Carbon Management Solutions is proud to present OurPath Platform SG, a decarbonisation platform designed to transition Singapore's commodities industry to a greener future. As a signatory to the Paris Agreement, Singapore has committed to reducing greenhouse gas emissions and limiting global temperature increases. The Intergovernmental Panel on Climate Change (IPCC) has provided crucial scientific guidance on the necessary steps to achieve these goals. The National Environment Agency (NEA) and the Singapore Green Plan 2030 outline the country's ambitious targets for sustainable development and decarbonisation. The Green Plan seeks to galvanise a whole-of-nation movement and advance Singapore's national agenda on sustainable development.1
In the commodities industry, bunker fuel is a significant contributor to greenhouse gas emissions. According to a report by the International Maritime Organization (IMO) published in 2020, the shipping industry is responsible for about 2.89% of the world's CO2 emissions.2 Within the shipping industry, bunkers fuel is the main source of greenhouse gas emissions, accounting for about 80% of the sector's emissions. 2 Furthermore, Singapore is one of the world's largest bunkering ports, and bunker fuel sales have been a significant contributor to its economy. According to data from the Maritime and Port Authority of Singapore, bunker sales reached 47.9 million tonnes in 2022, making Singapore the largest bunkering hub in the world.3
The urgent need for companies to transition to decarbonisation cannot be overstated. Early adoption of decarbonisation strategies not only ensures compliance with future regulations but also provides access to capital markets benefits. As the Singapore government introduces measures to encourage the shift towards cleaner energy, including a carbon tax and green financing schemes, companies that transition to decarbonisation sooner rather than later will have a competitive edge and be better prepared for future regulatory changes. Demonstrating a commitment to decarbonisation also attracts investors who prioritize environmental, social, and governance (ESG) factors.
Carbon Management Solutions' OurPath Platform offers tailored decarbonisation solutions that are designed to help businesses in the commodities industry, including the bunker fuel sector, reduce their greenhouse gas emissions. Our approach includes carbon offsetting and linking with the commodity to make it a tradeable asset that retains its carbon profile. By adopting these measures, companies can reduce their environmental impact and take significant steps towards a sustainable future.
Carbon Management Solutions' OurPath Platform offers Singapore's commodities industry a pathway towards a more sustainable future. As the country moves towards a greener future, decarbonisation will be a critical factor for businesses to stay competitive, access capital markets, and meet regulatory requirements. The urgency of decarbonisation cannot be overstated, and companies that transition sooner rather than later will be better prepared to take advantage of the benefits that come with it.
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Source: Maritime and Port Authority of Singapore
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