Singapore Expands Carbon Credit Network with Paraguay Agreement
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📰 The quick summary: Singapore has signed its seventh bilateral carbon credit agreement with Paraguay, creating a framework for high-quality carbon credit projects that will help both countries reduce emissions and meet their climate goals.
📈 One key stat: Singapore has now established carbon credit partnerships with seven nations worldwide, expanding the global network of Article 6-compliant carbon markets.
💬 One key quote: “This mechanism not only reaffirms our commitment to environmental integrity and the goals of the Paris Agreement, but also opens new opportunities to generate green jobs, attract sustainable investments, and improve the quality of life of our people,” said Paraguay’s Minister Barreto.
1️⃣ The big picture: Singapore and Paraguay have formalized a bilateral carbon credit agreement, establishing a framework for transferring carbon credits under Article 6 of the Paris Agreement. This marks Singapore’s seventh such international collaboration, following previous agreements with countries including Bhutan, Papua New Guinea, Ghana, Peru, Chile, and Rwanda. The deal ensures transparency by requiring Paraguay to adjust its national emissions calculations when transferring credits to Singapore, preventing double counting. This partnership comes as Paraguay strengthens its position in the global carbon market and enhances its legal framework to support carbon market mechanisms.
2️⃣ Why is this good news: The agreement creates opportunities for developing high-quality, Article 6-compliant carbon credit projects that will accelerate climate action in both countries. Paraguay’s participation strengthens Latin America’s position as a major source of carbon credits while generating economic benefits such as green jobs and sustainable investments. The framework ensures environmental integrity through proper accounting measures that prevent double counting of emission reductions. This partnership demonstrates how international cooperation through carbon markets can help countries meet their Paris Agreement goals while fostering sustainable development and improving quality of life.
3️⃣ What’s next: Project developers can now begin creating carbon credit initiatives that meet the standards established in the bilateral agreement. Paraguay will continue strengthening its legal framework to attract green investments and expand climate action. Both countries will work together to implement the agreement while ensuring transparency and environmental integrity in all carbon market transactions.
Read the full story here: Carbon Herald – Singapore Signs Seventh Bilateral Carbon Credit Agreement With Paraguay
