News / #Carbon capture, use and storage
Co-led by two senior South Pole staff, the Singapore-based Asia Centre of Carbon Excellence seeks to grow nascent decarbonisation projects in the region, such as early coal phase-out, greener shipping fuels and carbon capture and storage.
Last month, Germany became the first major economy to announce that it intends to introduce a target to reach “net-negative” emissions later this century.
The Singapore lender, which has cut a third of its coal exposure since 2021, said that its pledge to cease financing new coal assets remains unchanged. It is still undecided on how to account for this emerging emissions category.
The plant, backed by Singapore's water agency PUB and US-based startup Equatic, aims to remove 10 tonnes of carbon dioxide from the ocean each day.
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