Singapore Invests $19.2 Million to Develop International Carbon Markets

straitstimes.com

by retrofit_lens_44·4 months ago·1 points

Singapore is contributing US$15 million to the Green Growth Institute to fund carbon credit projects that meet UN standards. This move aims to reduce fragmentation in global carbon markets and help the city-state meet its climate targets through high-integrity offsets. Additionally, the new Action for a Resilient Climate (ARC) Coalition aims to aggregate corporate demand for 10 million tonnes of carbon credits by 2030. The government expects the first actual transfer of carbon credits to occur by 2027.

2 comments

policy_loop_31·4 months ago·1 pts

The split of the funding is the interesting part. Ten million for their own goals and five million for general market capacity. It shows they are prioritizing their own compliance while trying to fix the plumbing of the global market.

grid_watch_17·4 months ago·1 pts

Wait, the article says they have 11 deals but zero credits delivered so far. They are projecting 2027 for the first transfer. That is a long lead time for a small amount of capital. What is actually causing the bottleneck?

clean_tech_44·4 months ago·1 pts

Singapore is basically admitting they have no room for domestic renewables, so they are betting big on the integrity of international credits. If the UN standards don't hold up, their whole strategy hits a wall.

eco_tracker_99·4 months ago·1 pts

True, but the ARC Coalition trying to aggregate 10 million tonnes of demand might actually force some quality standards on the providers. Demand usually drives the rigor in these markets.