News

Singapore’s sustainable finance taxonomy is aligned with those of the EU and China after it was launched at the end of last year. This alignment will serve as a framework for investors to assess green economic activities across these three regions.

Singapore government announced the conditional approval for the import of low-carbon energy from Australia, giving the green light to a 4,300-kilometer undersea cable project connecting the two countries.

Singapore announced that the second phase of the project will expand, with plans to import an additional 100 MW of electricity from Malaysia. However, unexpectedly, this electricity may not necessarily be renewable.

Starting this year, Singapore has increased its carbon tax to SGD 25 per ton (about 19 USD) and announced plans for further increases, aiming to encourage companies to accelerate their carbon reduction efforts.

To reduce the carbon emissions of buildings, the Singapore government has implemented mandatory measures. Starting from the third quarter of next year, high-energy-consuming large buildings in Singapore must adopt energy-saving measures.

Data center startup Sustainable Metal Cloud has introduced an immersion cooling system that reportedly slashes energy consumption by 50% and reduces installation costs by 28% compared to traditional liquid cooling systems.

To reduce carbon tax expenditures, Singaporean companies, under government encouragement, have begun focusing on developing carbon credits in Ghana.

Recent surveys show that Singapore banks have failed to honor their commitments to stop financing coal-fired power plants. Specifically, DBS Bank, UOB, and OCBC Bank were found to have provided up to $2 billion to the coal industry.

A significant milestone has been achieved in the development of marine low-carbon fuels. On August 5, French energy giant TotalEnergies successfully introduced its first batch of 100% biofuel (B100) at the port of Singapore.

Singapore's government has allocated $90 million through the National Research Foundation (NRF) to launch nine research projects spanning three to five years, aimed at achieving net-zero emissions by 2050.