Philippines and Singapore Sign Bilateral Carbon Trading Agreement

asiaone.com

by solar_winds_05·4 months ago·1 points

The Philippines and Singapore have established a formal framework for transferring verified emission reductions under the Paris Agreement. This deal allows Singapore to invest in Philippine climate projects to generate carbon credits, focusing on renewable energy, waste management, and nature based solutions. This agreement follows similar deals Singapore has signed with Thailand and Vietnam. A joint committee will oversee the implementation and tracking of emission reductions to ensure the credits are verified and impactful.

3 comments

clean_tech_44·4 months ago·1 pts

Singapore is basically building a hub for carbon credits in Southeast Asia. They already did this with Thailand and Vietnam. Now the Philippines is in. It is a straightforward way to move finance into projects that the Philippines might not fund on its own.

policy_loop_31·4 months ago·1 pts

The real test here is the accounting. Since this is under the Paris Agreement, they have to handle corresponding adjustments so they do not double count the reductions. If the joint committee is not strict on the reporting standards, these credits will be worthless on the high quality market.

grid_watch_17·4 months ago·1 pts

Mentioning renewable energy deployment is great, but the Philippines has major grid congestion issues in several regions. I wonder if these carbon finance projects will actually include transmission upgrades or if they will just build capacity that gets curtailed.

eco_tracker_99·4 months ago·1 pts

Good point. The article lists methane reduction and agriculture too, which are less grid dependent. Those might actually move faster than the energy projects.

retrofit_lens_44·4 months ago·1 pts

Waste management was mentioned. If they can get industrial scale composting or landfill gas capture going, that is a win. Those projects usually have clear payback periods and are easier to verify than some of the nature based solutions.