The new eligibility criteria, entailing seven principles, will ensure that carbon credits are of high environmental integrity.
SINGAPORE: The Singapore government on Wednesday set out the eligibility criteria governing international carbon credits that companies can buy to offset their taxable carbon emissions.
From 2024, companies in Singapore will have the option to tap on eligible international carbon credits to fulfil part of their carbon tax liability. This was introduced in November 2022 as a way to help Singapore achieve net zero emissions by 2050. Detractors of carbon offsetting have pointed to the difficulty of verifying the actual impact of projects that produce carbon credits. Carbon crediting programmes, such as Verra's - one of the world's leading certifiers - are then introduced to verify the authenticity of these projects.
International carbon credits must also comply with seven principles developed in consultation with more than 70 stakeholders across industry and non-governmental organisations. The criteria take reference from the Carbon Offsetting and Reduction Scheme for International Aviation , one of the most rigorous international standards.
"We are developing the market and rules in parallel, with the aim of publishing a list of eligible carbon credit programmes, methodologies and host countries later this year," said Ms Fu. NEA has also signed MOUs with Verra's Verified Carbon Standard programme and four others: Gold Standard, Global Carbon Council, American Carbon Registry and the Architecture for REDD+ Transactions.Alongside these developments, Ms Fu also gave updates on Singapore's carbon market infrastructure.
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