Analysing Singapore’s Recent Carbon Credits Initiative
As the world wrestles with the existential threat of climate change, innovative solutions are desperately sought. Singapore has stepped onto the global stage with its ambitious carbon credit regime. This system,introducedinNovember2022alongsidearisingcarbontax,allowscompaniestooffsetupto5% of their taxable emissions by purchasing internationally recognised carbon credits. From a legal perspective,Singapore’scarboncreditregimecreatesaninterestingyetintricatelandscapethatpresents both opportunities and challenges. The cornerstone of the regime is the International Carbon Credit (ICC) Framework, which has been drafted to uphold high environmental integrity. Credits must meet stringent criteria outlined in Article 6 of the Paris Agreement,2 ensuring genuine emissions reductions or removals.3 To further bolster this integrity, Singapore established an International Advisory Panel for Carbon Credits, seeking expertise from diverse stakeholder groups. Additionally, partnership with established carbon credit programs like the Gold Standard and Verra’s Verified Carbon Standard announced in December 2023 would be aimed at assisting nations in maximising the benefits of carbon crediting programs to meet their Nationally Determined Contributions (NDCs) under the Paris Agreement. The collaboration will involve creating a guidethatpresentsuniformandefficientoperationalguidelinesforcountriestoenhancetheirutilisation of current carbon crediting programs, thereby helping them to fulfil and surpass their NDC targets.4 This deliberate emphasis on integrity is crucial, considering the checkered history of carbon markets. Past schemes have been marred by accusations of ‘greenwashing’ and double counting, where doubtful credits offset non-existent emissions or were claimed by multiple entities.5 Singapore’s stringent framework seeks to avoid these pitfalls, providing much-needed assurance for a market requiring credibility.
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