German testing and certification group TUV SUD launched on Wednesday (9 Sep) a new S$30 million decarbonisation centre in Singapore, which will help companies measure and verify emissions and other carbon data.
Supported by the Singapore Economic Development Board (EDB), the Global Decarbonisation Centre of Excellence will serve companies in Singapore and across Southeast Asia.
The centre comes as carbon markets expand across the region, with estimates cited by TUV SUD putting the cumulative opportunity in ASEAN at up to US$3 trillion (S$3.84 trillion) by 2050.
Speaking in a pre-recorded video at the launch, Minister for Sustainability and the Environment Grace Fu said carbon markets could channel financing towards emissions reductions and removals, but could only scale if they were credible and trusted.
“This requires rigorous standards, reliable data, and robust measurement, reporting and verification,” added Fu, who is also minister-in-charge of trade relations.
But differing regulations and methodologies, as well as difficulties in measuring and verifying carbon data, remain hurdles to greater participation in these markets, said TUV SUD.
“At a time of growing complexity in climate action, progress depends on trust that can be verified,” said its chief operating officer Ishan Palit.
