{"id":12366,"date":"2024-08-23T07:00:00","date_gmt":"2024-08-22T23:00:00","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=12366"},"modified":"2024-08-22T10:39:55","modified_gmt":"2024-08-22T02:39:55","slug":"green-is-gold-how-a-high-quality-carbon-credit-market-can-support-the-continuous-growth-of-singapores-economy","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/green-is-gold-how-a-high-quality-carbon-credit-market-can-support-the-continuous-growth-of-singapores-economy\/","title":{"rendered":"Green Is Gold: How A High-Quality Carbon Credit Market Can Support The Continuous Growth Of Singapore\u2019s Economy"},"content":{"rendered":"\n

As we grew up, many of us viewed traditional industries\u2014such as financial services, healthcare, manufacturing, biotechnology, and tourism\u2014as the driving forces behind Singapore\u2019s economy, and indeed, many of us work in these sectors.<\/p>\n\n\n\n

While these industries will remain vital, a new sector is emerging: the green economy. This rising sector is poised to play an increasingly important role in shaping Singapore\u2019s economic future.<\/p>\n\n\n\n

What Is The Green Economy?<\/h3>\n\n\n\n

As the world continues to emphasise the importance of sustainability, the green economy represents a system where business growth and environmental care go hand in hand rather than at the expense of one another.<\/p>\n\n\n\n

Instead of solely focusing on profit, a green economy prioritises the wise use of resources, pollution reduction, and ensuring that economic activities are sustainable and beneficial for all. It\u2019s about growing the economy to support businesses, people and the planet.<\/p>\n\n\n\n

Adopted in 2016, the Paris Agreement is an international treaty in which many countries committed to reducing their greenhouse gas emissions.<\/p>\n\n\n\n

As part of the Paris Agreement, Singapore has also set ambitious climate targets, including our intention to achieve net-zero emissions by 2050<\/a>. This means that by 2050, the amount of greenhouse gases Singapore emits will be balanced by the amount removed from the atmosphere.<\/p>\n\n\n\n

Read Also: <\/em><\/strong>5 Ways Companies Can Go Green (And Be Part Of The Singapore Green Plan 2030)<\/em><\/strong><\/a><\/p>\n\n\n\n

Creating A Market For High-Quality Carbon Credits<\/h3>\n\n\n\n

Carbon credits will play a critical role in the emerging green economy by allowing countries and businesses to offset emissions while promoting sustainable practices. These credits, representing the right to emit one metric ton of CO\u2082 or equivalent greenhouse gases, are essential to market-based strategies to reduce global emissions.<\/p>\n\n\n\n

In Singapore, companies will be able to use high-quality international carbon credits (ICCs) to offset up to 5% of their taxable emissions starting in 2024. This measure will help mitigate the impact on businesses that can source eligible credits cost-effectively, stimulate local demand for high-quality carbon credits, and drive the development of well-regulated and efficient carbon markets.<\/p>\n\n\n\n

However, the effectiveness of carbon credits can vary, and there are concerns about the quality of some credits. Ensuring that independent third parties verify emissions reductions is essential for maintaining the integrity of carbon markets and ensuring that these credits represent real, measurable, and additional reductions. While the concept is promising, the variability in credit quality has led to controversy, highlighting the need for rigorous standards and oversight in the carbon credit market.<\/p>\n\n\n\n

How Singapore Carbon Market Alliance (SMCA) Aims To Support Access To High-Quality Carbon Credits<\/h3>\n\n\n\n

On 31 July 2024, the Singapore Economic Development Board (EDB) and IETA (formerly the International Emissions Trading Association) launched the Singapore Carbon Market Alliance (SCMA), the country’s first platform designed to help companies access high-quality Article 6 carbon credits. These credits, generated under the Paris Agreement framework, promote international cooperation to achieve climate targets. To be considered high-quality, Article 6 credits must meet strict standards that ensure their effectiveness in contributing to global climate goals.<\/p>\n\n\n\n

The SCMA will connect global carbon credit developers with Singapore-based companies committed to purchasing high-quality Article 6 carbon credits. Through workshops and networking sessions, the SCMA aims to enhance industry knowledge and foster exchanges between businesses and the government on carbon credit initiatives.<\/p>\n\n\n\n

This initiative aligns with Singapore’s broader strategy to position itself as a leading carbon service and trading hub in Asia, especially as demand for carbon credits increases with the transition to a low-carbon economy. Already home to over 120 firms across the carbon management value chain, supporting corporations and governments in Asia, Singapore is also investing in research on nature-based solutions and influencing international carbon credit initiatives.<\/p>\n\n\n\n

As corporations worldwide embrace the green economy, Singapore is positioning itself to play a vital role as a central hub for carbon trading and sustainability efforts. The country aims to solidify its leadership in the evolving carbon market by leveraging its strategic location, robust regulatory framework, and commitment to environmental innovation.<\/p>\n\n\n\n

Read Also: <\/em><\/strong>Making An Impact With The Power Of The Sun: How Solar AI Co-Founder Bolong Chew Intends To Help Singapore Users Enjoy Solar Energy With No Upfront Cost<\/em><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A green economy will be part of the world’s future.\n","protected":false},"author":4,"featured_media":12367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[95],"tags":[1978,1344,1977,1975,1976,1974,1584],"yoast_head":"\nGreen Is Gold: How A High-Quality Carbon Credit Market Can Support The Continuous Growth Of Singapore\u2019s Economy | DollarsAndSense Business<\/title>\n<meta name=\"description\" content=\"Through the Singapore Carbon Market Alliance (SMCA), Singapore hopes to create a business environment that supports the green economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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