S’pore steps up carbon market push forward with grants, new initiatives at COP31
Detailed summary
The grants will help companies develop nature-based carbon projects in the region. Read more at straitstimes.com.
Economic Development Board executive vice-president Lim Wey-Len and Conservation International’s executive director Patricia Zurita at a signing ceremony.
ANTALYA, Turkey — Singapore’s push for carbon markets as a way for it to contribute to global climate action and channel funds into developing countries is gaining momentum, with a slew of initiatives announced at the UN climate conference COP31 in the Turkish city of Antalya.
The announcements, made over several days since the opening of the summit on Nov 9, include the disbursement of grant funding from the Singapore Government to two organisations to help establish carbon projects in South-east Asia.
These projects – announced on Nov 12 – include ventures to protect forests and mangroves as sources of carbon credits.
The set-up of a new Singapore office by a global carbon credit registry, Climate Action Reserve, was also announced on Nov 12. The environmental non-profit will help to ensure that carbon credit projects in the region are trustworthy and have a true positive impact on the climate.
Two other initiatives were launched to ensure demand for carbon credits.
On Nov 10, a new platform was launched to allow companies in Singapore to buy credits in a more straightforward manner, without having to build their own sourcing, contracting and settlement capabilities.
The other initiative, which is supported by Enterprise Singapore, aims to aggregate demand among companies for carbon credits. The Action for a Resilient Climate Coalition said on Nov 12 that it aims to buy at least 10 million tonnes of carbon credits by 2030.
It will issue its first call for proposals for one million tonnes of nature-based credits in the first half of 2027.
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