Carbon
Neutralisation
Audit and Consulting

Worldwide initiative

The UK government legally committed to reach net-zero greenhouse gas emissions by 2050. This makes the UK the first major economy in the world to pass a law to bring all its greenhouse gas emissions to net zero. It has also set legally binding carbon budgets which cap the amount of greenhouse gases the UK can emit over a 5-year period. The Sixth Carbon Budget, which covers the period 2033-2037, requires a reduction in emissions of 78% by 2035 compared to 1990 levels.

In the EU, it is a set of policy initiatives by the European Commission aimed at making Europe climate neutral by 2050. It includes a plan to increase the EU's greenhouse gas emission reductions target for 2030 to at least 55% compared to 1990 levels. The EU operates the world's largest emissions trading system, the EU ETS, which sets a cap on the total amount of certain greenhouse gases that can be emitted by installations in the system. Companies receive or buy emission allowances which they can trade with one another as needed.

Launched in February 2021, the Singapore Green Plan is a whole-of-nation movement to advance the national agenda on sustainable development. It includes ambitious targets in the areas of City in Nature, Energy Reset, Sustainable Living, Green Economy, and Resilient Future. Some key targets include:

A 30% reduction in energy consumption in the public sector by 2030.
Increasing solar deployment to at least 2 GWp by 2030, enough to power around 350,000 households annually.
A 20% improvement in energy efficiency in the industry sector by 2030 compared to 2020 levels.

Singapore implemented a carbon tax in 2019, which applies to large greenhouse gas emitters in the industry sector. The tax initially started at SGD 5 per tonne of greenhouse gas emissions and is set to be reviewed in 2023, with plans to increase the tax rate to between SGD 10 and SGD 15 per tonne by 2030.

Challenges and issues faced by companies

Operational Changes: Achieving carbon neutrality often requires significant changes to a company's operations. For instance, it might involve shifting to renewable energy sources, making equipment more efficient, or adopting new technologies. This can involve substantial costs and operational disruptions.
Direct and Indirect Emissions: While it might seem straightforward to reduce emissions under a business’s direct control, considering the emissions generated outside of the company's operations is also crucial. This includes emissions from the supply chain, transportation, and use of the company's products. Addressing these indirect emissions can be more complex and challenging.
Regulatory Pressure and Stakeholder Expectations: As companies move towards carbon neutrality, they are likely to face increasing pressure from regulators, shareholders, customers, and other stakeholders.
Reporting Challenges: Accurate carbon reporting is crucial for tracking progress towards carbon neutrality. However, companies face economic and practical challenges when it comes to accurately reporting their carbon emissions.
Technological Hurdles: Certain sectors, such as heavy industries (steel, cement, chemicals), pose specific technological challenges for achieving net-zero emissions, as they traditionally have high CO2 emissions and transitioning to low-carbon alternatives is not straightforward.

Services

Carbon impact assessment
and audit

Address interpretation differences in GHG assessment
Ensure consistent assessment process
Develop & map GHG inventory with clear scope/boundaries
Full carbon audit for ESG rating and financial statements supporting documents

Data capture, standardisation and
management

Software for GHG inventory setup
One stop dashboard for all metrics and manage carbon profile using our software solutions
Uniform metrics for comparability
Audit trail to ensure accountability, transparency & integrity