Singapore-generated carbon credits can’t be used to offset tax: MSE

CARBON credits generated from projects in Singapore cannot be used to offset emissions under the country’s carbon tax regime, the Ministry of Sustainability and the Environment (MSE) has clarified.

This means that locally generated credits from CRX CarbonBank’s Electric Vehicle Accelerator (Eva) programme cannot be used by companies here to offset up to 5 per cent of their taxable emissions. 

Before the clarification, the newly registered project’s potential partners – which include charging point operators – were mulling possibly using the credits for compliance. It is now certain that the credits cannot be used for that purpose in Singapore.