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Business Times
09-05-2025
- Business
- Business Times
Common standards needed to boost trade in renewable energy certificates
[SINGAPORE] The lack of standards around the cross-border trade of renewable energy certificates (RECs) is a key barrier preventing companies from signing offtake agreements with low-carbon electricity producers around South-east Asia, said Low Xin Wei, assistant chief executive for the markets and systems division at the Energy Market Authority. This means that there is a lack of additional revenue for these electricity importers, with which the Singapore government is looking to ink electricity import contracts to meet its net-zero targets. He said that major international standards, such as the Greenhouse Gas Protocol, do not explicitly recognise the cross-border trade of RECs as a valid form of renewable energy procurement. The only exceptions are in the European Union and North America, where markets have been harmonised, said Low at a climate conference on Thursday (May 8). RECs are tradeable assets that are issued when 1 megawatt-hour of electricity is generated and delivered to the electricity grid from a renewable energy resource. Companies can purchase these certificates to reduce their Scope 2 emissions, which are emissions arising from their use of electricity generated from power stations. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Given that Singapore has limited renewable energy resources, the amount of RECs that can be generated locally is constrained. There would only be a small pool of such certificates for companies to buy to offset their Scope 2 emissions. The Ministry of Trade and Industry previously announced that plans to establish a cross-border trading framework were under way. Low also said that there is a need to continue with concrete, small steps to make the Asean power grid a reality, starting with bilateral projects. 'Low-hanging fruits would be those which make use of existing interconnectors.' This includes the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project – a cross-border electricity trade that imports hydropower from Laos to Singapore – as well as the Energy Exchange Malaysia, a platform to facilitate cross-border electricity sales focused on renewable energy.
Business Times
08-05-2025
- Business
- Business Times
Lack of standards around cross-border renewable energy certificates trade prevents offtake agreements: EMA senior exec
[SINGAPORE] The lack of standards around the cross-border trade of renewable energy certificates (RECs) is a key barrier preventing companies from signing offtake agreements with low-carbon electricity producers around South-east Asia, said Low Xin Wei, assistant chief executive, markets and systems division, Energy Market Authority. This means that there is a lack of additional revenue for these electricity importers, which the Singapore government is looking to ink electricity import contracts with to meet its net-zero targets. He said that major international standards, such as the Greenhouse Gas Protocol, do not explicitly recognise the cross-border trade of RECs as a valid form of renewable energy procurement. The only exceptions are in the European Union and North America, where markets have been harmonised, said Low, who was speaking at a climate conference on Thursday (May 8). RECs are tradeable assets that are issued when 1 megawatt-hour of electricity is generated and delivered to the electricity grid from a renewable energy resource. Companies can purchase these certificates to reduce their Scope 2 emissions, which are emissions arising from their use of electricity generated from power stations. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Given that Singapore has limited renewable energy resources, the amount of RECs that can be generated locally is constrained. There would only be a small pool of such certificates for companies to buy to offset their Scope 2 emissions. The Ministry of Trade and Industry previously announced that plans to establish a cross-border trading framework were under way. Low also said that there is a need to continue with concrete, small steps to make the Asean power grid a reality, starting with bilateral projects. 'Low-hanging fruits would be those which make use of existing interconnectors.' This includes the Lao-Thailand-Malaysia-Singapore Power Integration Project – a cross-border electricity trade that imports hydropower from Laos to Singapore – as well as the Energy Exchange Malaysia, a platform to facilitate cross-border electricity sales focused on renewable energy.
Irish Times
23-04-2025
- Business
- Irish Times
Carbery Group reports 32% jump in profit thanks to improved dairy market
Pretax profit rose almost 32 per cent to €21 million at dairy group Carbery last year as improved dairy market conditions bolstered the group's performance. Revenue at the Cork-based producer of Dubliner Cheese and Carbery Cracker cheddar, rebounded to €668 million in 2024 following a significant contraction in the dairy market in 2023 in which revenue for Carbery Group had dropped by nearly €85 million to €616.1 million. After challenging climatic conditions at the start of 2024, the dairy group's chairman warned that 'milder, but longer and wetter winters and springs may be the norm', noting that the company would have to factor these changes in climate into its future planning. The Ballineen-headquartered dairy and ingredients group said operating profit before interest, tax and other items rose by 20 per cent to €30.5 million, though still shy of the company's performance in 2021 and 2022. READ MORE Carbery group earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 12 per cent to €52 million, from €46.4 million in 2023. Cumulative capital expenditure reached €155.1 million last year with the company allocating €8.6 million to its stability fund, which is designed to protect against future volatility in the dairy industry. Chief executive Jason Hawkins said the group's 'commitment to progress' on its sustainability targets was of the 'highest importance' last year. 'We made progress on the emissions front, with a decrease of 3.09 per cent in our Scope 1 and 2 emissions from 2023,' he said, referring to measures of direct and indirect emissions as defined in the Greenhouse Gas Protocol. Mr Hawkins also said there had been a reduction in carbon emissions of 1.56 per cent among the group's farmers. 'They deserve the highest praise here for continuing to prioritise sustainable actions on their farms, while balancing weather challenges, input costs, quality standards and regulation,' he said. Vincent O'Donovan, who took over as Carbery chairman in June, acknowledged the 'immense effort' the group's farmer shareholders made during the year. A total of €12.2 million has been paid to farmers under the FutureProof sustainability bonus scheme since 2022. 'The start of the year was a difficult one for farmers, with an extreme and prolonged period of wet weather extending well into April, leaving many farmers unable to put cows out or grow significant grass,' he said, noting that the group's board increased the milk payout in March by five cents a litre to offset the additional costs borne by their farmers. Carbery Group said it paid its second highest average milk price on record to its farmers. Those bad weather at the start of the year saw overall milk supply fall 2 per cent over the 12-month period. Cheese production reached 61,000 metric tonnes, 14,000 of which was mozzarella with the remaining 47,000 tonnes being cheddar and Dubliner. The group said mozzarella sales 'exceeded our expectations' last year as a result of an increased level of demand in Irish retail.
Associated Press
09-04-2025
- Business
- Associated Press
Flock Freight partners with Smart Freight Centre to measure and report Shared Truckload emissions in alignment with the GLEC Framework.
Encinitas, Calif., April 09, 2025 (GLOBE NEWSWIRE) -- Flock Freight, a leader in Shared Truckload, proudly announces its accreditation as a partner of Smart Freight Centre (SFC), an international non-profit organization focused on reducing the emission impacts of global freight transportation. This milestone reflects Flock Freight's commitment to lowering environmental impacts while providing unmatched service and cost savings to shippers. By aligning its transportation emissions measurement and reporting with global standards such as ISO14083, the Global Logistics Emissions Council (GLEC) Framework, and the Greenhouse Gas Protocol, Flock Freight continues to prove that shippers don't have to compromise on costs, service, or sustainability when selecting a transportation partner. Flock Freight's signature Shared Truckload (STL) service eliminates the inefficiencies of traditional shipping modes by pooling freight to maximize trailer utilization. With STL, shippers can reduce carbon emissions by up to 40% while saving an average of 20% on costs compared to traditional shipping options. 'This accreditation underscores our dedication to transforming the freight industry by eliminating waste and measuring that impact both in costs and in emissions. Through Shared Truckload, we're proving that shippers no longer have to choose between environmental sustainability, exceptional service, and cost efficiency,' said Pat Dillon, CFO and COO at Flock Freight. Flock Freight shippers benefit from quarterly emissions reporting that now adheres to globally recognized standards, helping meet scope 3 emissions reporting goals with ease. This offers shippers greater confidence and transparency regarding the environmental impact of their shipments. 'Flock's Shared Truckload model, through load optimization, is a great way to reduce the emission intensity of shipments. We look forward to seeing more efficiency gains being captured by tools in North America,' said Marcus Lomax, Technical Manager at Smart Freight Centre. Flock Freight's accreditation marks another milestone as it continues to challenge industry norms and pave the way for a more sustainable supply chain. The company's integration of cutting-edge emissions reporting further supports its mission to deliver cost-effective, environmentally friendly logistics solutions that unlock value for shippers, carriers, and the planet.
