Singapore aiming for net-zero emissions by earning carbon credits
Singapore is stepping up its efforts to achieve net-zero greenhouse gas emissions by earning carbon credits. It’s working with countries in Asia, South America and Africa to offset its emissions.
Singapore signed an agreement on carbon credits with Paraguay last month. The deal was the island country’s seventh, following those with partners such as Bhutan, Peru and Rwanda.
The credits are tradable instruments for global decarbonization efforts. Singapore provides its partners with technology or funding to cut emissions. When those countries achieve reductions, Singapore gets a share of the earned credits.
The country aims for net-zero emissions by 2050. But it has very limited space for green energy generators such as solar panels and wind turbines.
Singapore hopes that by cooperating with other countries, it can both reduce its carbon footprint and achieve green business expansion.
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