Janet Ang on Carbon Pricing (Amendment) Bill

Why is the Government not allowing for more than five per cent of a company’s taxable emissions to be paid for with international carbon credits? NMP Janet Ang asked this question in Parliament on Tuesday (Nov 8), giving industry feedback that the limit is too low. She also wanted to know what is being done to ensure the credibility of carbon products to be traded through Singapore and to reduce the country’s exposure to the risk of carbon trading; what portfolio of projects the Government is focusing on in exploring carbon credit agreements with other countries; and whether the use of carbon credits will affect the amount of emissions Singapore reports to the United Nations Framework Convention on Climate Change. Ms Ang also asked about plans to enhance the public’s understanding of the opportunities and pitfalls of using carbon credits to meet Singapore’s net-zero emissions target by 2050 and its carbon tax obligations, especially for carbon credits sourced from nature-based carbon projects that could have far-reaching implications for the climate, biodiversity and local communities.