Singapore has led the way in carbon regulation in South-East Asia and has been proactive in seeking opportunities for international collaboration. In this briefing, we aim to provide current status of carbon markets in Singapore, key features of carbon tax and recent updates.
Recent Updates
Singapore has also been proactive in negotiating arrangements with other countries and setting up initiatives to support international collaboration on carbon projects. The Singapore Carbon Market Alliance (SCMA) is a key initiative promoting high-integrity carbon credits aligned with Article 6 of the Paris Agreement. DevvStream joins SCMA strengthening its position in the ASEAN carbon market. Verra has joined the Singapore Sustainable Finance Association (SSFA).
International collaborations: Singapore has also been actively signing implementation agreements with various countries like Ghana, Papua New Guinea, Bhutan, Paraguay, and Vietnam to collaborate on carbon credit initiatives.. Singapore has signed a Memorandum of Understanding (MoU) with Indonesia on cooperation in carbon pricing, climate change, and sustainability. The Philippines and Singapore are planning to form a working group that will discuss possible cooperation on carbon credit market.
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