The governments of Singapore and Thailand have officially launched a call for carbon credit project applications under their bilateral Implementation Agreement. This initiative marks Singapore’s fifth such partnership, following similar successful calls with Ghana, Peru, Bhutan, and Rwanda.
The collaboration is designed to unlock new carbon mitigation opportunities in Thailand while supporting the climate goals of both nations. Beyond environmental impact, the authorised projects are expected to drive sustainable development by creating local jobs and reducing environmental pollution through targeted financing.
Projects authorised under this agreement will generate carbon credits aligned with Article 6 of the Paris Agreement. Under Singapore’s International Carbon Credit (ICC) framework, eligible Singapore-based companies may use these credits to offset up to 5% of their taxable emissions.
The application process consists of three distinct stages:
- Initial submission of project design and implementation plans.
- The lead-up to formal project authorisation.
- The application of “corresponding adjustments” to credits in accordance with Article 6, Paragraph 2 of the Paris Agreement.
Applications will be reviewed by both governments on a rolling basis. Each project must satisfy the specific regulatory requirements of both nations, including Singapore’s strict eligibility criteria for ICCs and approved carbon crediting methodologies.
Interested parties can access detailed application steps and eligibility lists via Singapore’s official Carbon Markets Cooperation website.
