Singapore has taken a major step toward improving the credibility and transparency of the international carbon credit market by appointing three carbon rating agencies — BeZero Carbon, Calyx Global, and Renoster — to assess and rate carbon projects.

The initiative, announced by Singapore’s National Environment Agency (NEA) and the Ministry of Sustainability and the Environment (MSE), aims to enhance trust and quality assurance in the voluntary carbon market (VCM), supporting businesses in achieving their decarbonization goals through verified, high-integrity credits.

The move follows Singapore’s ongoing efforts to establish itself as a trusted regional hub for carbon services and trading under its Climate Action Data Trust (CAD Trust) and Article 6 cooperation framework. The inclusion of independent rating agencies is expected to provide consistent and transparent evaluations of carbon project quality — including assessments of additionality, permanence, and social impact.

The three selected firms will work closely with the Singapore government to build a carbon rating framework that ensures alignment with international best practices and environmental integrity standards.

According to MSE, “Enhancing transparency and accountability in carbon markets is critical to scaling credible climate finance.” The framework aims to guide corporate buyers, investors, and regulators in selecting credible carbon credits that contribute meaningfully to global emissions reduction.

This development marks a pivotal moment in Asia’s carbon market landscape, reinforcing Singapore’s leadership in advancing integrity-based carbon trading systems and sustainable finance innovation.