Singapore, Bhutan call for carbon credit project applications
These credits may be used by companies to offset their taxable emissions
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[SINGAPORE] Singapore and Bhutan on Thursday (Nov 20) launched a joint call for applications for carbon credit projects – the Republic’s third such call after similar agreements with Ghana and Peru.
The Ministry of Trade and Industry said authorised projects will unlock additional carbon mitigation in Bhutan and “advance both countries’ climate ambitions through targeted financing”.
They will also generate international carbon credits that are aligned with Article 6 of the Paris Agreement. These will be eligible for use by Singapore-based carbon-tax-liable companies to offset up to 5 per cent of their taxable emissions.
The projects, situated in Bhutan, will promote sustainable development and benefit local communities through job creation, clean water access, improved energy security and reduced environmental pollution.
Applications can be submitted from Dec 1 onwards and will be reviewed jointly by both the Singapore and Bhutan governments.
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