NEA appoints carbon-rating service providers to help meet 2030 climate targets
BeZero Carbon, Calyx Global and Sylvera will also support Singapore’s environmental integrity assessment of carbon credits
[SINGAPORE] The National Environment Agency has appointed three carbon-rating service providers for independent assessments of carbon credit methodologies and projects.
BeZero Carbon, Calyx Global and Sylvera will support Singapore’s environmental integrity assessment of carbon credits, said the agency in a statement on Friday (Nov 7).
It added that International Carbon Credits (ICCs) are one of the pathways to achieve Singapore’s 2030 Nationally Determined Contribution and its 2050 net-zero ambition.
A panel comprising the three providers will provide expert views to improve the rigour of environmental integrity assessments of the carbon credits that Singapore purchases.
NEA said: “The appointment of carbon-rating service providers will support Singapore’s assessment of these methodologies and projects in a nascent carbon credits market.”
Introduced in November 2022, the Singapore ICC framework sets out the eligibility criteria and environmental integrity principles for carbon credits. Carbon tax-liable companies have been able to use ICCs to offset up to 5 per cent of their taxable emissions since 2024.
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As at Oct 31, Singapore had signed implementation agreements with 10 countries for the generation and trade of carbon credits as provided under the Paris Agreement Article 6. These countries are regional partners Thailand, Vietnam and Bhutan, alongside Mongolia, Papua New Guinea, Rwanda, Ghana, Peru, Paraguay and Chile.
Among these agreements, application calls for carbon credit projects for Ghana and Peru have been issued.
NEA said that the Singapore government “regularly reviews” the list of eligible carbon crediting methodologies to “maintain relevance and uphold the required environmental integrity standards” based on the latest science and evidence.
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The appointment of the three independent providers will also help in building capacity within the broader ICC ecosystem through the “expansion and diversification of ICC supply”, added the agency.
NEA also said the three companies were appointed after a “competitive” tender process launched in May. The tenderers were assessed based on their “capabilities, market expertise, team qualifications, track record and cost competitiveness”.
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