Singapore, November 11, 2021: The Singapore Economic Development Board (EDB) and Enterprise Singapore (ESG) on November 5 published a study which finds that Singapore is well-positioned to become a carbon services and trading hub for Southeast Asia and the Asia Pacific region.
South Pole led the research consortium with Vivid Economics and engeco on the “Study of Singapore as a Carbon Services Hub”, which was jointly commissioned by the EDB and ESG to assess the role that Singapore can play to provide services for a low-carbon future and provide considerations to develop Singapore as a go-to location for carbon services.
Singapore’s advantages, like its ecosystem of carbon services (as set out in the Singapore Green Plan 2030), hub position for green finance and commodity trading, and proximity to Asia, puts it in a strong position to effectively offer carbon management services to companies across Asia. Creating a hub for decarbonization would lead to more jobs, the study finds, building on a network of services - like commodity financing and trading, insurance, and legal services - that already exist and a growing demand for climate risk analysis, decarbonisation strategy development, and carbon trading. Also, new governance roles, such as certification and verification, are expected to be created to ensure the integrity of decarbonisation efforts.
"It is wonderful to see the Government of Singapore recognizing climate action as a business opportunity, and supporting countries in southeast Asia and Asia Pacific in their efforts to decarbonise", said Dr. Maria Carvalho, Head of Public Affairs at South Pole and the lead author to the study. "Our study shows that Singapore is already well positioned to provide trading, financial, and legal services to support the carbon markets in the region. Greater business opportunities in advisory and innovation sectors will grow as countries and companies take on more ambitious targets that clearly signal an effort to decarbonize, within and beyond their supply chains."
Isabel Hagbrink, Director of Communications, South Pole
South Pole, recognised by the World Economic Forum as a Social Enterprise, has been at the forefront of decarbonization since 2006. With its global Climate Solutions platform, South Pole develops and implements comprehensive strategies that turn climate action into long-term business opportunities for companies, governments and organizations around the world.
South Pole is also a leading project developer, and has provided nearly 1,000 projects in over 50 countries with climate finance to reduce over a gigaton of CO2 emissions, and to provide social benefits to less privileged communities who are particularly vulnerable to climate change.
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