The Singapore government has joined forces with non-profit emissions trading group the IETA to create a platform aimed at helping companies acquire carbon credits under Article 6 of the Paris Agreement. The Singapore Carbon Market Alliance (SCMA) will be an invitation-only group that connects Singapore-based companies with suppliers of credits. Article 6 of the Paris Agreement sets out the rules by which countries can outsource some of their emissions reduction to other jurisdictions. It creates flexibility over where a country’s emissions reduction occur, while also providing climate finance to poorer nations. The initiative was launched by Singapore’s Senior Minister of State, Ministry of Trade and Industry, Low Yen Ling, at the Bloomberg Sustainable Business Summit. It will be run by the Singapore government agency, the Economic Development Board (EDB). “The SCMA will be a key platform for connection, knowledge-building and discussion around Article 6 credits,” said Jacqueline Poh, Managing Director of the EDB. “High-quality carbon credits can unlock climate financing and offer a complementary pathway for companies and countries, including Singapore, to meet climate goals,” she said. Dirk Forrister, CEO of the IETA (formerly known as the International Emissions Trading Association) said: “Achieving the Paris Agreement goals requires international collaboration and Singapore’s position as a major global hub makes it an excellent candidate to drive forward the development of a truly international carbon market.”
