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The latest Global Carbon Budget report forecasts that both fossil fuel-related carbon emissions and total global carbon emissions will hit historic highs this year, with further increases expected.

Malaysia's AirAsia, plans to impose a mandatory carbon fee on passengers starting next year, pending approval from the respective countries on its routes. If successfully implemented, this will be a first for a Malaysian national airline.

Starting this year, Singapore has increased its carbon tax to SGD 25 per ton (about 19 USD) and announced plans for further increases, aiming to encourage companies to accelerate their carbon reduction efforts.

To reduce carbon tax expenditures, Singaporean companies, under government encouragement, have begun focusing on developing carbon credits in Ghana.

To advance its green economy, the Malaysian government has set ambitious goals, vowing to significantly increase green investment, with a target of reaching 300 billion ringgit (about 72 billion USD) by 2030.

A significant milestone has been achieved in the development of marine low-carbon fuels. On August 5, French energy giant TotalEnergies successfully introduced its first batch of 100% biofuel (B100) at the port of Singapore.

A charge on emissions for cargo vessels would become the first global carbon price, but disagreements on system design and starting prices remain.

Anticipating continuous domestic growth in electricity demand, Singapore plans to add two more natural gas hydrogen-compatible power plants by 2030 to ensure stable and secure power supply.

Following Singapore, Thailand will become the second ASEAN country to implement a carbon tax ahead of CBAM. Thailand plans to levy carbon taxes in 2025, aligned with the enactment of the “Global Warming Act”.

Companies in Singapore aiming to offset part of their carbon tax liability will soon be able to purchase carbon credits from projects in Ghana, following an agreement signed between the two countries on May 27.