\n<\/p>\n
CAAS on Thursday also laid out how the levies will be used.<\/p>\n
Money collected through the levy will be channelled to a statutory fund known as the SAF Fund and used to purchase sustainable aviation fuel and its related “environmental attributes”, as well as cover administrative costs.<\/p>\n
SAF environmental attributes refer to a value representing the difference in carbon dioxide emissions of SAF throughout its life cycle and those from the same quantity of conventional aviation fuel.<\/p>\n
The environmental attributes may be used to meet offsetting requirements under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), developed by the International Civil Aviation Organization (ICAO), or other similar programmes.<\/p>\n
It can also be reported as carbon emissions reduction from the use of sustainable aviation fuel, which can in turn be used by businesses to report environmental sustainability efforts to stakeholders, investors or regulators.<\/p>\n
The Singapore Sustainable Aviation Fuel Company (SAFCo), a non-profit wholly owned by CAAS, will be the designated collection agent for the levies and will also procure, manage, account for and allocate sustainable aviation fuel and its environmental attributes.<\/p>\n
SAFCo has been working with airlines and industry stakeholders to develop the operational processes and systems for levy returns and collection, said CAAS.<\/p>\n
Additionally, the environmental attributes associated with the fuel will be managed separately from the physical SAF and allocated to eligible users.<\/p>\n
“CAAS has worked closely with airlines and other global industry partners to set up a robust regime for SAF levy collection, procurement and environmental attributes management. In doing so, CAAS seeks to lay the foundation for Singapore to serve as a trusted hub for SAF-related economic activities in the region,\u201d said Mr Han Kok Juan, director-general of CAAS.<\/p>\n
\u00a0<\/p>\n<\/div>\n
\n
HOW THE LEVY WILL BE USED CAAS on Thursday also laid out how the levies will be used. Money collected through the levy will be…<\/p>\n","protected":false},"author":1,"featured_media":81904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--YjqotuyW--\/c_crop,h_575,w_1022,x_1,y_18\/c_fill,g_auto,h_676,w_1200\/fl_relative,g_south_east,l_mediacorp:cna:watermark:2023-11:afp_watermark_14112023,w_0.1\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2024\/12\/08\/000_34pg3nl.jpg?itok=9v80vvoZ","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[364,243,9028,18980,6403,8882,1661,29412,22,4402,3073],"class_list":["post-81903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-air","tag-aviation","tag-cargo","tag-defers","tag-fuel","tag-levy","tag-planned","tag-proceed","tag-singapore","tag-sustainable","tag-travellers","wpcat-2-id"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/81903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=81903"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/81903\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/81904"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}