TEMBUSU Asia Consulting Pte. Ltd. has been accredited as an external auditor to conduct independent verification of Greenhouse Gas (GHG) emissions under Singapore’s Carbon Pricing Act 2018.
The Carbon Pricing Act was first published in the Government Gazette on 1 June 2018 for the reporting of and tax payment in relation to GHG emissions, and to make consequential and related amendments to the Energy Conservation Act (ECA). The Singapore government has implemented a carbon tax effective from 2019 at a rate of S$5 per tonne of GHG emissions until 2023.
The GHG Measurement and Reporting Regulations 2017 (GHG M&R Regulations) was gazetted on 22 December 2017 under the ECA. Under the GHG M&R Regulations, a registered corporation/facility will be subject to M&R requirements when its total direct GHG emissions (Scope 1) exceeds the threshold of 25,000 tCO2e (i.e. tonnes of carbon dioxide emission) in any calendar year.
Sectors directly emitting GHG that will be affected by this carbon tax include refineries, petrochemicals, chemicals, semiconductor, power generation, electronics, biomedical, and waste and water management.
Please refer to our news article Overview of carbon tax in Singapore for more clarifications on Singapore’s carbon tax and Carbon Pricing Act 2018.