Speech by Ms Grace Fu, Minister for Sustainability and the Environment, at the Partnership to Strengthen Transparency for co-Innovation (PaSTI) - Japan-ASEAN Integration Fund (JAIF) side event at the COP27 Singapore Pavilion
Ladies and Gentlemen,
1 Good afternoon, and a very warm welcome to our inaugural Singapore Pavilion at COP27. I am delighted that our friends and colleagues from Japan and ASEAN are able to join us here today.
2 Since the adoption of the Glasgow Climate Pact at COP26 last year, 33 countries have strengthened their 2030 emissions reduction targets in their Nationally Determined Contributions (NDCs). Similarly, Singapore has strengthened our commitment to climate action. We raised our climate ambition to reach net zero emissions by 2050, and enhanced our NDC to reduce our 2030 emissions from 65 million tonnes to 60 million tonnes, after peaking earlier than what we had previously committed to. This is by no means an easy target, because Singapore, as you know, is a very small country and we are very constrained with regard to renewable energies. We spoke earlier about how we lack resources, and we can look to Japan for cooperation of technologies to help us reach our net zero targets.
3 This year, the COP27 Presidency has put the focus on implementation, and urged countries to move ahead and translate their commitments into concrete actions. In our journey of emissions reduction, tracking of greenhouse gas emissions is key. When emissions are accurately measured and reported, countries can have a clear basis to track the progress of implementing their NDCs.
4 A robust measurement, reporting and verification (MRV) regime is fundamental to successfully implement climate mitigation solutions.
a. It ensures that greenhouse gas emissions are properly accounted for and properly factored into the costs of production. When Singapore implemented a carbon tax in 2019, we set up a national MRV regime to accurately determine the levels of taxable emissions across different sectors of the economy. We worked with our industry to ensure that the regime, while robust, does not impose a disproportionate reporting burden. We also grew a sizable pool of accredited third-party verifiers so that greenhouse gas emissions verification services are available to industry at competitive prices.
b. A robust MRV regime also provides confidence for countries and companies to work towards high-integrity carbon markets. Such collaborations must be built on robust carbon accounting frameworks in accordance with Article 6 of the Paris Agreement rulebook, and will require the development of new infrastructure, tools and capabilities.
5 In this context, the Partnership to Strengthen Transparency for Co-Innovation, or PaSTI, is a significant initiative. It aims to develop and build up MRV regimes for greenhouse gas emissions across ASEAN member states. The project is implemented over two phases.
6 The first phase was completed in 2020, where ASEAN Member States participated and developed a roadmap for designing facility-level greenhouse gas Measurement and Reporting (M&R) Guidelines for the region. The document helped to pave the way to harmonise M&R systems in the region.
7 We have now moved on to Phase Two, which will establish facility-level M&R guidelines for the region and can be trialled through pilots. When implemented, this proof-of-concept pilot will serve as a useful reference for the development of harmonised and robust M&R systems in the region.
8 In collaboration with the Ministry of Environment Japan and Overseas Environmental Cooperation Centre, Japan (OECC), I am glad that the M&R guidelines are nearing completion, and the draft will be released to the ASEAN Working Group on Climate Change (AWGCC) for endorsement.
9 We will also be launching a Regional Transparency Information Platform to strengthen the transparency of MRV regimes in the ASEAN region. The platform will provide countries with access to information and knowledge for transparency, such as MRV guidelines in ASEAN Member States.
10 I thank the Ministry of Environment Japan, the OECC and the AWGCC for the close collaboration and support throughout this journey. I look forward to our continued partnership to collectively advance global climate action. Thank you.