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Carbon credit deals are important tool for reaching net-zero target

Senior Minister of State for Finance and Transport Chee Hong Tat said during a panel discussion on Dec 5 that Singapore may need to rely on carbon credits to some extent to reach the net-zero target in 2050.

Senior Minister of State for Finance and Transport Chee Hong Tat said during a panel discussion on Dec 5 that Singapore may need to rely on carbon credits to some extent to reach the net-zero target in 2050. While investing in climate technologies may be the preferred option in Singapore’s decarbonisation drive, the purchasing of carbon credits is still an important tool to supplement that. Singapore has stepped up its efforts on that front by signing agreements with countries including Ghana to collaborate on carbon credits ( , Dec 3). This will allow us to buy carbon credits from emissions reduction projects in those countries to reduce our carbon footprint. This will give our decarbonisation drive a significant boost.