The Singapore Economic Development Board and IETA have launched the Singapore Carbon Market Alliance.

The alliance is the first platform in Singapore aimed at helping companies obtain access to Article 6 carbon credits. The initiative was launched by Senior Minister of State, Ministry of Trade and Industry, Ms Low Yen Ling, at the Bloomberg Sustainable Business Summit.

The SCMA is a by-invitation-only alliance that will connect leading international developers and suppliers of carbon credits, with Singapore-based corporates. In addition, it was announced that from 2024, companies in Singapore will be allowed to use international carbon credits to offset up to 5% of their taxable emissions

Dirk Forrister, President and CEO IETA, said, “IETA fully supports Singapore’s efforts to develop a regional market for the trade in high- quality carbon credits. Achieving the Paris Agreement goals requires international collaboration and Singapore’s position as a major global hub makes it an excellent candidate to drive forward the development of a truly international carbon market.”

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