An emissions-intensity target allows for carbon emissions to increase as long as the economy grows, while a target with an absolute cap does not.
"Third, we will need international collaboration in areas such as well-functioning carbon markets and regional power grids," Mr Teo said. In the area of urban transportation, Mr Teo noted that Deputy Prime Minister and Finance Minister Heng Swee Keat had announced during Budget 2020 that Singapore will phase outAs for buildings, Mr Teo said Singapore has greened more than 40 per cent of its buildings by gross floor area since the launch of the Green Mark scheme in 2005.
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