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Think Beyond Today. Invest in a Sustainable Tomorrow with SAMESG® Reporting
Singapore has taken a significant step towards its national climate goals, announcing a landmark deal to purchase more than 2 million tonnes of high-integrity, nature-based carbon credits. The agreement, signed by the Ministry of Trade and Industry (MTI) and the National Climate Change Secretariat (NCCS), is a key part of the city-state’s strategy to meet its Nationally Determined Contribution (NDC) for 2030 and its 2050 net-zero target.
As a small, densely populated island nation with limited natural resources, Singapore faces unique challenges in decarbonizing its economy. While continuing to pursue domestic initiatives like carbon taxes and renewable energy imports, the government sees Article 6 of the Paris Agreement as a crucial pathway to complement these efforts. The agreement enables the country-to-country trading of carbon credits, allowing Singapore to invest in and benefit from climate projects abroad that help to reduce global emissions.
The credits, sourced from four selected projects in Ghana, Peru, and Paraguay, were chosen through a rigorous Request for Proposals (RFP) process. Singapore’s key selection criteria included environmental integrity, ensuring additionality, permanence, and low leakage risks. The selected projects focus on protecting and restoring natural ecosystems and biodiversity, including:
The Kowen Antami REDD+ and Together for Forests REDD+ projects in Peru.
The Boomitra Grassland Restoration Project in Paraguay.
The Kwahu Landscape Restoration Project in Ghana.
The plan includes a new vehicle efficiency standard and investments to accelerate the rollout of fast EV charging infrastructure.
These projects not only help to remove carbon from the atmosphere but also provide vital co-benefits, such as improved water quality and sustainable income for local communities.
At an estimated value of S76million(USD60 million), the agreement represents 2.175 million tonnes of emissions reductions between 2026 and 2030. The MTI and NCCS confirmed that the government plans to launch a second RFP later this year, signaling a long-term commitment to leveraging international carbon markets as a tool for climate action. This move positions Singapore as a global leader in demonstrating how a nation can use Article 6 agreements to effectively and transparently pursue its climate ambitions.
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