The Singapore Economic Development Board (EDB) has announced two new recipients of its Carbon Project Development Grant, while the World Wide Fund for Nature (WWF) and Hatch Blue hosted the demo day for the inaugural Blue Catalyst open innovation challenge.
The initiatives form part of Singapore’s strategy to expand its position as a regional hub for carbon services and emissions trading, supporting technology development and project initiation across the carbon value chain.
The EDB awarded its Carbon Project Development Grant to climate solutions provider Anew Climate and carbon project developer Value Network Ventures (VNV). Launched in November 2024, the grant program now supports five recipients conducting feasibility studies for Article 6-aligned carbon credit projects in countries that have signed carbon credit Implementation Agreements or Memorandums of Understanding with Singapore.
Concurrently, WWF and Hatch Blue hosted the demo day for the Blue Catalyst open innovation challenge, an initiative supported by EDB to advance measurement, reporting, and verification (MRV) technologies for blue carbon ecosystems. Following more than 130 applications from 37 countries, 10 finalist start-ups completed an accelerator programme in Singapore. Six companies were subsequently selected to present their solutions—covering geospatial mapping, carbon flux modelling, and biodiversity monitoring—to institutional investors and project developers.
WWF will evaluate the feasibility of piloting the selected technologies through its Blue Carbon Support Programme and its Canopy nature restoration framework, which targets finance for 12,000 hectares of ecosystem restoration.
Lim Wey-Len, Executive Vice President at EDB, stated: “Through Blue Catalyst, Singapore is bringing together global innovators to advance technological solutions and unlock the potential of Southeast Asia’s blue carbon ecosystems. The latest Carbon Project Development Grant recipients also point to growing momentum in developing high-quality Article 6 carbon projects from Singapore. Together, these efforts strengthen Singapore’s role as a lighthouse for carbon services that can serve the region and beyond.”
Rueban Manokara, Global Lead of the Carbon Finance and Markets Taskforce at WWF, noted: “The strong global response to Blue Catalyst reflects growing momentum behind science-based approaches to mapping, monitoring and restoring blue carbon ecosystems. As WWF celebrates 20 years in Singapore and 65 years globally, this reaffirms our commitment to bridge the gap between available technology and successful implementation, promoting credible climate action across the region.”
Wayne Murphy, Co-Founder and Partner at Hatch Blue, added: “Blue Catalyst is designed to validate and commercialise the technologies of 10 high-calibre startups to protect and restore blue carbon ecosystems across the region. As a sustainable aquaculture investor, we are proud to share our insights from developing early-stage and scaling companies, and shape the next generation of blue carbon solutions together with the leading experts, practitioners, and project developers.”
Singapore currently hosts more than 160 carbon services and trading entities, leveraging its regulatory framework and trade agreements to facilitate high-integrity carbon credit generation across Asia and international markets.
