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Straits Times
10 hours ago
- Business
- Straits Times
Do international carbon credits fight climate change?
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: A coal-fired power station scheduled to shut down is seen in As Pontes, Spain, February 8, 2022. Picture taken February 8, 2022. REUTERS/Miguel Vidal/File Photo BRUSSELS - The European Commission has proposed an EU climate target for 2040 that allows countries to count carbon credits bought from developing nations towards the EU goal for the first time. Here's what that means, and why the EU move on Wednesday faced criticism from campaigners and some scientists. WHAT ARE CARBON CREDITS? Carbon credits, or offsets, involve funding projects that reduce CO2 emissions abroad in place of cuts to your own greenhouse gas emissions. Examples include forest restoration in Brazil, or converting a city's petrol buses to electric. The buyer counts "credits" for those emission reductions towards its climate goal, and the seller gets finance for their green project. Proponents say the system generates much-needed funding for CO2-cutting efforts in developing nations and lets countries work together to cut emissions around the world. However, the reputation of CO2 credits has been dented by a string of scandals in which credit-generating projects failed to deliver the climate benefits they claimed. Top stories Swipe. Select. Stay informed. Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Singapore 1 in 4 appeals to waive HDB wait-out period for private home owners approved since Sept 2022 Sport A true fans' player – Liverpool fans in Singapore pay tribute to the late Diogo Jota Singapore Healthcare facility planned for site of Ang Mo Kio Public Library after it moves to AMK Hub Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July Business 60 S'pore firms to get AI boost from Tata Consultancy as it launches new innovation centre here WHY IS THE EU BUYING THEM? The European Commission proposed allowing up to 3 percentage points of the EU's 2040 target - to cut net emissions by 90% from 1990 levels - to be covered by carbon credits bought from other countries. The EU's existing climate targets require countries to meet the goals entirely by cutting emissions at home. The bloc's executive Commission said last year it hoped the EU could agree a 90% emissions-cutting target for 2040, with no mention of carbon credits. Tumultuous geopolitics and the economic woes of European industries have since stoked political pushback, with governments from Germany to Poland demanding a softer target. In response, the Commission said it would add flexibilities, and landed on carbon credits as a way to retain a 90% emissions-cutting goal while reducing the domestic steps needed to reach it. EU countries and the European Parliament must negotiate and approve the goal. WHAT ARE THE RISKS? The EU plan was welcomed by countries including Germany, which had pushed to include carbon credits in the goal, and by carbon credit project developers as a boost for climate finance. But environmental campaigners said the EU was shirking domestic CO2-cutting efforts and warned against relying on cheap, low-value credits. The EU's climate science advisers had also opposed buying credits under the 2040 target, which they said would divert money from investments in local clean industries. The EU banned international credits from its own carbon market after a flood of cheap credits with weak environmental benefits contributed to a carbon price crash. To try to address the risks, the Commission said it would buy credits in line with a global market and rules for trading carbon credits which the U.N. is developing. These include quality standards aimed at avoiding the problems that unregulated credit trading has faced in recent years. Brussels will also propose rules next year on specific quality standards for the carbon credits the EU buys. HOW MUCH WILL IT COST? The EU doesn't yet know. Carbon credit prices today can be as low as a few dollars per tonne of CO2, up to more than $100, depending on the project. EU emissions records suggest the bloc would need to buy at least 140 million tonnes of CO2 emissions to cover 3% of the 2040 target, roughly equivalent to the Netherlands' total emissions last year. One senior Commission official said the bloc was determined not to hoover up cheap junk credits. "I don't think that would have any additional value. The credits we see currently on voluntary carbon markets are very, very cheap, and that probably reflects a lack of high environmental integrity," the senior official said. REUTERS
Straits Times
10 hours ago
- Straits Times
Motorcyclist killed in bear attack on Romanian scenic mountain road
Sign up now: Get ST's newsletters delivered to your inbox BUCHAREST - A motorcyclist was mauled to death by a bear on a road in the Carpathian Mountains in Romania on Thursday, emergency service officials said, the latest attack in the country with the European Union's largest population of brown bears. Romania has a brown bear population of 10,000 to 13,000, preliminary results of a multi-year DNA study showed this year, and authorities are struggling to keep residents and tourists in mountain towns safe. Police and emergency services said in a joint statement that tourists had alerted them to Thursday's attack on the Transfagarasan road in the central county of Arges. The bear had dragged the motorcyclist down a ravine, they said. There were no details about the motorcyclist's identity. Almost 30 people have been killed by bears in Romania over the last two decades, the environment ministry has said. Sightings of bears are common and local media regularly report bear attacks on people and livestock. Last year, Romania's parliament doubled the annual bear kill quota to 481 bear kills per year to control the size of the bear population and to remove animals that have become accustomed to entering cities in search of food. Wildlife experts have said bear attacks have increased because of human behaviour as the shrinking of the animals' habitats due to construction, logging and climate change. Top stories Swipe. Select. Stay informed. Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024 Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Singapore 1 in 4 appeals to waive HDB wait-out period for private home owners approved since Sept 2022 Sport A true fans' player – Liverpool fans in Singapore pay tribute to the late Diogo Jota Singapore Healthcare facility planned for site of Ang Mo Kio Public Library after it moves to AMK Hub Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July Business 60 S'pore firms to get AI boost from Tata Consultancy as it launches new innovation centre here Many bears are also attracted by rubbish dumps on the outskirts of cities and by discarded food. Officials have not done enough to step up prevention measures, including electric fences and better trash management, wildlife experts said. REUTERS
Straits Times
13 hours ago
- Sport
- Straits Times
Gill leads India's charge against England but Jadeja falls short of century
BIRMINGHAM, England - India dominated the opening session on day two of the second test against England on Thursday as skipper Shubman Gill put a price on his wicket to guide the tourists to 419-6 at lunch but Ravindra Jadeja fell short of a second century at Edgbaston. Resuming on 310-5, Gill and Jadeja wasted no time asserting their dominance, bringing up their 100-run partnership off the first ball of the day before continuing to pile on the runs as England's attack toiled in the sun. Jadeja, who scored a hundred at Edgbaston three years ago, was quickly halfway to another ton early in the session and, true to form, he brought out his trademark sword-swinging celebration before he continued to score at will. While Gill showcased his elegant array of drives and well-timed flicks, Jadeja showed no mercy to anything short, pulling the ball to the boundary with ease as the pitch offered precious little assistance to England's fast bowlers. Gill's 147 in the first test had been his highest score in the red-ball format but he cruised past that milestone with sublime ease before bringing up his 150, raising his bat to acknowledge the appreciative crowd. Spinner Shoaib Bashir also had no luck as Jadeja danced down the track to clear the ropes and bring up India's 400 while, in the same over, Gill swept him over the deep square leg boundary to bring up the 200 partnership. Josh Tongue had been England's most expensive fast bowler but he finally made the breakthrough when he banged it in very short and the extra bounce surprised Jadeja as it came off his glove to give wicketkeeper Jamie Smith a simple catch. Top stories Swipe. Select. Stay informed. Singapore 193ha of land off Changi to be reclaimed for aviation park; area reduced to save seagrass meadow Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Singapore 1 in 4 appeals to waive HDB wait-out period for private home owners approved since Sept 2022 World Liverpool's Portuguese forward Diogo Jota dies in car crash in Spain Singapore Healthcare facility planned for site of Ang Mo Kio Public Library after it moves to AMK Hub Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July Business 60 S'pore firms to get AI boost from Tata Consultancy as it launches a new innovation centre here Singapore Scoot launches flights to Da Nang, Kota Bharu and Nha Trang; boosts frequency to other destinations Washington Sundar walked in and he was welcomed with a barrage of bouncers from Tongue but he survived the short balls before lunch was called, with Gill unbeaten on 168. REUTERS
Straits Times
14 hours ago
- Business
- Straits Times
Explainer-Do international carbon credits fight climate change?
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: A coal-fired power station is seen in As Pontes, Spain, February 8, 2022. Picture taken February 8, 2022. REUTERS/Miguel Vidal/File Photo BRUSSELS - The European Commission has proposed an EU climate target for 2040 that allows countries to count carbon credits bought from developing nations towards the EU goal for the first time. Here's what that means, and why the EU move on Wednesday faced criticism from campaigners and some scientists. WHAT ARE CARBON CREDITS? Carbon credits, or offsets, involve funding projects that reduce CO2 emissions abroad in place of cuts to your own greenhouse gas emissions. Examples include forest restoration in Brazil, or converting a city's petrol buses to electric. The buyer counts "credits" for those emission reductions towards its climate goal, and the seller gets finance for their green project. Proponents say the system generates much-needed funding for CO2-cutting efforts in developing nations and lets countries work together to cut emissions around the world. However, the reputation of CO2 credits has been dented by a string of scandals in which credit-generating projects failed to deliver the climate benefits they claimed. Top stories Swipe. Select. Stay informed. Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing Singapore 1 in 4 appeals to waive 15-month wait-out period for private home owners approved since Sept 2022 World Liverpool's Portuguese forward Diogo Jota dies in car crash in Spain Business 60 S'pore firms to get AI boost from Tata Consultancy as it launches a new innovation centre here Asia US tariff deal provides relief for Vietnam, and a sting in the tail for China Singapore Scoot launches flights to Da Nang, Kota Bharu and Nha Trang; boosts frequency to other destinations Singapore Electrician who bit off part of coworker's ear during fight gets 6 months' jail WHY IS THE EU BUYING THEM? The European Commission proposed allowing up to 3 percentage points of the EU's 2040 target - to cut net emissions by 90% from 1990 levels - to be covered by carbon credits bought from other countries. The EU's existing climate targets require countries to meet the goals entirely by cutting emissions at home. The bloc's executive Commission said last year it hoped the EU could agree a 90% emissions-cutting target for 2040, with no mention of carbon credits. Tumultuous geopolitics and the economic woes of European industries have since stoked political pushback, with governments from Germany to Poland demanding a softer target. In response, the Commission said it would add flexibilities, and landed on carbon credits as a way to retain a 90% emissions-cutting goal while reducing the domestic steps needed to reach it. EU countries and the European Parliament must negotiate and approve the goal. WHAT ARE THE RISKS? The EU plan was welcomed by countries including Germany, which had pushed to include carbon credits in the goal, and by carbon credit project developers as a boost for climate finance. But environmental campaigners said the EU was shirking domestic CO2-cutting efforts and warned against relying on cheap, low-value credits. The EU's climate science advisers had also opposed buying credits under the 2040 target, which they said would divert money from investments in local clean industries. The EU banned international credits from its own carbon market after a flood of cheap credits with weak environmental benefits contributed to a carbon price crash. To try to address the risks, the Commission said it would buy credits in line with a global market and rules for trading carbon credits which the U.N. is developing. These include quality standards aimed at avoiding the problems that unregulated credit trading has faced in recent years. Brussels will also propose rules next year on specific quality standards for the carbon credits the EU buys. HOW MUCH WILL IT COST? The EU doesn't yet know. Carbon credit prices today can be as low as a few dollars per tonne of CO2, up to more than $100, depending on the project. EU emissions records suggest the bloc would need to buy at least 140 million tonnes of CO2 emissions to cover 3% of the 2040 target, roughly equivalent to the Netherlands' total emissions last year. One senior Commission official said the bloc was determined not to hoover up cheap junk credits. "I don't think that would have any additional value. The credits we see currently on voluntary carbon markets are very, very cheap, and that probably reflects a lack of high environmental integrity," the senior official said. REUTERS
Straits Times
14 hours ago
- Business
- Straits Times
1 in 4 appeals to waive 15-month wait-out period for private home owners approved since Sept 2022
Sign up now: Get ST's newsletters delivered to your inbox The 15-month wait-out period was part of a series of measures introduced to help cool the HDB resale market. SINGAPORE - About one in four appeals from private property owners seeking to bypass the 15-month wait-out period to buy a Housing Board resale flat has been successful, the Housing Board said. From the time the rule was introduced on Sept 30, 2022 until March 31, 2025, HDB received and processed about 5,500 appeals for a waiver. Around 25 per cent of these were approved, after careful assessment of each case. Extenuating circumstances of the flat buyers and their families are taken into account 'to ensure that applicants and families with genuine needs are given fair consideration', a spokeswoman for HDB told The Straits Times. When asked, the agency did not specify the typical reasons cited in appeals and the criteria used to assess them. The 15-month wait-out period was part of a series of measures introduced to help cool the HDB resale market , which was heating up partly due to demand from private property downgraders flush with capital. It also helps to prioritise public housing for Singaporeans with more urgent housing needs, HDB said. The rule applies to private property owners and ex-owners looking to buy a non-subsidised HDB resale flat. It does not apply to those aged 55 and over who are buying a four-room or smaller resale flat. Top stories Swipe. Select. Stay informed. Singapore $500 in Child LifeSG credits, Edusave, Post-Sec Education Account top-ups to be disbursed in July Singapore PAP questions Pritam's interview with Malaysian podcast, WP says PAP opposing for the sake of opposing World Liverpool's Portuguese forward Diogo Jota dies in car crash in Spain Business 60 S'pore firms to get AI boost from Tata Consultancy as it launches a new innovation centre here Asia US tariff deal provides relief for Vietnam, and a sting in the tail for China Singapore Scoot launches flights to Da Nang, Kota Bharu and Nha Trang; boosts frequency to other destinations Singapore Electrician who bit off part of coworker's ear during fight gets 6 months' jail National Development Minister Chee Hong Tat said recently that the rule may be relaxed before 2027, due to an expected rise in supply of new and resale flats . The HDB spokeswoman said there are early signs of moderation in resale price growth. 'We expect the market to further stabilise as more flats reach the Minimum Occupation Period (MOP) and enter the resale market over the next few years starting from 2026,' she said. 'We will also maintain a strong supply of Build-To-Order (BTO) flats to meet housing demand.' Shift in demand patterns Since the rule took effect, analysts have noted a marked impact on the resale market, particularly on the larger flats. Mr Mohan Sandrasegeran, head of research and data analytics at real estate firm Singapore Realtors Inc (SRI), noted that the number of five-room flats resold dropped by 22.5 per cent to 1,482 units between January and March 2025, compared with 1,913 units resold from July to September 2022, just before the 15-month wait-out period kicked in. Executive flats saw a steeper dip of 32.1 per cent in transactions between the two periods. The figures suggest that the wait-out rule has helped dampen demand from private property downgraders to some extent, said Mr Mohan. He added that the latest flash estimates for April to June 2025 released by HDB on July 1 showed resale flat prices continue to moderate, rising by 2.5 per cent in the first half of 2025 compared with 4.2 per cent in the same period in 2024. While the rule has helped cool demand, some private home owners facing unexpected life changes – such as job loss or financial strain – could benefit from more flexibility, said property analysts. Mr Eugene Lim, key executive officer at real estate agency ERA Singapore, said the HDB resale price index (RPI) slowed after the 15-month wait-out rule took effect on Sept 30, 2022, but picked up once eligible private home sellers re-entered the market in the first quarter of 2024. Resale transactions rose to 7,068 units from January to March 2024, with the RPI climbing 1.8 per cent quarter-on-quarter. The index rose another 2.3 per cent in the second quarter of 2024, which was close to the 2.6 per cent gain seen in July to September 2022, before the rule was introduced. Growth eased to 1.6 per cent in the first three months of 2025 , likely due to the February 2025 Sales of Balance Flats (SBF) exercise absorbing some demand, said Mr Lim. He has also observed that price growth in the HDB resale market has been increasingly driven by buyers favouring newer flats with longer remaining leases. This preference, especially among home owners looking to move to a flat that better suits their needs, has led to a divergence in price trends between 'younger' and 'older' flats. The agency's analysis showed that unit prices of newer flats – typically, those under 25 years old – have seen stronger appreciation compared with older flats. Mr Lim said lease decay concerns among home buyers have contributed to the faster appreciation for newer units, which are often priced at a premium. Lease decay is the erosion of a flat's value as the end of its 99-year lease approaches. He added that such buyer behaviour is independent of any possible revision to the 15-month wait-out policy and he expects it to remain a key driver of overall price trends. Between 2025 and 2027, more than 50,000 flats will be launched by HDB, including a growing number of Shorter Waiting Time flats and SBF, which will help to absorb demand that might otherwise flow into the resale market, said Mr Mohan. More flats will also hit the market as they complete their minimum occupation period (MOP) – a mandatory stay period (typically five years) before owners are allowed to sell them on the resale market. About 13,500 flats will reach their MOP in 2026, up from 8,000 in 2025. In 2028, this will rise to 19,500 flats. Mr Chee said he expects that the effect of a strong continued supply of new BTO flats and resale units would moderate resale prices, making it timely for the authorities to consider if the 15-month cooling measure should be partially or entirely removed.
