Sylvera & Singapore: Empowering Nations Towards Climate Action and Expanding into APAC
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.
“Singapore is committed to facilitating the development of a high-integrity carbon market. To achieve this, we need to leverage data and innovative technologies to monitor emissions reductions and removals in carbon credit projects. We welcome the launch of Sylvera’s regional office in Singapore to provide solutions on this front.” - Mr Benedict Chia, Director General for Climate Change at the National Climate Change Secretariat in the Prime Minister’s Office – Strategy Group.
Together, Sylvera and Singapore are paving the way for an effective system of global carbon trading and accounting. Common data and audit and risk assessment methods between the VCM and Article 6 pave the way for credit interchangeability and, crucially, will help reconcile credits on both markets and prevent double counting.
A Singapore Hub to Support Our APAC Expansion
We’re not just partnering with the Singaporean government, we’re expanding into the APAC region and opening an office in Singapore. Singapore has long been home to technology and innovation, and that’s no exception when it comes to carbon and the net-zero economy. The country’s robust ecosystem of carbon services, green finance, and trading could be worth $5.6 billion by 2050.
Over 670 companies have established emission-reduction targets, and 16 Asian nations have indicated a desire to supply carbon credits to the global market, as part of their nationally determined contributions. Sylvera’s data can play a critical role in helping these organizations across APAC, both public and private, confidently invest in the carbon market projects having maximum climate impact. We’re already working with some of the region’s carbon innovators like AirCarbon Exchange, Carbon Growth Partners, Climate Impact X, and Ureca. Now with a local presence, we can better serve our regional customers and embed deeper into the ecosystem.
If you’re based in APAC and looking for a partner to help you craft and deliver a carbon markets strategy, from screening projects and conducting due diligence to finding and investing in carbon credit supply, reach out to our team.
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