Singapore has launched a multi-sector coalition to boost corporate demand and direct financing for high-integrity carbon credits, the minister for trade and industry said today.
The coalition government aims to procure at least 10mn carbon credits by 2030, it said. It will set up a financing facility to channel capital into early-stage projects that generate carbon credits which meet robust integrity standards, such as those developed by the Integrity Council for the Voluntary Carbon Market. The coalition will also establish its own project assessment and management process to help corporate buyers purchase credits.
The coalition aims to "improve market integrity, strengthen practices, and give companies greater confidence in purchasing high-integrity carbon credits", it said.
The coalition is also partnering with buyers group the Symbiosis Coalition to exchange best practices, it said.
The coalition will operate as a Singapore-based non-profit organisation. It is supported by government agency Enterprise Singapore, Japanese trading firm Mitsubishi, Brazilian mining group Vale, utility Osaka Gas, China's largest battery producer, CATL and Chinese technology conglomerate Tencent, as well as investment platform Genzero, Australian carbon investment company Carbon Growth Partners, climate finance company Climate Bridge, the Climate Impact X exchange, carbon credit management firm Rubicon, consulting firm Bain and non-governmental organisation WWF Singapore.
