Singapore Proposes Carbon Credits for Faster Coal Exit; Australia's Solar Power Surges
In a significant shift towards sustainability, Singapore's Monetary Authority (MAS) has proposed using carbon credits to hasten the retirement of coal-fired power plants. Meanwhile, Australia's solar energy production has surged, now accounting for 40% of its electricity supply. In the startup scene, BoomGrow and Meraque have made waves with investments and innovations in agritech and autonomous vehicles respectively.
MAS's initiative allows power generators to use carbon credits to meet their emissions reduction targets earlier than planned. This move aims to accelerate the phase-out of coal-fired plants and transition to cleaner energy sources.
Australia's renewable energy landscape has transformed dramatically. Solar power, once a niche player, now fuels 40% of the nation's electricity needs, significantly reducing its reliance on coal.
In the startup realm, BoomGrow, an agritech company, secured pre-Series A investment from Gobi Partners. Meanwhile, Meraque launched Malaysia's first autonomous ground vehicle for plantations, streamlining operations and reducing manual labour.
In the fintech sector, MADCash raised USD 1.05 million in a pre-Series A round to empower women entrepreneurs. Similarly, Kiddocare, a Malaysian on-demand caregiving platform, concluded its pre-Series A funding round with Artem Ventures leading the investment.
These developments underscore the region's commitment to sustainability and innovation. From MAS's carbon credit proposal to Australia's solar energy boom, and from BoomGrow's agritech investment to MADCash and Kiddocare's fintech initiatives, Southeast Asia continues to demonstrate its dynamic blend of growth and commitment to green energy solutions.
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