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Enabling a Net Zero world
Exploring corporate decarbonisation ambitions and aspects of renewable energy procurement and carbon offsets in Southeast Asia
Launched during COP28 UAE, our Enabling a Net Zero world report explores the purpose of renewable energy procurement and carbon offsets in decarbonisation and discusses how they are considered to help achieve a company’s decarbonisation ambition. It provides key considerations for corporates looking to operationalise the potential use of renewable energy procurement methods (largely focusing on renewable energy certifications) and carbon offsets for corporate decarbonisation purposes.
The decarbonisation landscape in Southeast Asia (SEA)
The critical importance of reducing emissions in SEA is driving both governments and corporations to act, despite the unique regional challenges present.
On current trends, the SEA region is set to be impacted significantly by climate change. This potential reality has driven a majority of countries in SEA to outline Net Zero ambitions.
While these countries are taking various initiatives to operationalise their Net Zero ambitions, significant challenges such as dependence on fossil fuels, uneven distribution of renewable resources, and the absence of a regional electricity trading platform, remain to hinder the progress. and make the need for accelerated decarbonisation efforts in SEA all the more pressing.
Nonetheless, countries in SEA are making its decarbonisation efforts through new and emerging government policies. It is also observed that there can be significant potential for renewable energy and nature-based and technology-based solutions in the region.
Reduce
Reduce involves the mitigation of emissions through a company’s own operations, which should be the first and primary step taken by an entity to decarbonise.
Replace
Replace sources of emissions and energy from fossil fuels with greener alternatives such as renewable energy. This is crucial to reducing Scope 2 emissions.
Remove
Removing or avoiding carbon is also necessary in the overall decarbonisation journey to manage hard to abate emissions or make efforts outside corporates’ business activities. However, it should not be used as a substitute for either Reduce or Replace.
Exploring renewable energy certificates(RECs) and carbon credits (CCs)
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Enabling a Net Zero world
PwC Singapore at COP28
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