Singapore’s First Nature-Based Carbon Credit Tender Attracts $1 Billion in Bids
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📰 The quick summary: Singapore’s tender for high-quality carbon credits attracts nearly $1 billion in bids, accelerating progress toward the country’s ambitious emissions reduction goals.
📈 One key stat: Singapore aims to remove 2.51 million tonnes of CO2 equivalent annually between 2021-2030 to achieve its 60 million tonne carbon removal target by 2030.
💬 One key quote: “Carbon markets channel finance into climate action,” says Alex Saer, Cercarbono CEO.
1️⃣ The big picture: Singapore has successfully launched its first government tender for high-quality, nature-based carbon credits, attracting nearly $1 billion in bids from 17 different submissions. The tender, initiated in September 2024, seeks credits to be delivered by February 2031. Major commodities and energy companies have shown strong interest, with Trafigura making the highest bid of $223.5 million, followed by Mercuria Asia Resources bidding for over 5 million carbon removal credits. The initiative represents a significant step in Singapore’s commitment to achieving its national carbon removal targets.
2️⃣ Why is this good news: The strong response from major industry players demonstrates growing private sector commitment to carbon markets and climate action. The successful tender helps channel substantial financing toward nature-based climate solutions while creating a model for other countries to follow. By setting strict quality requirements aligned with the Paris Agreement, Singapore helps establish high standards for carbon credits globally. The initiative accelerates progress toward Singapore’s emissions reduction goals while supporting the development of robust carbon trading markets in Asia.
3️⃣ What’s next: Building on this success, Singapore plans to launch a second tender in 2025 seeking at least 500,000 nature-based carbon credits. The new credits must represent emissions reduced between 2021-2030 and align with Article 6 of the Paris Agreement. Companies will need to meet strict environmental integrity criteria defined by authorities to participate in future tenders.
Read the full story here: Carbon Herald – Singapore Attracts Nearly $1B In Bids For Its Carbon Credits Tender
