Singapore to contract 2.175 million tonnes of carbon credits from four projects

This will help the city-state achieve its net-zero goal by 2050.

Singapore is set to contract 2.175 million tonnes worth of nature-based carbon credits valued at around $76m from four projects in Ghana, Peru, and Paraguay.

In a joint statement, the National Climate Change Secretariat (NCCS) and the Ministry of Trade and Industry (MTI) said this “award is the result of a request for proposal (RFP) launched in September 2024 for nature-based carbon credits to meet Singapore’s 2030 Nationally Determined Contribution (NDC) under the Paris Agreement.”

The nature-based carbon credit will specifically be contracted from the Kowen Antami REDD+ and Together for Forests REDD+ projects in Peru, the Boomitra Grassland Restoration Project in Paraguay, and the Kwahu Landscape Restoration Project in Ghana.

Singapore aims to achieve net zero emissions by 2050 and reduce emissions to around 60 million tonnes of carbon dioxide equivalent by 2030. This goal can be supported by nature-based solutions that can help reduce emissions equivalent to more than 10 gigatons of carbon dioxide per year.

The RFP launched in September 2024 allowed the Singapore Government to identify projects from around the world that could generate NBS carbon credits with high environmental integrity. Key features of these projects include ensuring additionality, low leakage risks, permanence, and co-benefits to surrounding communities.

“These projects aim to reduce carbon emissions from deforestation, increase carbon sequestration of soil organic carbon stock in grasslands through sustainable management practices, and remove carbon emissions through the reforestation of degraded pastureland,” the government said.

The agreement will be rolled out from 2026 to 2030.

To date, Singapore has signed nine implementation agreements with Bhutan, Chile, Ghana, Papua New Guinea, Peru, Paraguay, Rwanda, Thailand, and Vietnam.