Singapore launches market alliance to facilitate carbon credit trade
The Singapore Carbon Market Alliance (SCMA) was launched recently, serving as a national platform that will help connect developers of carbon credit projects with potential buyers.
Singapore uses wind power to reduce emissions. Photo courtesy of VNA
The SCMA launch was announced by Senior Minister of State for Trade and Industry Low Yen Ling at the Bloomberg Sustainable Business Summit on July 31.
The alliance will help buyers keen on sourcing high-quality credits identify reliable projects, as it will deal with projects that supply credits compatible with the Paris Agreement on climate change. Corporations based in Singapore could buy these credits to advance their climate goals and offset part of their carbon tax.
One carbon credit represents one tonne of carbon dioxide (CO2) that is either prevented from being released into or removed from the atmosphere. These credits are created through renewable energy projects and other initiatives such as forest conservation, mangrove restoration, and replacement of wood-burning stoves.
The SCMA is a collaboration between the Singapore Economic Development Board (EDB) and the IETA, a non-profit group that represents businesses committed to smart, well-designed and effective carbon markets around the world.
Low Yen Ling said Singapore is pursuing the bilateral trade of carbon credits with more than 20 countries, two of which – Papua New Guinea and Ghana – have signed bilateral agreements with the city state.
But to date, there are no credits for sale from those countries that currently meet the criteria set by the Singapore Government.
EDB Managing Director Jacqueline Poh said they signed these agreements, but there are no credits yet, so they need to work together on this.
The alliance is a by-invitation-only platform and currently has more than 50 members from sectors including energy, healthcare, semiconductors, logistics and carbon services.
Any organisation interested in joining can write in to the EDB and the IETA. They need to meet the criteria of being leading international developers and suppliers of carbon credits, and the companies must have a strong climate commitment and interest in purchasing credits.
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