Urgent.News

What's breaking now, across thousands of outlets.

Finance & Markets

Singapore updates renewable energy certificate standard to tackle greenwashing; unveils new solar efforts

The updated standard will strengthen trust in corporate sustainability reporting, said Minister of State for Trade and Industry Gan Siow Huang

Singapore is updating its standard for renewable energy certificates (RECs) to combat greenwashing risks, while simultaneously expanding its solar energy initiatives. Minister of State for Trade and Industry Gan Siow Huang revealed the changes on October 27, stating that the updated Singapore Standard 673 (SS673) will require companies claiming to utilize clean power via RECs to ensure these instruments are linked to green electricity directly supplied to the local power grid.

RECs represent market-based instruments originating from clean energy projects like solar and wind farms, which companies can purchase to offset fossil fuel-based electricity consumption. The update aims to bolster trust in corporate sustainability reporting and minimize greenwashing concerns. The move aligns with international efforts to ensure renewable electricity claims are supported by credible evidence, following feedback from businesses requesting greater clarity on RECs.

Additionally, Singapore aims to import 6 gigawatts (GW) of low-carbon electricity by 2035 from neighboring countries. To foster solar power adoption, the government has launched several initiatives. The Energy Market Authority (EMA) has introduced a solar demand aggregation framework for the public sector, promoting solar deployment across government-owned premises and exploring new locations for solar installations, such as solar carports and solar clay tiles on heritage state buildings.

Industrial landlord JTC is organizing two innovation challenges, one focusing on solar projects installed on building facades and the other on off-grid power systems with containerized solar panels and mobile battery energy storage systems. JTC has also commenced an overhang solar project at 15 Woodlands Loop, and is testing innovative solar roof tiles that mimic traditional clay roof tiles on heritage state buildings.

Furthermore, the government is developing a digital portal to facilitate solar adoption among private residential landed properties, working with the Sustainable Energy Association of Singapore (SEAS) to provide homeowners with information, connect them with solar installers, and explore group purchase opportunities.

Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

This story

This is one outlet's version. Read the fullest account.

Read the original at businesstimes.com.sg →

More in Finance & Markets

More from Tuesday 27 October →