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To achieve a faster transition to carbon neutrality you can offset your remaining hard-to-abate emissions; but only once you have implemented your reduction strategy, not the other way round! When dealing with carbon credits the quality of the credits is essential to avoid greenwashing and reputational risk.
Renewable energy certificates (RECs) are market-based instruments used to track the production of electricity from a qualifying renewable energy source such as solar, hydro or wind. One REC represents one megawatt hour (MWh) of electricity generated from a renewable energy source and delivered to the grid.
Purchasing RECs allows you to retrospectively classify the energy you use from the grid as clean and renewable and offset Scope 2 emissions: this enables your company to green its electricity mix from the grid and reduce its carbon footprint.
Quality credits are key. In October 2021 Singapore introduced a new national standard to enhance the credibility and accountability of RECs used to make renewable energy claims in the country - Singapore Standards (SS) 673 on the Code of Practice for RECs
Note: If you produce renewable energy in excess of your own consumption (for example, through rooftop solar panels), you can sell the excess energy to the grid and generate an income from the issuance of renewable energy certificates.
To offset your remaining hard-to-abate emissions, you can buy carbon credits. One credit is meant to offset 1 metric tonne of CO2e. Carbon credits are generated by projects around the world that avoid or remove GHG from the atmosphere, such as reforestation programmes. These projects do not have to be related to your business or located in your own geographical area. Once you buy a carbon credit, it is permanently retired and can't be reused.
Carbon credits are usually certified under an internationally recognised carbon standard (third party agencies for voluntary carbon markets, or governments for compliance markets). The quality of the carbon credit is very important to avoid double counting, ensure additionality, permanence, etc...
Certified Carbon offsetting schemes are run by standard-setting organisations that provide assurance and authenticity for high quality carbon credits. They play a key role in facilitating the flow of carbon credits between the offset project (originator) and the corporate buyer (end-user). Credits can be issued by international, national or independent crediting mechanisms.
Independent carbon offset programmes with the highest issuance are: American Carbon Registry, Climate Action Reserve, Gold Standard, Verra's Verified Carbon Standard, Plan Vivo and the Global Carbon Council. Check also the UN Carbon Offset Platform
In Singapore, Climate Impact X, launched in March 2022, aims to be a global carbon exchange and marketplace providing access and liquidity to high quality carbon credits.
To be considered high quality, any carbon offsetting project need to meet a number of quality criteria. You should plan to carry out independent due diligence on the quality of individual credits purchased throughout your procurement process.
Note: Carbon credits are different from carbon allowances, although the term carbon credit is used interchangeably for both. While both represent one tonne of carbon dioxide equivalent, allowances do not come from carbon reduction projects: they are allocated to companies under a 'cap and trade' system such as the EU Emissions Trading Scheme - they therefore represent a right to emit.
Some carbon credits are not certified by third party auditors or carbon offset schemes, however they are also legit and verified. Some prefer to go with uncertified credits to allocate the most of the credit cost to the offset program, as third party certification of carbon credits can be expensive. This high certification / middlemen price has 2 consequences:
To be considered high quality, any carbon offsetting project need to meet a number of quality criteria. You should plan to carry out independent due diligence on the quality of individual credits purchased throughout your procurement process.
The legacy sustainability has been focusing on carbon footprint for the past decades and scientists have been clear that our current planet crisis entails many more aspects, such as biodiversity loss, ocean acidification, social justice, plastic and air pollution... Carbon credits only cover avoidance or removal of GHG emissions, even if they claim to have side benefits on local communities and ecoystems.
An emerging market is that of "nature credits": it works on the same principle as carbon credits but you will be able to support a much broader variety of impactful projects, be it environmentally or socially.
Note that "nature credits" have multiple names ("biocredits", biodiversity credits"...) and are yet to be standardised in terms of definitions, prices, practices... As for carbon credits, you need to choose high quality projects and partners! You should plan to carry out independent due diligence on the quality of individual credits purchased throughout your procurement process.
An alternative to traditional offsetting in corporate sustainability strategies, insetting refers to the practice of investing in local sustainability projects that directly address emissions and sustainability challenges within a company's operational footprint. Unlike offsetting, which often involves purchasing carbon credits from external projects, insetting allows companies to take a more localised and proactive approach.
3 benefits of insetting:
1- Local impact: While offsetting involves buying carbon credits or investing in projects elsewhere to offset emissions, insetting directs resources to local sustainability initiatives where companies operate. This approach allows companies to actively contribute to environmental and social improvements in the areas where they operate, generating tangible benefits for their local communities.
2- Increased engagement: Insetting provides an opportunity for companies to engage more directly with their stakeholders. By investing in local projects that align with their values and goals, companies can foster meaningful relationships with community members, employees and customers. This deeper engagement helps build trust with stakeholders, enhances brand reputation and demonstrates a genuine commitment to sustainability.
3- Holistic sustainability: Engagement can go beyond carbon neutrality by addressing a broader range of environmental and social challenges. Rather than focusing solely on offsetting greenhouse gas emissions, insetting initiatives can include initiatives such as waste management, renewable energy and community development. This holistic approach allows companies to address multiple sustainability issues simultaneously, leading to more comprehensive and impactful results.
Insetting can be seen as a complementary strategy to offsetting, and an effective tool for companies to align their sustainability efforts with the United Nations' Sustainable Development Goals (SDGs).
The « sustainability journey » may feel overwhelming sometimes, but you are not alone.
Our Buddies have tried, succeeded, failed to implement change in their companies. They share their experience so you can learn, take shortcuts, get inspired and ask questions.
Everybody can become a Buddy and give back to the community; if you are keen, get in touch with us.
In 2003, I joined International SOS, world leader of medical and security assistance services and relocated to Singapore in 2008 where I have spent my life since. I held different regional leadership roles and I was a founding member of the Sustainability Committee and initially led the S (Social) part. I was also leading the Environment pillar, with a special focus on the Ecovadis certification.
I enrolled at SMU back in Sept 2020 and graduated from the Sustainability and Sustainable Business executive masterclass in Dec 2020. In July 2021, I joined a local singaporean startup H3Dynamics with the ambition to decarbonize the aviation industry! And since May 2023, I am now the managing director AsiaPacific for Ecocert, world leader in certification for organic products. I am also the Singapore Ambassador (volunteer) for Ecomatcher to help brands fight climate change, one tree at a time.
Finally, I am a French Trade Advisor and part of the Sustainability Committee to strengthen bridges between France and Singapore on this crucial agenda.
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At South Pole, Chris supports Asian clients in their climate leadership and circular economy journey. The scope of services includes both carbon credits & sustainability consultancy. Chris currently manages clients from more than 10 Asian countries in categories such as conglomerate, agriculture, property development, asset management, retailing, information technology, and energy.
I was born in Vietnam and grew up in France in Paris’ low income suburbs. My parents used to bring us to the park to have some outdoor activities and that’s where my father taught my siblings and I to observe, love and respect nature. He gave us perspective on our place in a much bigger ecosystem.
At that time, we didn’t describe our family as “sustainable”. It was very pragmatic, we didn’t waste anything, we mended everything, saved and reused, because we just couldn’t afford not to :)
In 2018 in Singapore, after what felt like a long, unfulfilling professional tunnel on autopilot, I was forced to make a pause and took the opportunity to consider what I really wanted to do with my life (I know this resonates with many!)
Then I really realised how passionate I was about sustainability and for the first time, I considered making it my job. Nothing is easy when you don’t hold the right degrees or the right amount of money, so I co-created The Matcha Initiative to jump into action instead of procrastinating. That’s how you start an amazing experience with amazing people :)
Cherry on the cake: TMI helped me land my current job at Handprint, where we help businesses embrace the next step - Regeneration.
With a background in sustainability consulting and audit, Ivona supports businesses in their sustainability journey by building an impactful strategy, embedding sustainable practices across operations, and reporting performance to stakeholders.
She is the founder of Sustainao, a Singapore-based company specialized in sustainability consulting. Previously, Ivona worked as a sustainability auditor at KPMG France. She holds an MBA in CSR & Sustainability and a Master’s degree in Environmental Management.
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As the Senior Programme Manager for Sustainability Validation and Verification at TÜV SÜD, Mei Yee helps organisations add credibility and assurance to their greenhouse gases (GHG) emission assertations and GRI reports by providing third-party verification reports to support organizational claims.
She has six years of experience in the standards development of ISO 30500 and ISO 31800, testing, and certification for non-sewered sanitation systems. Prior to that, Mei Yee spearheaded World Toilet Organization's Rainbow School Toilet projects in China and Sanishop in Cambodia. She is passionate about driving corporate social responsibility and sustainability and has spent more than 18 years in various fields working internationally across teams and cultural boundaries before turning her focus on Singapore to helping companies with their carbon reduction journey. She holds a Masters in Community Water and Sanitation and a Science Degree in Earth Science, majoring in geology and physical geography.
She is a certified WSQ Advanced Certificate in Learning and Performance (ACLP) Train-The-Trainer (TTT). Since then, she has facilitated many companies in the training for Green Compass – An environmental assessment framework targeted at SME/ manufacturing industries.
Passionate about sustainability and technology, I have spent the last 10 years working in the energy, tech and sustainability sectors. I am VP of Sales at Zuno Carbon, a climate-tech providing end to end carbon management and ESG reporting solutions.
I work at Terrascope, which offers an end-to-end decarbonisation SaaS platform that enables enterprises to measure and manage their Scope-1, Scope-2 and Scope-3 emissions across operations, supply chains, and portfolios. As Climate Regulations Specialist, I help ensure that our product stays ahead of the regulatory curve and advise clients to navigate the dynamic and complex climate regulatory landscape.
Prior to joining Terrascope, I worked at EcoVadis - a global ESG ratings company - where I launched its Singapore office which served more than 800 companies within its first year of operations. The ratings include environmental, social, ethics and sustainable procurement metrics.
I started my career with the Singapore Government, spanning portfolios including manpower, education, transport and decarbonisation. I also helped spearhead the government's measures to fight Covid-19.
I graduated from the London School of Economics, SciencesPo Paris, and Oxford University. As an undergraduate at Oxford, I helped launch the inaugural Oxford Climate Forum - the UK's largest student-run climate change event.
