The Government of Singapore has added Verra’s Verified Carbon Standard (VCS) methodology VM0010 to its list of eligible carbon credit protocols under the nation’s International Carbon Credit (ICC) Framework.
The approved methodology, VM0010 Methodology for Improved Forest Management: Conversion from Logged to Protected Forest, enables forest conservation projects that transition commercial logging areas into protected reserves to generate compliant offset credits.
This approval expands Singapore’s eligible nature-based offset portfolio to three VCS forestry methodologies, joining previously whitelisted protocols VM0048 (Reducing Emissions from Deforestation and Forest Degradation) and VM0047 (Afforestation, Reforestation, and Revegetation).
Key regulatory mechanisms and framework parameters include:
- Tax offset allocation: Industrial entities subject to Singapore’s national carbon tax can utilize compliant international carbon credits to surrender against up to 5 per cent of their taxable emissions.
- Bilateral implementation agreements: Singapore has established 12 bilateral Implementation Agreements with host countries, with specific eligible methodologies subject to mutual agreement per bilateral treaty.
- Registry coordination: Verra is actively collaborating with Singapore’s National Environment Agency (NEA) to align VCS program infrastructure and registry operations with national carbon accounting rules.
The inclusion of VM0010 expands flexible compliance pathways for carbon tax-liable companies while advancing market demand for high-integrity forest protection and restoration projects across partner host nations.
