Singapore Expands Carbon Credit Cooperation with Mongolia and Others
What happened
Singapore signed a legally binding agreement with Mongolia to establish a framework for carbon credit cooperation under Article 6 of the Paris Agreement. The application process for these carbon credit projects is set to open on October 30. This agreement follows previous cooperation frameworks established with Ghana, Peru, Rwanda, and Thailand.
From sbr.com.sg
Why it matters
Singapore’s carbon tax-liable companies could use eligible credits generated from projects in Mongolia to offset up to 5% of their taxable emissions. This expands the scope of Singapore's International Carbon Credit framework, allowing companies to comply with binding climate commitments through international markets.
From sbr.com.sg
Who's involved
- SingaporeInitiated the cooperation framework for carbon credit projects
- Paris AgreementThe international agreement governing greenhouse gas emissions mitigation
- Ministry of Natural Resources and EnvironmentGovernment ministry of Thailand, previously involved in a cooperation agreement
- National Environment AgencySingapore government agency responsible for the national carbon credit framework
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- ShellSpeculative
Shell might reduce compliance costs by utilizing the new mechanism to offset taxable emissions
- National Environment AgencySpeculative
National Environment Agency could see an increase in its regulatory mandate regarding the national carbon credit framework
Keep exploring
The entities involved
-
Singapore
sovereign island country and city-state in maritime Southeast Asia
- Waystone is expanding its platform and operations across major financial hubs including DIFC, ADGM, Ireland, Singapore, and Luxembourg.
- Singaporean bodies are studying stricter digital safety regulations, harmonizing legislation across the House and Senate regarding children's safety and extremist content.
Related events
- Singapore, in the capacity of Foreign Minister, discussed trade and investment cooperation with Tajikistan at the UNGA.
- A connectivity agreement has been reached between Singapore and Vietnam.
- Conciliation talks between Cambodia and Thailand regarding maritime issues concluded in Singapore.
- Singapore invites private sector investment into South Asia's massive market, focusing on logistics cooperation and signing MoUs.
- Innovation drives partnerships between Singapore and China.