Singapore, Peru open applications for projects to generate carbon credits
These credits may be used by companies to offset their taxable emissions
[SINGAPORE] Singapore and Peru on Friday (Oct 24) launched a joint call for applications for carbon credit projects, a move that will allow Singapore-based, carbon tax-liable companies to source such credits and offset part of their emissions.
The call for projects operationalises an implementation agreement that the two nations signed on Apr 1. This is Singapore’s second such call, following one conducted under an agreement with Ghana.
The Ministry of Trade and Industry said authorised projects will generate international carbon credits (ICCs) that are aligned with Article 6, Paragraph 2 of the Paris Agreement.
These credits may be eligible for use by local carbon tax-liable companies to offset up to 5 per cent of their taxable emissions under Singapore’s ICC framework.
The projects – which are to be sited in Peru – are intended to unlock additional carbon mitigation options in the country, and channel financing towards sustainable development, job creation and pollution reduction in local communities.
Applications can be submitted on Singapore’s Carbon Markets Cooperation website and will be reviewed jointly by both governments on a rolling basis.
Copyright SPH Media. All rights reserved.
