By Wasana Nadeeshani
Singapore (Commonwealth)_ Singapore has numerous corporations that excel at climate reporting, but the Singapore Exchange stated that others had room for improvement. Law Tat Win, chairman of manufacturing business Chevron Singapore, stated that there are still barriers preventing manufacturing firms from adopting low-carbon solutions. One of the obstacles in shifting to lower-carbon solutions, he said, is the lack of a unified approach for tracing carbon emissions.
According to Tat Win, forming the proper relationships and making the correct investment decisions will enhance alternative energy solutions among industrial enterprises. Another option is for governments to implement clear policies that promote low-carbon energy options.
Tat Win discussed advances in low-carbon solutions such as carbon capture, utilization, and storage technologies (CCUS) and Chevron’s actions in growing its lower-carbon business in renewable fuels and products, hydrogen, offsets, and emerging lower-carbon opportunities in an interview with Singapore Business Review. Tat Win also reviewed these energy alternatives at a closed-door discussion last October at the Industrial Transformation Asia Pacific 2022.
Large-scale, scalable low-carbon solutions are difficult to implement. It is not something that a single corporation or country can do on its own. However, there is no one universal approach for tracking and tracing carbon across the value chain today. As a result, developing a standard that the sector can support and that other key stakeholders, including governments, can support is an essential journey that must undertake.
In the Singapore setting, collaborated with Pavilion Energy to establish a greenhouse gas (GHG) measurement and reporting technique for LNG shipments. The goal of this LNG carbon footprint printing process is to provide a cargo-specific GHG emissions profile based on the carbon footprint of the supply chain from wellhead to delivery location.
The Statement of Greenhouse Gas Emissions (SGE) Methodology is one of the first published approaches for quantifying the greenhouse gas (GHG) emissions associated with a delivered liquefied natural gas (LNG) cargo. It provides a measurement, reporting, and verification approach that supplements conventional GHG reporting protocols to produce a consistent, confirmed SGE for each LNG cargo delivered. This technique was confirmed by academics as well as other industrial partners.
This is a first for LNG. We need specific methodology created for each of these new supply chains that are being put out, since we have only recently begun this new supply chain for the low carbon area, so that we know how much CO2 is being abated via the efforts that are starting on. Industry forums, where industry partners may come together to discuss and collaborate in the low-carbon arena, are another critical component needed to assist progress our efforts.
In the biofuels sector, how can scale up the usage of renewable fuels in maritime space, and the pilot launched will span three continents and 13 ports? This also brings together a group of partners to create the technology for tracing biofuels as they are used along the supply chain. Moreover, at the same time
There is no one option that would assist an industrial plant in reducing its carbon footprint. It is mostly due to the fact that manufacturing facilities must cope with a variety of characteristics in each jurisdiction.
Different governments have legislation in place that would allow for lower-carbon solutions, but some are more progressed than others. Some countries have a carbon pricing in place, while others do not. The availability of technology is the second factor. For instance, in the field of carbon capture and storage (CCS). If you look at a storage solution, such as one in Singapore, you may be able to capture the carbon but not halt the CO2. To implement a CCS, you must consider a new type of solution.
The third is likewise related to the long-term viability of industrial facilities. Most of these lower-carbon solutions will come at a cost for some, namely the capacity to create a transparent marketplace in which the cost itself may be made clear. At the same time, they understand that what they are paying for will be critical in the long run.
