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illuminem summarizes for you the essential news of the day. Read the full piece on Financial Post or enjoy below:
🗞️ Driving the news: Singapore has announced plans to further cut its greenhouse gas emissions through 2035, aiming for a range of 45 to 50 million tons
• This follows its previous 2030 goal of 60 million tons, with 2023 emissions recorded at 74.3 million tons
• However, officials caution that meeting these targets depends on advancements in new technology and international cooperation
🔭 The context: The city-state, which relies on natural gas for over 90% of its electricity, faces challenges in deploying large-scale renewables
• Singapore is exploring alternative solutions, including clean power imports, nuclear energy, and carbon capture and storage
• The new strategy aligns with its 2050 net-zero target and has been submitted to the UN under the Paris Agreement
🌍 Why it matters for the planet: Singapore's plan highlights the growing reliance on nascent climate technologies to bridge emissions gaps, a trend seen in many nations
• As a financial and trade hub, its energy transition could influence similar economies with limited renewable resources
• However, questions remain on whether reductions will come from actual decarbonization or reliance on offsets
⏭️ What's next: Singapore will focus on scaling clean electricity imports and developing new mitigation technologies to meet its goals
• The UN continues urging nations to submit more ambitious emissions plans, with most countries missing the February 10 deadline
• The success of Singapore’s approach may serve as a test case for other resource-constrained nations
💬 One quote: “The devil is in the details. We don’t know how they’re going to get there, whether by means of actual decarbonization, or via removals and offsets or a combination of both.” — Melissa Low, research fellow, National University of Singapore
📈 One stat: Singapore’s 2023 emissions stood at 74.3 million tons, compared to its 2035 target of 45-50 million tons, marking a potential 40% reduction
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