Singapore Carbon Market Alliance

High-quality carbon credits can support investments in emerging climate technologies and nature-based solutions, and complement the decarbonisation strategies of companies to achieve their climate goals. Singapore is seeing increasing interest from companies in carbon credits to meet their global sustainability goals. Access to carbon credits will be especially important for companies in hard-to-abate sectors where low-carbon technologies need time to be commercially available.

The Singapore Carbon Market Alliance (SCMA) is the first platform in Singapore focused on high-integrity carbon credits that are aligned with Article 6 of the Paris Agreement – and the latest initiative to increase Singapore’s leadership as a regional node for carbon services and trusted carbon markets.

A joint initiative by the Singapore Economic Development Board (EDB) and IETA (formerly the International Emissions Trading Association), the SCMA directly connects leading international suppliers and enablers of carbon markets to Singapore-based corporates with a demonstrated commitment to sustainability and interest in high-quality carbon credits.

Vision

To foster vibrant and high-integrity carbon markets

Mission

To provide a platform for service providers, prospective sellers and buyers of Article 6 credits and government agencies in Singapore, to connect, share and collaborate on carbon credits.

Approach

SCMA will conduct workshops and networking sessions to enable knowledge building, information sharing and discussion

Key pillars of SCMA

Building knowledge on enabling and accessing Article 6 carbon credits

Facilitating updates and exchanges on the Singapore government’s requirements and initiatives in carbon credits

Connecting buyers and sellers of high integrity credits

What our members say

Changi Airport Group (CAG) is committed to high-quality carbon offsets, as part of its wider sustainability ambition. The SCMA will be a valuable platform to build our networks and knowledge for trusted carbon markets. By joining the SCMA, we hope to drive the integrity and traceability of carbon offsets with other members. CAG launched Changi Carbon Offsets in November 2023. Passengers can now offset their carbon footprint when they fly, even if their airline does not have its own offset programme. CAG has taken the lead to offset the carbon footprint for all its business travel.

Gerald Ng
VP, Regulatory Affairs and Sustainability

A robust carbon market, with appropriate guardrails and incentives, coupled with high-quality carbon credits will be key levers in bridging the financing gap and accelerating climate action. The SCMA is a display of commitment towards building an ecosystem of players with the shared goal of responsibly developing and actively participating in the carbon markets. As an investor in the carbon markets, we support and encourage the cross-sharing of insights to deepen knowledge within the industry in order to drive greater financing towards climate solutions.

Frederick Teo
CEO

Google is pleased to be a launch member of the SCMA. We commend the EDB for convening such a forum in Singapore that helps build and exchange industry knowledge on how high-quality credits can channel financing and support climate action. This complements Google's efforts to accelerate the transition to a net-zero future.

Spencer Low
Head of Regional Sustainability
Google Asia Pacific

The Singapore Government has been proactive and ambitious when it comes to leading on sustainability and further strengthening a transparent, high integrity carbon market represents a significant opportunity for Singapore in its decarbonisation journey. Pollination is delighted to bring its global carbon markets experience to the help unlock that opportunity through the new SCMA.

Law Heng Dean
Managing Director

Vitol is pleased to participate in the SCMA as a platform for high quality carbon credits. Singapore is a leader in developing carbon markets in Asia and initiatives such as SCMA will help to consolidate this position. Vitol has been trading energy in Singapore for 40+ years and we welcome developments that accelerate the growth of new markets, especially those needed to enable a timely and effective energy transition.

James Larmouth
Head of Carbon Trading

Veolia proudly supports the Singapore Carbon Market Association (SCMA) in fostering high-quality carbon credits which are crucial for financing climate action towards a net-zero future. We believe SCMA will help us connect with partners, stay updated on Singapore's carbon market policies, and enhance our industry knowledge. Singapore's emerging role as a hub for carbon services presents a unique opportunity for growth and collaboration in the global effort to combat climate change. As a pioneering leader in ecological transformation, Veolia has set ambitious goals to reduce our carbon footprint and help clients accelerate their decarbonization roadmap for climate change mitigation and sustainable development.

Bruno Forissier
CEO

For membership enquiries

Membership in the SCMA is by-invite only.
To express your interest, email us at SCMA@edb.gov.sg.

Find out more on how Singapore is accelerating climate action and supporting sustainability efforts across Asia

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