Singapore – The National Climate Change Secretariat (NCCS) and the Ministry of Trade and Industry (MTI) announced they will procure 2.175 million tonnes of high-quality carbon credits from four nature-based solutions (NBS) projects located in Ghana, Peru, and Paraguay. This award is the result of the Request for Proposals (RFP) launched in September 2024 to meet Singapore’s 2030 Nationally Determined Contribution (NDC) under the Paris Agreement.

The selected projects include Kowen Antami REDD+ and Together for Forests REDD+ in Peru, Boomitra Grassland Restoration in Paraguay, and Kwahu Landscape Restoration in Ghana. The initiatives seek to reduce emissions from deforestation, increase carbon sequestration in grasslands through sustainable management practices, and restore degraded grasslands through reforestation. The total value of the credits is approximately S$76 million and will be used between 2026 and 2030.

The Singapore government emphasized that carbon credits under Article 6 of the Paris Agreement represent a crucial complement to achieving its goal of net-zero emissions by 2050 and reducing emissions to approximately 60 MtCO₂e by 2030. Furthermore, these mechanisms channel financing toward carbon sink conservation, generate benefits for local communities, and strengthen biodiversity.

Singapore is currently home to approximately 150 companies involved in carbon trading and services. Authorities confirmed they will launch a second RFP for Article 6-compliant carbon credits later this year to further drive carbon market growth and new green investment opportunities.

Source and Credits to Singapore 

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