Key Markets

Find out more about Singapore’s carbon credit Implementation Agreements with other countries.

Signed Implementation Agreements

To drive greater opportunities in the carbon economy, Singapore is actively pursuing international collaborations with markets worldwide. To date, we have signed two carbon credit Implementation Agreements (IA) with Ghana and Papua New Guinea and are in discussions with over 20 countries on similar agreements. Under these agreements, Singapore-based companies will be able to tap on Singapore’s growing network of Article 6.2 partnerships to access emerging opportunities in Article 6 markets.

Status Countries/ Jurisdictions
Signed Implementation Agreement (IA) Ghana
Papua New Guinea
Concluded substantive negotiations on IA Bhutan
Paraguay
Vietnam
Signed MOUs on carbon market cooperation

Africa

  • Kenya
  • Morocco
  • Rwanda

Asia

  • Bhutan
  • Cambodia
  • Indonesia
  • Mongolia
  • Sri Lanka
  • Vietnam

Latin America

  • Chile
  • Colombia
  • Costa Rica
  • Dominican Republic
  • Peru

Oceania

  • Fiji

  • Ghana

    Capture Article 6 Opportunities in Ghana

    On 27 May 2024, Singapore and Ghana signed an IA for carbon credits cooperation under Article 6 of the Paris Agreement.

    On many counts, Ghana has been a forerunner in the Article 6 carbon markets. It was one of the first countries to put in place a national framework for carbon markets in 2022 to operationalise Article 6 collaborations, and the first to model and ink an Implementation Agreement.

    To facilitate the development of potential projects under the IA, the Singapore government recently launched an inaugural business mission to Ghana to introduce Singapore-based companies to opportunities in Ghana’s carbon market.

  • Papua New Guinea

    Capture Article 6 Opportunities in Papua New Guinea

    On 7 December 2023, Singapore and Papua New Guinea signed an IA for carbon credits cooperation under Article 6 of the Paris Agreement.

    Papua New Guinea has a rich blue carbon ecosystem, with significant potential for nature-based solutions. According to UNESCO data, the country’s mangrove forests cover an area of at least 4,265 km2, accounting for 75% of the mangroves in the Pacific region. The government of Papua New Guinea is currently also developing a National Blue Carbon Policy Roadmap, that aims to establish a policy framework designed to protect the country’s blue carbon ecosystems.

    Learn about the International Carbon Credits (ICCs) eligible under the Singapore-Papua New Guinea IA.

Key Markets