After Malaysia, China, Indonesia and India, immediately the final publish of this week, specializing in carbon markets in Asia.
Singapore is an island nation and city-state in maritime Southeast Asia, the place 5,6 million folks stay. Resulting from a positive geography, it has the most important port in that area and one of many busiest within the World.
Final 31 July 31, 2024, the Singapore Financial Growth Board (EDB) and IETA (previously the Worldwide Emissions Buying and selling Affiliation) have launched the Singapore Carbon Market Alliance (SCMA), the primary platform in Singapore aimed toward serving to corporations receive entry to high-quality Article 6 carbon credit.
The truth that the agreements are MoUs to date signifies that there are not any credit on the market from these international locations that meet the factors set by the Singapore Authorities. That is joint work in progress.
In keeping with the SCMA press launch, these credit may also help corporations meet their company local weather targets, contribute to international sustainability ambitions, and can be utilized in direction of Singapore’s Nationally Decided Contributions (NDCs).
Corporations in Singapore, particularly in hard-to-abate sectors, might be allowed to make use of worldwide carbon credit to offset as much as 5% of their taxable emissions.
In 2019, Singapore launched a carbon tax for industrial amenities with direct emissions of a minimum of 25 kilotonnes every year to steer companies in direction of greener practices.
Click on on the picture beneath for the press launch from IETA.
As Singapore is diligently specializing in high-quality carbon credit, worldwide builders and suppliers might be accepted by SCMA solely upon invitation. Click here for the website of SCMAtogether with the contact e mail to specific curiosity in turning into a member.
“I would also like to highlight that the carbon market is an important mechanism for supporting voluntary climate goals. While regulatory requirements set a baseline, voluntary credits enable companies to go above and beyond compliance. When paired with a credible decarbonisation strategy, these voluntary carbon credits allow businesses to demonstrate leadership and commitment and drive sustainability both within and beyond their value chain.” said the Singapore Senior Minister of State for Trade and Industry in his speech at the Launch of SCMA.
