Solar power capacity meets 2025 target; carbon credit transfer agreement inked with Bhutan: SM Teo
Senior minister, who chairs a climate change government committee, was giving an update on Singapore’s latest developments in climate action
SINGAPORE has met its 2025 target of deploying 1.5 gigawatt-peak (GWp) of solar power, placing the country on track to meet its 2030 goal of 2 GWp, revealed Senior Minister Teo Chee Hean on Friday (Feb 28).
It also inked a carbon credit transfer agreement with Bhutan, the third country to sign such an agreement with the Republic, after Papua New Guinea and Ghana.
Teo – who chairs a climate change government committee – was giving an update on Singapore’s latest developments in climate action, as part of the debate on the budget for the Prime Minister’s Office, which houses the National Climate Change Secretariat.
Singapore’s solar deployment has trebled since 2020 and is ahead of schedule. This means that the city-state is on track to meet its 2030 climate targets, Teo added.
The country had previously committed to having its emissions reduced to 60 million tonnes of carbon dioxide equivalent by 2030 from a peak of 64.4 million tonnes in 2028.
As for the carbon credit transfer pact with Bhutan, Teo said that these are “win-win agreements” that “will promote the development of (Bhutan’s) carbon mitigation projects... while helping us meet our emissions targets”.
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The deal with Bhutan – which is one of the very few carbon-negative countries in the world – comes more than one year after negotiations were substantively concluded.
It was signed between Singapore’s Sustainability and Environment Minister Grace Fu and Bhutan’s Energy and Natural Resources Minister Gem Tshering on Friday, said the Ministry of Trade and Industry (MTI) in a separate press statement.
MTI said that this collaboration will advance both countries’ climate ambitions by directing financing towards additional mitigation efforts.
It sets out a legally binding framework and processes for the generation and international transfer of carbon credits between Singapore and Bhutan that is aligned with the Paris Agreement.
Under the Paris Agreement, Bhutan will have to increase its reported emissions by the amount of carbon credits it has transferred to Singapore, to avoid double-counting.
Carbon mitigation projects that aim to promote sustainable development and deliver tangible benefits to local communities will be among those that will be authorised under the framework between both countries, added MTI.
This includes the creation of jobs, improved access to clean water, enhanced energy security, and reduction of environmental pollution.
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