sph.com.sg), Ernest Luis, Hadyu Rahim & Amirul Karim

Edited by: Hadyu Rahim

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