High quality carbon credits can unlock climate financing and offer a complementary pathway for companies and countries, including Singapore, to meet climate goals.
Agrograde app helps farmers get a quality overview of their harvested fruits and vegetables. This report comes handy while negotiating with buyers and also helps farmer determine who it should be marketed to. Using this technology farmers can directly communicate with the enterprises or buyers to communicate quality of their harvests. And added advantage of the using the app is to know what quality can be sold to which type of buyer to optimise returns.
RELEVANT SUSTAINABLE GOALS
The Singapore Carbon Market Alliance (SCMA)
The SCMA, a joint effort by the Singapore Economic Development Board (EDB) and the International Emissions Trading Association (IETA), is designed as an exclusive platform connecting international carbon credit developers and suppliers with Singapore-based corporations committed to climate action. This initiative comes at a crucial time as Singapore transitions towards a low-carbon economy, attracting multinational companies keen on meeting their global sustainability targets.
“The SCMA will be a key platform for connection, knowledge-building and discussion around Article 6 credits,” said Jacqueline Poh, Managing Director of EDB. She emphasized the potential of high-quality carbon credits to unlock climate financing and offer complementary pathways for companies and countries to meet climate goals.
Starting in 2024, companies in Singapore will be allowed to offset up to 5% of their taxable emissions using international carbon credits. This provision is particularly crucial for hard-to-abate sectors where low-carbon technologies are still in development.
The alliance’s launch aligns with Singapore’s broader strategy to establish itself as a carbon services and trading center in Asia. The city-state already hosts more than 120 firms across the carbon management value chain, supporting corporate and government transitions to a low-carbon future across Asia.
Dirk Forrister, President and CEO of IETA, endorsed Singapore’s efforts, stating, “Achieving the Paris Agreement goals requires international collaboration, and Singapore’s position as a major global hub makes it an excellent candidate to drive forward the development of a truly international carbon market.”
IETA’s involvement extends beyond endorsement. Through its ICROA Accreditation Programme, it will provide the SCMA with best practice guidance for sellers and project developers, ensuring high standards in the carbon credit market.
Lead image courtesy of Vincent_St_Thomas from Getty Images Pro (Singapore Skyline)
