Class on tracking and confirming carbon emissions outputs
In a concerted effort to maintain transparency and accuracy in carbon emissions reporting, Singapore has adopted the internationally recognized standard, ISO 14064, for greenhouse gas (GHG) accounting, reporting, and verification.
The Institute of Singapore Chartered Accountants (ISCA) plays a pivotal role in this endeavour, offering professional training and certification programs that align with these standards. These programs, which include Sustainability Professional Certificates and Sustainability Assurance Professional Certification, cover sustainability reporting, auditing, and assurance methodologies consistent with ISO 14064 requirements.
Reporting in Singapore follows rigorous standards under ISO 14064 to ensure accurate GHG inventories. Reports often require external assurance from Singapore Accreditation Council (SAC)-accredited audit or certification firms, reflecting compliance with both national and international verification protocols.
Verification processes must be conducted by accredited entities (SAC) to validate emissions data, ensuring credibility and compliance with mandatory climate reporting requirements as recommended by Singapore’s Sustainability Reporting Advisory Committee (SRAC).
ISCA’s training offers e-learning and face-to-face modules addressing sustainability reporting standards, auditing and assurance techniques, and capstone sessions with practical application. These courses prepare professionals to meet regulatory and market expectations for carbon disclosure and assurance. SkillsFuture Credits can be used to support course participation.
ISO 14064 standard parts include specifying principles and requirements for quantifying and reporting GHG emissions and removals (Part 1), designing GHG inventories, and requirements for verifying and validating GHG emissions assertions (Parts 2 and 3). These parts are widely incorporated into Singapore’s carbon reporting framework.
The aviation industry is required to do mandatory reporting under the Carbon Offsetting and Reduction Scheme for International Aviation - CORSIA, while the maritime sector is required to do mandatory reporting under the European Union (EU) shipping Monitoring, Reporting and Verification (MRV) Regulation.
ISO 14064-2:2019 and ISO 14064-3:2019 courses are available for those interested, with the former scheduled for 12 hours, divided into 3 sessions, and the latter for 16 hours, divided into 4 sessions. Both courses are offered from July 2025 to December 2025, and additional details can be obtained by contacting [email protected].
Singapore's commitment to reducing carbon emissions is evident in its net-zero emissions goal by 2050, its plans to reduce 2030 emissions to around 60MtCO2e, and the gradual increase in carbon tax levels since its implementation on 1 January 2019. From 2024, the carbon tax will be raised to S$25/tCO2e, then to S$45/tCO2e by 2027, and potentially reaching S$50-80/tCO2e by 2030.
In conclusion, Singapore's carbon emissions reporting and verification standards emphasize adherence to ISO 14064, ensuring accuracy and trustworthiness in climate-related disclosures. This commitment to transparency and accountability positions Singapore as a leader in the region's efforts to combat climate change.
- Singapore has adopted the internationally recognized standard, ISO 14064, for greenhouse gas (GHG) accounting, reporting, and verification, aligning with its efforts to combat climate change.
- The Institute of Singapore Chartered Accountants (ISCA) offers professional training and certification programs that adhere to ISO 14064 standards, covering sustainability reporting, auditing, and assurance methodologies.
- SkillsFuture Credits can be used to support course participation in ISCA's training programs that address sustainability reporting standards, auditing, and assurance techniques.
- Verification processes for carbon emissions data in Singapore are conducted by accredited entities, ensuring compliance with mandatory climate reporting requirements and enhancing the credibility of emissions data.
- The aviation and maritime industries are subject to mandatory reporting under international schemes like CORSIA and the EU shipping Monitoring, Reporting and Verification (MRV) Regulation.
- Singapore is committed to reducing carbon emissions, with a target of net-zero emissions by 2050, a plan to reduce 2030 emissions to around 60MtCO2e, and increasing carbon tax levels to encourage renewable-energy use and industrial decarbonization.
