Singapore, Thailand launch applications for carbon credit projects: MTI

[SINGAPORE] Singapore and Thailand have launched an application call for carbon credit projects, the Ministry of Trade and Industry (MTI) said on Tuesday (Mar 31).

Authorised projects will unlock carbon mitigation options in Thailand and advance both countries’ climate ambitions, by generating carbon credits that align with Article 6 of the Paris Agreement, MTI said.

These credits may be eligible for use by Singapore-based carbon tax-liable companies to offset up to 5 per cent of their taxable emissions under Singapore’s International Carbon Credit (ICC) framework, it said.

Through targeted financing, the projects will also promote sustainable development, benefiting local communities through job creation and reduced environmental pollution.

The application call comes under a bilateral implementation agreement on carbon credit cooperation.

It was signed between Singapore and Thailand in August 2025, which outlines a legally binding framework for the international transfer of correspondingly adjusted, high-integrity carbon credits that are aligned with Article 6.

This is the Republic’s maiden entry into an implementation agreement with an Asean country, and its fifth call for project applications, following invitations for such applications with Bhutan, Ghana, Peru and Rwanda.

Interested parties may submit applications for the authorisation of carbon credit projects in Thailand. The Singapore and Thailand governments will jointly review applications on a rolling basis.

Application process

The application process comprises three stages, each corresponding to a different stage of a carbon credit project’s implementation.

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The first stage requires applicants to submit a concept note that outlines the programme and methodology under which the intended project will be developed. This should also lay out how the project upholds environmental integrity.

At the second stage, applicants must submit a project design document, and a validation report from a third-party auditor. These documents should confirm that the project aligns with the rules and requirements of the carbon crediting programme.

Once the application receives authorisation letters from both Singapore and Thailand, the applicant should register the project with its intended carbon crediting programme and proceed to the implementation phase.

The third and final stage of the application process requires corresponding adjustments to be made to carbon credits generated from the authorised project, in accordance with the Paris Agreement’s Article 6, Paragraph 2.