During the recent Budget announcement in February this year, Minister of Finance Lawrence Wong stated that Singapore will aim to achieve net-zero carbon emissions by or around 2050, in line with our commitment to address the challenges of climate change.
Presently, the bulk of Singapore’s energy supply comes from natural gas, and the power sector accounts for about 40 percent of the country’s total emissions. This paired with growing environmental awareness in Singapore have started putting pressure on organisations to meet clean energy goals as investors and customers become more vocal about the importance of using green energy. This growing pressure from stakeholders has led to a rise in the use of Renewable Energy Certificates (RECs) by businesses, as a means of fulfilling their sustainability commitments and reducing their carbon footprint.
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