Singapore consortium to form emissions registry

A consortium of firms led by the Singapore Business Federation (SBF) will set up a registry to help local businesses establish more accurate emission inventories, the SBF announced today.

The SBP is partnering the Agency for Science, Technology and Research, consultancy PwC and telecommunications group Singtel to set up the Singapore Emission Factors Registry (SEFR). The first phase of the registry is targeted to be ready by the end of this year.

The SEFR will consist of an emission factors (EFs) database that is reflective of local conditions, according to the SBF. The EFs will allow for the conversion of business activities into greenhouse gas emissions. More details on how this conversion will be carried out were not provided, although the SEFR "supports existing reporting tools and solutions in the ecosystem that help enterprises automate their sustainability reporting process," said the SBF.

Singapore businesses are currently using EFs from international sources such as the US Environmental Protection Agency and UK Department for Environment, Food and Rural Affairs in their carbon emissions reporting, especially for scope 3 emissions.

The "localised" EFs will be developed in phases, and the initial base load for the first phase will be made up of data from various government agencies, in relation to transportation, water, general waste and energy. EFs for additional categories will be developed and released based on demand and after industry consultations.

Three-quarters of local businesses have already implemented or plan to implement environmental, social and governance (EGS) practices into their operations, according to a survey by the SBF. But 60pc of businesses stated they require support in areas of funding, greater clarity on EGS reporting metrics and access to ESG tracking and measurement technology.

"With the development of localised EFs, local businesses will be able to report their emissions more accurately," said SBF chief executive Kok Ping Soon. "The SEFR is part of a broader suite of programmes that SBF will progressively be rolling out to support businesses in their net zero transition," he added.

This is the latest in a series of moves Singapore has taken to create a carbon market as part of its decarbonisation efforts. The country in June last year launched a spot trading platform for carbon credits. It subsequently in December published a list of eligible international carbon credits under the International Carbon Credit framework, which companies can use to offset up to 5pc of their carbon tax liability, in lieu of paying the carbon tax.

Singapore's carbon tax has been set at S$25/t ($18/t) for 2024-25 and will subsequently be raised to S$45/t in 2026-27. The tax will be reviewed with a long-term view of increasing it to S$50-80/t by 2030.

By Prethika Nair