Singapore collaborates with Sylvera to extend carbon credit initiatives in the Asia Pacific for Paris Agreement targets.
In order to facilitate the use of carbon credits to achieve its goals within the scope of the Paris Agreement, Singapore’s government and the carbon data supplier Sylvera are expanding their activities into the Asia Pacific area.
After countries have cut as much of their emissions as possible, Article 6.2 of the Paris Agreement establishes the framework for them to trade carbon credits with one another through a market system to assist them meet their climate targets.
The collaboration advances Singapore’s goals of becoming a global center for carbon markets and setting the standard for environmental integrity.
“Singapore is committed to facilitating the development of a high integrity carbon market,” said The National Climate Change Secretariat’s Benedict Chia. We need data and cutting-edge technologies to track carbon credit project emissions removals and reductions. Sylvera’s Singapore regional office is a welcome addition to help with this.
Singapore can buy high-quality carbon credits (ITMOs in Article 6.2) from other governments, quickly allocate climate money to regions with real climate impact, and use the credits toward its Paris Agreement goals with Sylvera’s help.
Sylvera rates climate action investments like carbon credits using cutting-edge technology and carbon measurement methods. Businesses and forward-thinking governments like Singapore may firmly implement their climate initiatives and aim for net zero.
Samuel Gill, co-founder and president of Sylvera, added, “Singapore has seen the benefits that carbon markets can provide in the transition to net zero with its ambitious goals.”
“More foreign leaders need to take use of the advantages that premium carbon credits offer in order to actually advance their Paris Agreement objectives. Governments are emphasizing more and more the vital role that independent assurance plays in ensuring that the credits they acquire are actually promoting meaningful climate action and societal net zero progress.
This announcement coincides with Sylvera’s announcement of its regional growth, which will include a local office and presence in Singapore thanks to the backing of the Singapore Economic Development Board (EDB). The company will be better able to service customers in Singapore and the larger APAC area thanks to its local presence.
“The opening of our new office is the latest step in our ambition to incentivize investment in real climate action and work with even more organizations around the world, from governments to private companies to help them deliver their net zero strategies,” said Allister Furey, CEO and co-founder of Sylvera.