On February 2022, Singapore’s Finance Minister Lawrence Wong announced during the Singapore Budget 2022 that the city-state will raise its carbon tax to S$25 per million tonnes of CO2 equivalent (mtCO2e) in 2024 and 2025, from its current value of S$5/mtCO2e. The amount will progressively increase to S$45/mtCO2e in 2026 and 2027, and S$50 to S$80/mtCO2e by 2030. This move represents one of the largest government-mandated carbon taxes to finance its decarbonisation efforts, create a regional carbon marketplace, and bring forward its net zero emission deadline. The carbon tax will be applied on emission-intensive facilities that directly emit at least 25,000 mtCO2e of greenhouse gas (GHG) emission annually. Companies registered as a taxable facility may utilise high quality international carbon credits to offset up to 5% of their taxable emissions from 2024 onwards.  

Under the Carbon Pricing Act (CPA), industrial facilities are required to comply to the Measurement, Reporting and Verification (MRV) requirements to determine the amount of GHG emissions annually. To do so, facilities must submit a Monitoring Plan and an Emissions Report and engage an NEA-accredited third-party verifier to verify the accuracy of the Emissions Report and implications of GHG control measures. 

One of Singapore’s largest power generation facilities approached TEMBUSU Asia Consulting (TAC) to conduct its MRV and verify their reckonable GHG emissions as indicated in their Emissions Report. The scope of MRV includes extensive desk analysis on data collected during the reporting period, and physical inspection of the facility’s emission streams and sources. TAC also conducted in-depth analysis on the facility’s quality management framework and data management system to substantiate the claim made by the client. TAC then submitted an endorsed Verification Plan Summary and Verification Report to NEA for verification once the MRV has been conducted, as required. 

This project highlights TAC’s commitment to fulfil 3 of UN SDGs, SDG 7: Clean and Affordable Energy, SDG 12: Responsible Consumption and Production, and SDG 13: Climate Action.