COS 2022: Net-zero by 2050

MP Louis Chua

Mr Chua Kheng Wee Louis (Sengkang): Chairman, during this year’s Budget, Minister Lawrence Wong announced that Singapore is targeting to reach that net-zero by or around mid-Century.

First of all, I would like to thank the Government for coming to this decision. As party to the Paris agreement, Singapore has a duty to set a clear target that aligns with the 1.5 degrees goal. This is even more so as we recently signed the Glasgow Climate Pact. A new net-zero target sends an urgent that we take climate change very seriously.

I also want to take this opportunity to acknowledge the work of Civil Society members, like climate scientists, youth activists as well as fellow Members of Parliament who have been pushing for a more ambitious target for years.

However, I have several classifications about the new target that increased carbon pricing. From 2024, businesses will be able to use and I quote, “high-quality international carbon credits to offset up to 5% of their taxable emissions.”

What accountability measures will the Government put in place to ensure transparency and fair implementation? How much of the Government’s own net- zero target will be based on such international carbon credit offsets? With the latest update to net-zero targets, what is the Government’s projection of our emissions pathway from today up to mid-century? Specifically, are we still looking at rising emissions levels up to 2030?

Lastly, all this is clearly a huge step forward. Around mid-century is still quite ambiguous, to be honest, and we all know what it means to set smart goals – specific, measurable, achievable, relevant and time-bound. So, will the Government consider setting a more exact deadline to achieving net-zero emissions? Can we strive firmly towards net-zero by 2050?

7 March 2022
Ministry of Sustainability and the Environment

https://sprs.parl.gov.sg/search/sprs3topic?reportid=budget-1873

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