In February 2018, the Singapore Government announced that from 2020, all facilities producing 25,000 tonnes or more of greenhouse gas emissions in a year will have to pay a carbon tax of $5 per tonne of greenhouse gas emissions from 2019 to 2023.
The six greenhouse gases that will be covered under the carbon tax are: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulphur hexafluoride (SF6).
The facilities producing 25,000 tonnes or more of greenhouse gas emissions in a year will need to prepare an annual monitoring plan on their carbon emissions and these reports will have to be verified by independent third parties.
ISO 14064-1 and ISO 14064-3 are internationally recognised standards used for carbon emissions reporting and verification, and frameworks and principles from these standards can be adopted by companies that wish to voluntary report on their carbon emissions, as well as those that are required to do mandatory reporting, such as the those impacted by the Carbon Pricing Bill in Singapore, the maritime sector (under the European Union (EU) shipping Monitoring, Reporting and Verification (MRV) Regulation) and the aviation industry (under the Carbon Offsetting and Reduction Scheme for International Aviation – CORSIA).
For those preparing Sustainability Reports or if your organisation is seeking external assurance for Sustainability Reports, the ISO 14064 course will provide you with a greater understanding on how the Scope 1, Scope 2 and Scope 3 Emissions of an organisation should be reported, and the extent and type of information the organisation should have in place when emissions related data sets are being verified.
Sustinere has partnered with Carbon Action to present a 5-day course which covers both the GHG emissions reporting aspects and verification of the GHG emission reports which companies can use to satisfy a variety of stakeholders who demand access to this information, including shareholders, regulators, commercial partners, investors and financial institutions, and consumers.
For more details, please refer to our course brochure