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The Civil Aviation Authority of Singapore will also launch 12 key initiatives, including a levy on sustainable aviation fuel and low-carbon electricity imports.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, James Bee, and Kevin Mak

The Civil Aviation Authority of Singapore (CAAS) has launched the Singapore Sustainable Air Hub Blueprint (Blueprint) as part of its efforts to decarbonise Singapore’s aviation sector while enabling sustainable growth.

Background

The Blueprint aims to reduce domestic aviation emissions[i] from airport operations by 20% from 2019 levels (404ktCO2) in 2030 and achieve net zero domestic and international aviation emissions by 2050. This net zero goal aligns with both Singapore’s national climate target and the International Civil Aviation Organisation’s target for the global aviation industry. Alongside the Blueprint, CAAS will introduce 12 initiatives to decarbonise Singapore’s aviation sector and five enablers for the effective implementation of these decarbonisation initiatives. The initiatives will be implemented across three domains: airport, airline, and air traffic management.

The consultation seeks feedback on its “measures-based approach” to classifying industrial activities, as well as “Do No Significant Harm” criteria.

By Paul A. Davies, Farhana Sharmeen, Michael D. Green, and James Bee

The Green Finance Industry Taskforce (GFIT) was convened by the Monetary Authority of Singapore (MAS) and includes representatives from financial institutions, corporates, and financial industry associations, among other stakeholders. The industry-led group aims to accelerate the development of green finance in Singapore through four initiatives:

  1. Developing a taxonomy
  2. Enhancing environmental risk management practices of financial institutions
  3. Improving disclosures
  4. Fostering green finance solutions

The proposed taxonomy for green and transition activities is aligned with increasing global demand for clear and consistent classification of sustainable finance activities.

By Paul Davies and Sabrina Singh

In May 2022, the Green Finance Industry Taskforce — a multi-stakeholder group convened by the Monetary Authority of Singapore to accelerate the development of green finance — released for public consultation a second paper (Consultation Paper) on a Green Taxonomy for Singapore-based financial institutions (Green Taxonomy), with particular relevance to those active across ASEAN. The Consultation Paper follows a first paper on the Green Taxonomy, which was released in January 2021.