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    Singapore unveils new eligibility criteria for carbon credits
    2023-03-30

    Singapore this week developed and published its latest eligibility criteria for managing international carbon credits, which companies can buy to offset their carbon taxes, according to CNA, the singapore-based media. Grace Fu, the Minister for Sustainable Development and the environment, announced the new standards at the biennial National Energy Efficiency Conference, which cover seven principles:

    • No double counting principle
    • The principle of additionality
    • The principle of authenticity
    • Quantifiable and verifiable principles
    • Timeless principles
    • The no-net harm principle
    • No leakage principle

    Grace Fu said the new eligibility criteria would ensure “A high degree of environmental integrity” for carbon credits, adding that the development of a well-functioning carbon market would effectively match the demand for and supply of high-quality carbon credits, is an important component of global efforts to achieve net zero emissions.
    Under the policy, Singaporean companies will have the option of using eligible international carbon credits to meet part of their carbon tax obligations from the 2024. The policy, launched in November 2022, aims to help Singapore achieve net zero emissions by 2050. By buying these credits, companies can offset up to 5% of their carbon tax emissions.
    Singapore's carbon tax applies to all facilities that emit at least 25,000 tonnes of greenhouse gases a year. The tax, introduced in 2019, is set at S $5 a tonne and will rise to S $25 a tonne in 2024 and 2026 in 2025 and S $45 a tonne thereafter. For companies struggling to reduce their emissions, international carbon credits offer another way to decarbonise, allowing them to channel financial resources to support projects that reduce or eliminate emissions globally, click on the image below to see more international carbon prices:
    (Source: CBL International Voluntary Carbon Market CME futures contracts)
    In addition, the Ministry of Sustainable Development and the environment (MSE) and the national environment agency (NEA-RRB- set out the eligibility criteria in a joint press releaseWednesdaysday, to guide companies here on which international carbon credits can be used to reduce carbon emissions in compliance with the Carbon Tax Act.

    As part of the criteria, certified emission reductions or removals must take place between 1 January and 31 December 2030, in addition to the seven key principles that must be met, the 2021 In line with the 2015 Paris Agreement. International carbon credits must also adhere to seven principles developed in consultation with more than 70 stakeholders in industry and non-governmental organization. The standard references the International Aviation Carbon Offset and reduction program (Corsia) , which is one of the most stringent international standards.

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