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36DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024countrysdecarbonisationdriveasitaccountsforoverhalfofSingaporesCO2emissionsTheSustainableJurongIslandplanaimstotransformtheislandintoanE&CparkthatoperatessustainablyandexportsitssustainableproductsgloballyItisenvisagedthatby2050theoutputofsustainableproductsfromJurongIslandwillquadruplefromcurrentlevelsandachievemorethan6milliontonnesofcarbonabatementperannumInaninterviewwithGlobalBusinessReport(GBR)SingaporeChemicals2022MrOwKaiOnnVicePresident&HeadChemicalsandMaterialsSingaporeEconomicDevelopmentBoard(EDB)saidThistransformationofJurongIslandwillencompassnewinfrastructuresuch asCarbonCaptureUtilisation andStorage(CCUS)andnovelenergyproductionstorageanddistributionsystemsThiswouldtranslatetoadditionalspin-offsinothersectorssuchascarbonservicescarbontradingandlogisticsSingaporeisusingcarbontaxtogalvanisetheindustrytoactFromthecurrentS$5pertonneofemissionsthecarbontaxforindustrialfacilitieswithanannualdirectGHGemissionsof25000tonneofCO2equivalentwillincreasesteadilytoS$25in2024S$45in2026and$50-S$80in2030IndustrysResponseHasBeenLargelyPositiveSaidMrKwangKoonWayVicePresidentEnvironmentalSustainabilityEDBSincethelaunchoftheSustainableJurongIslandreportinNovember2021therehavebeenencouragingresponsesfromindustryMorecompanieshaveannouncednet-zerotargetssuchasExxonMobilCompanieshavealsoembarkedonprojectsthatattractandanchorthemanufacturingofsustainableproductseglowcarbonhydrogenbio-basedfuelsandchemicalsandpursuesustainableproductionegCarbonCaptureandStorage(CCS)Recentprojectsinclude•ChevronAirLiquideKeppelInfrastructureandPetroChinahaveformedaconsortiumtoevaluateandadvancethedevelopmentoflarge-scaleCCUSsolutionsandintegratedinfrastructure;•Pan-UnitedandShellareexploringdecarbonisationsolutionsinconstructionandurbansolutionsincludingrepurposingusedindustrialmaterials andCO2 from Shellslocalfacilitiesasalternativerawmaterialsintheproductionoflow-carbonconcrete;•GivaudanisworkingwithLanzatechtoestablishapilot-scalefragranceplanttoconvertwasteCO2tofragrancemoleculesinpartnershipwiththeInstituteofSustainabilityforChemicalsEnergyandEnvironment;and•Asix-memberconsortiumcomprisingPTTExplorationandProductionAirLiquideYTLPowerSerayaOiltankingAsiaPacificKenoilMarineServicesand APMollerareexploringthefeasibilityofestablishingagreene-methanolpilotplantinSingaporeGreene-methanolisoneofthealternatefuelstomeettheInternationalMaritimeOrganisations2030/2050goalsWhiletheincreasedcarbontaxmaybeexacting forsomeEDBexpressedits willingnesstosupportcompaniesinthetransitionMrKwangsaidWerecognisedthatthechangestothecarbontaxwillhaveanimpactoncompaniesoverallcostsThereforeweareintroducingatransitionframeworktoprovidetimeforcompaniestoadjusttochangesandmitigatetheimpactontheircompetitivenessIndustryScalesUpAcrosstheworldindustrymajorsareactivelyworkingtodevelopmoresustainablepracticesandsystemsAtExxonMobilthecompanyisassessingthepotentialforaCCShubconceptinSingaporethatwouldcapturetransportandstoreCO2resulting fromindustrialactivity from theregionSpeaking toGBRGeraldineChinChairmanandManagingDirectorExxonMobilAsiaPacificsaidTheconceptcouldseeuscapturingCO2emissionsfromindustrialhubslikeJurongIslandinSingaporeandstoringtheCO2deepundergroundintheregionExxonMobilalsosignedMemorandaofUnderstandingwithPertaminainIndonesiaandPETRONASinMalaysiatofurtherevaluatethepotentialforCCStechnologiesShellsvisionistotransformPulauBukomintooneoffiveglobalenergyandchemicalsparksgloballyMsShirleyYapSeniorVicePresidentShellChemicalsandProductsAsiatoldGBROurvisionistotransformBukomfullyintegratedwithShellJurongIslandintoanEnergyandChemicalsParkwherewecanprovideawiderangeoflowcarbonsolutionstodifferentsectorshereinSingaporeandAsiaToachievethisweplantocreatenewlowcarbonplatformslikebiocircularandcleanenergy