Singapore is at the forefront of carbon innovation and the net zero economic transition. Given its strategic position as a key trading center in Asia, where one-third of all potential nature-based solutions are concentrated, the country plays a critical role in the world’s net zero future. To help drive the opportunity forward, today we’re announcing that Sylvera has partnered with the Singaporean government to help further their Paris Agreement goals. In addition, we’re opening a new hub in Singapore to support our growth in APAC and embed deeper into the region’s thriving carbon ecosystem.
Partnering with innovative governments for real Paris Agreement progress
The Singaporean government has already proven they take a forward-thinking approach to carbon: the country pioneered Southeast Asia's first carbon tax in 2019. Now we’ll apply our technology and expertise to helping the Singaporean government lead the world on meeting Paris Agreement goals.
Through our partnership, Sylvera will help Singapore identify top-tier carbon credits and contribute to its climate targets under the Paris Agreement. Sylvera’s leading technology and expertise will help the Singaporean government identify high-quality carbon credits, referred to as Internationally transferred mitigation outcomes (ITMOs) in the Article 6.2 context, to purchase from other countries. These credits will help drive rapid climate finance and be used toward advancing Singapore’s Paris Agreement goals.
Article 6.2 of the Paris Agreement lays the groundwork for countries to trade carbon credits with one another through a market mechanism to help achieve their climate goals after they’ve reduced as much of their emissions as possible. Singapore is one of the first countries seeking to purchase carbon credits from other countries and in doing so is channeling critical climate finance largely to the Global South. In partnership with Sylvera, the Singaporean government is creating a leading example in aligning with the collective global effort to transition toward a net zero future.
