Under increasing pressure to cut carbon emissions and lay out sustainability plans, firms need carbon credits to offset emissions they are unable to remove from their operations.
It aims to capitalise on Singapore's reputation as one of the world's leading financial and trading hubs, supported by a strong regulatory framework, Ravi Menon, managing director of the Monetary Authority of Singapore, told the news conference. "While there are international markets, there would be a strong preference by participants to trade in markets located close to where the projects are based," Andrew Koscharsky, chief commercial officer at iSwitch, an electricity retailer in Singapore, told Reuters.
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