New pacts will give local firms wider range of credits to offset carbon tax bill

SINGAPORE - Companies looking to use carbon credits to offset part of their carbon tax bill could soon have a wider range of options to choose from, with the authorities inking new agreements with two international carbon credit organisations.

NEA has signed agreements with three other international carbon credit registries so far: Verra, Gold Standard and the Global Carbon Council. The agency said it establishes MOUs with these carbon crediting programmes to understand the processes by which these international carbon credits are transacted.NEA noted that these carbon crediting programmes have been accepted by the Carbon Offsetting and Reduction Scheme for International Aviation .

NEA said the agreements with ACR and ART will help Singapore to operationalise Article 6 of the Paris Agreement – which allows countries to transfer carbon credits earned from the reduction of greenhouse gas emissions – to help one or more countries meet their long-term climate targets, otherwise known as their Nationally Determined Contributions .

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