Singapore Expands Carbon Market Network with 10th Bilateral Deal
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📰 The quick summary: Singapore has signed its 10th bilateral carbon credit agreement with Mongolia, enabling the transfer of high-integrity carbon credits that will help both countries meet climate goals while bringing development benefits to Mongolian communities.
📈 One key stat: 7% of carbon credits generated under the deal will contribute to global climate action, with 2% canceled for net emission reductions and 5% funding adaptation projects in Mongolia.
💬 One key quote: “It [the agreement] reflects our shared ambition to build a sustainable, low-carbon future,” Minister Fu said in the official press release by Singapore’s government.
1️⃣ The big picture: Singapore has signed a legally binding agreement with Mongolia to collaborate on carbon credit transfers under Article 6 of the Paris Agreement. This marks Singapore’s 10th such bilateral deal as the city-state expands its international carbon market framework. The agreement establishes a system for generating and transferring high-integrity, correspondingly adjusted carbon credits that companies can use to offset up to 5% of taxable emissions under Singapore’s carbon tax regime. Beyond addressing emissions, the initiative brings tangible benefits to Mongolian communities through job creation, improved energy access, and pollution reduction.
2️⃣ Why is this good news: The agreement creates a new channel for climate finance while ensuring environmental integrity through strict standards for carbon credits. Companies gain access to high-quality offset options that meet international standards, helping Singapore pursue its net-zero goals despite domestic limitations. The deal incorporates provisions that directly benefit global climate action by canceling 2% of credits for overall emission reductions and directing 5% of credit value toward adaptation projects in Mongolia. Local communities benefit from sustainable development projects that improve quality of life while reducing carbon emissions.
3️⃣ What’s next: Project developers in both countries can now begin implementing eligible carbon reduction initiatives under the framework. Singapore will likely continue expanding its portfolio of carbon credit partnerships as part of its International Carbon Credits strategy. Officials will monitor and verify projects to ensure they deliver the promised climate and development benefits.
Read the full story here: Carbon Herald – Singapore Teams With Mongolia For 10th Bilateral Carbon Credit Deal
