Singapore proposes green standards for power generation firms – EQ Mag Pro
The government of Singapore has proposed a new law to set green standards for power generation firms and reduce their carbon emissions.
The Energy (Resilience Measures and Miscellaneous Amendments) Bill (21-page / 139KB PDF) is being proposed by Singapore’s Ministry of Trade and Industry (MTI) and Energy Market Authority (EMA).
The bill would, once in force, amend the existing Energy Market Authority of Singapore Act, Electricity Act and Gas Act. It would give the EMA powers to require power generation license holders to reduce carbon emissions; and authorise the EMA to acquire, build, own and operate “critical” energy infrastructure and to raise capital or issue bonds to finance the construction of that infrastructure.
The proposed amendments to the Electricity Act will allow the EMA to incentivise low carbon and energy efficient technology, complementing existing incentive schemes such as the Energy Efficiency Grant for Power Generation Companies, according to a statement from the MTI.
Other proposed changes include giving the EMA more powers to protect critical electricity and gas infrastructure, streamlining the process of granting and extending of electricity and gas licenses; and imposing new obligations on ‘responsible persons’ to inspect gas installations regularly, along with required maintenance and repair work.
Benjamin Tay of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “If passed, the latest changes under the proposed bill will further incentivise local developers and power producers in the shift towards renewables under Singapore’s energy regulatory framework.
This is in line with Singapore’s solar target of achieving at least 2-gigawatt peak (GWp) by 2030 and will accelerate the transition away from reliance on conventional energy sources with higher carbon emissions.
The proposed changes are certainly welcome and are unsurprising, given the overwhelming body of evidence on climate change that suggests a potentially catastrophic future for humanity if carbon dioxide emissions are not dramatically reduced in the years to come.”
Source: pinsentmasons
