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National alliance launched to help companies access quality carbon credits

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The Singapore Carbon Market Alliance is a collaboration between EDB and Ieta, a non-profit business group.

SINGAPORE – A national platform that will help “match-make” developers of carbon credit projects with potential buyers of such credits was launched on July 31.

The SCMA is a collaboration between the Economic Development Board and Ieta, a non-profit group that represents businesses committed to smart, well-designed and effective carbon markets around the world. Senior Minister of State for Trade and Industry Low Yen Ling announced the launch of the SCMA at the Bloomberg Sustainable Business Summit on July 31. She said Singapore is pursuing the bilateral trade of carbon credits with more than 20 countries, including Kenya, Rwanda, Paraguay and Mongolia.

The alliance is a by-invitation-only platform, and has more than 50 members from sectors including energy, healthcare, semiconductors, logistics and carbon services.They need to meet the criteria of being leading international developers and suppliers of carbon credits, and the companies must have strong climate commitment and interest in purchasing Article 6 credits.

Mr Jonathan Gan, a carbon trader at global energy and commodities company Vitol Asia – which is a member of the SCMA – said some tax-liable companies have entered into deals with Vitol to buy credits in the future.

 

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