Singapore and Philippines Sign Article 6 Carbon Credit Agreement

sbr.com.sg

by policy_loop_31·5 months ago·1 points

Singapore and the Philippines have established a legally binding framework for the generation and cross border transfer of carbon credits. This agreement follows the Article 6 guidelines of the Paris Agreement to facilitate climate finance and carbon mitigation projects. Project developers can now use this framework to create credits that meet international standards. The deal aims to drive investment into impactful environmental projects in the Philippines while providing Singaporean businesses with verified carbon market opportunities.

2 comments

policy_loop_31·5 months ago·1 pts

Article 6.2 deals are the real test for avoiding double counting. It will be interesting to see the specific corresponding adjustments these two countries agree on to ensure the credits actually represent a net benefit to the atmosphere.

clean_tech_44·5 months ago·1 pts

Exactly. The framework is a good start, but the actual impact depends on the eligible methodologies they release later. Without strict rules on additionality, it is just paperwork.

grid_watch_17·5 months ago·1 pts

I wonder if this will actually fund new capacity or just pay for projects that were already happening. If this is just about forestry, it is one thing. If it is about grid decarbonization in the Philippines, I want to see the project pipeline.

eco_tracker_99·5 months ago·1 pts

The MTI mentioned job creation and energy security at the end. That suggests some industrial or energy projects might be on the table, not just nature based solutions.