November 19, 2018

19th November 2018, Singapore - The first official chapter of the Carbon Pricing Leadership Coalition, CPLC Singapore, was launched today by Global Compact Network Singapore (GCNS) and the Carbon Pricing Leadership Coalition (CPLC). Through this unique partnership, CPLC Singapore aims to encourage the private sector to collaborate through using internal carbon pricing as a mechanism to reduce emissions beyond Singapore’s upcoming carbon tax in 2019.

Convened and supported by the World Bank Group in 2015, CPLC aims to reduce greenhouse gas emissions worldwide through ambitious carbon pricing. Amidst CPLC’s long term objective of having carbon pricing be applied throughout the global economy, CPLC Singapore was formed to support and further the global cause. The Chapter’s formation also reflects the growing momentum for carbon pricing in Asia and the central role Singapore is playing in the region through CPLC Singapore.

Singapore Deputy Prime Minister
Mr Teo Chee Hean, Singapore Deputy Prime Minister and Coordinating Minister for National Security supported the launch of CPLC Singapore and called on more businesses to join.

A spokesman from National Climate Change Secretariat (NCCS) said, “The launch of CPLC Singapore is timely. There is greater urgency for everyone, including businesses to proactively mitigate climate-related risks such as by reducing carbon emissions. CPLC Singapore can help more businesses understand carbon pricing and how it needs to be part of their investment and operations decisions. In turn, businesses may achieve greater competitiveness, and contribute to a more sustainable future for all.“

Mr John Roome, Senior Director for Climate Change at the World Bank, said, "Through its recent adoption of a carbon tax, the government of Singapore is leading the ASEAN region in carbon pricing. CPLC Singapore will facilitate dialogue, knowledge sharing, and collaboration on carbon pricing among leaders of the private sector and government. This in turn will help encourage cleaner investments and reduced emissions.”

CPLC Singapore will focus on the business case for carbon pricing, and aims to offer leadership in emissions reduction through:

  • Knowledge sharing;
  • Targeted technical analysis;
  • Public-private dialogues; and
  • Setting of internal carbon pricing mechanisms.

Through such collaborations, the Chapter will facilitate dialogue between public and private sectors to provide policy inputs and resources. Additionally, CPLC Singapore will provide a deliberative space for companies to raise concerns, share success stories, and overcome carbon pricing implementation challenges.

Ms Goh Swee Chen, President of GCNS, said, “Putting a price on carbon allows a market based approach to emissions reduction. We are very pleased to announce the partnership between CPLC and GCNS to establish CPLC Singapore. This gives us an immediate platform to convene corporations and interested parties to collaborate and showcase model practices to achieve desired outcomes on emissions and associated climate challenges.”

Mr Gérard Mestrallet, CPLC High-Level Assembly Co-Chair, said, “The necessity of a carbon price is here. Through collaboration, companies can facilitate the implementation of efficient carbon prices and use internal pricing to minimize future climate risk. By building the business case for fair carbon pricing, CPLC Singapore will further low-carbon innovation in the country and the region.” Mr Mestrallet is also Chairman of SUEZ, and Honorary Chairman of ENGIE.

This news was originally published on the Carbon Pricing Leadership Coalition. See the full press release from GCNS below. The Straights Times covered the launch here.