Cop: Singapore partners Fiji, Rwanda on carbon credits

: Emissions
23/12/04

Singapore has signed agreements with Fiji and Rwanda on the sidelines of the UN Cop 28 climate summit, to collaborate on creating carbon credit frameworks for the transfer of credits.

Singapore has signed similar but separate agreements with Fiji and Rwanda to co-operate on creating legally binding implementation agreements that set out a bilateral framework for the international transfer of correspondingly adjusted carbon credits. The agreements include the criteria and processes for trading carbon credits under Article 6 of the Paris agreement.

Once the implementation agreements are completed, companies in Singapore that are liable to be subjected to carbon tax can purchase carbon credit projects to offset up to 5pc of their taxable emissions.

A corresponding adjustment refers to the transfer of emissions reductions across countries' greenhouse gas inventories, in a manner that prevents the double-counting of emission reductions and removals towards buyer and host countries.

Singapore plans to raise its carbon tax to S$25/t ($19/t) in 2024-25 and then S$45/t in 2026-27 from the current rate of S$5/t. This will reach about $60/t by 2030, "making it one of the highest in Asia," said senior minister Teo Chee Hean at the Cop 28 summit.

The country in October set out the eligibility criteria for carbon credits to be used under its International Carbon Credit (ICC) framework. These include "realistic, defensible and conservative" estimates of emissions reductions compared with a plausible baseline scenario, and permanence, whereby the carbon credits must be derived from emissions reductions that are not reversible.

By Prethika Nair

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25/04/02

Article 6 credits 'could provide CBAM cost flexibility'

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Transition technology draws energy R&D spend: IEA

25/04/02

Transition technology draws energy R&D spend: IEA

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Australia’s gas leaders hit out at market intervention

25/04/02

Australia’s gas leaders hit out at market intervention

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US oil, farm groups push EPA for steep biofuel mandate

25/04/01

US oil, farm groups push EPA for steep biofuel mandate

New York, 1 April (Argus) — The American Petroleum Institute and biofuel-supporting groups told Environmental Protection Agency (EPA) officials at a meeting today that the agency should sharply raise advanced biofuel blend mandates for 2026. The coalition told EPA that it supported a biomass-based diesel mandate next year of 5.25bn USG, up from 3.35bn USG this year, and a broader advanced biofuel mandate, including the cellulosic category, at 10bn Renewable Identification Number (RIN) credits, up from 7.33bn RINs this year, according to three different groups that attended the meeting. Both mandates would be record highs for the Renewable Fuel Standard (RFS) program. Soybean oil futures and RIN credit prices have risen sharply over the past week on optimism that oil and biofuel interests were working to coordinate volume mandate requests for consideration by President Donald Trump's administration. 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Singapore, Peru sign Article 6 carbon deal

25/04/01

Singapore, Peru sign Article 6 carbon deal

London, 1 April (Argus) — Singapore and Peru have signed an agreement to trade carbon credits under Article 6 of the Paris Agreement. The deal will provide the foundation for Singapore to hit its climate targets by buying carbon credits from Peru, while channelling finance to the latter for scaling its climate projects. Carbon credits traded under Article 6 are called Internationally Transferred Mitigation Outcomes (Itmos). They count towards the buyer's nationally determined contribution and must meet several criteria, such as featuring a letter of authorisation from the host country. Market sources have suggested that "logistical barriers" have complicated the issuance of letters of authorisation, heavily limiting the pool of credits that can be traded as Itmos. Towards the end of last month, the UN Framework Convention on Climate Change issued a template for letters of authorisation establishing precisely what information a host country must receive from project developers in order to authorise their credits for trade credits under Article 6. The deal is Singapore's first with a Latin American country, which host some of the largest nature-based projects in the world in reducing emissions from deforestation and degradation and afforestation, reforestation and revegetation project areas. Singapore has signed similar Article 6 agreements with Papua New Guinea, Ghana and Bhutan. By Felix Todd Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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