Singapore's transition credits aim to defuse Asia's coal climate risks

The Monetary Authority of Singapore wants the credits to help with the retirement of coal plants, which account for 60% of energy supply in the region, and replace them with cleaner sources.

Asian businesses account for a significant 51% of global emissions showing their pivotal role in advancing efforts to mitigate climate change. In order to address the climate crisis in Asia, the Asian Development Bank ADB has estimated that investments averaging approximately $1.7 trillion annually until 2030 are required.

One of the most significant areas that need to be phased out is the region's coal-fired power plants which make up 60% of the energy supply for Asia Pacific Apac and a third of carbon emissions. 

According to Gillian Tan, assistant managing director development and international and chief sustainability officer of the Monetary Authority of Singapore...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 3 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Share our publication on social media
Share our publication on social media