SINGAPORE - Singapore’s search for carbon credits is hotting up, with companies here eyeing opportunities in Ghana on the back of the hike in carbon taxes that came into effect in 2024.
Singapore can currently source for carbon creditsIn July, the Ministry of Trade and Industry led the first carbon credits business mission to Ghana with a delegation of 22 Singapore-based companies. These companies range from project developers, to traders, and financiers, said the ministry.
For now, the bulk of reforestation projects in Ghana appear to be ineligible as a supplier of carbon credits to Singapore firms, amid an ongoing review of whether current methodologies are robust enough to ensure the quality of forest-based credits.
Even though Singapore has agreements with the governments of Ghana and Papua New Guinea to ensure that carbon credits are not double-counted – meaning that the same credit is not claimed by both buyer and seller countries – the deal has to be greenlit by the authorities on both sides for it to take effect.
“We’re exploring opportunities with this Ghana-Singapore bilateral deal, which would allow projects approved by both governments to sell credits to Singapore companies to offset their carbon tax,” she added. But its chief executive Johnson Penn said buyers from Singapore are still looking for greater clarity if the credits from EcoLinks project will be approved by the Singapore Government for carbon tax offsetting.
Wahu is hoping to explore a similar project with Singapore entities, now that the carbon credit agreement has been signed between both countries, she added.Forestry credits Mr John Mason, chief executive and co-founder of Singapore-based AJA Climate Solutions, which has an ongoing forest restoration project in Ghana, said he was disappointed to learn about the exclusion when the eligibility list was released.
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