Sylvera and Singapore Forge Path Towards High-Quality Carbon Credits

Sylvera, a prominent carbon data provider, is collaborating with the Singapore Government to facilitate high-quality carbon credits for meeting its commitments under the Paris Agreement. Alongside this initiative, the company opened an office in Singapore to bolster its presence in Singapore’s thriving carbon trading ecosystem.

The London-based company builds software that independently and accurately assesses carbon projects aimed at capturing, removing, or preventing emissions. This technology aids organizations in making impactful investments toward achieving net zero emissions.

With the company’s suite of data and tools, businesses and governments alike gain the confidence to invest in, measure, deliver, and report genuine climate impact.

Empowering Climate Action

Despite the Paris Agreement’s inception in 2015, many signatory countries are currently falling short of their climate goals. Purchasing carbon credits stands out as a well-established and scalable approach to channel funding towards impactful climate outcomes. These credits support projects worldwide such as safeguarding rainforests from deforestation and clean energy initiatives.

Article 6.2 of the Paris Agreement lays the groundwork for countries to exchange carbon credits through a market mechanism. This approach helps nations in their climate goals post-emission reduction efforts.

Singapore, the leading Southeast Asia in instituting a carbon pricing system, actively seeks partnerships for carbon credit projects. These initiatives offer host countries various benefits, including investments, job creation, and progress towards sustainable development goals.

Benedict Chia, Director General for Climate Change at the National Climate Change Secretariat in Singapore, highlighted the nation’s commitment to fostering a high-integrity carbon market. To achieve that, the official particularly noted that:

“…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.”

Sylvera will aid Singapore in identifying top-notch carbon credits (referred to as ITMOs under Article 6.2) from other nations. This collaboration aims to swiftly allocate climate finance to areas making tangible climate impacts and use these credits in alignment with Singapore’s Paris Agreement objectives.

In October, the Asian country set a criteria for international carbon credits to ensure that they are of high quality.

By marrying cutting-edge technology with premier carbon measurement methodologies, Sylvera offers ratings that evaluate climate action investments, like carbon credits. This empowers organizations and pioneering nations like Singapore to confidently execute their climate strategies and progress towards achieving net zero.

Singapore Raises the Bar for High-Integrity Carbon Credits

Singapore has recognized the advantages that carbon markets offer in achieving net zero targets with its ambitious goals. It’s crucial for global leaders to embrace the benefits of high-quality credits to make substantial progress on their climate commitments.

Thus, governments are increasingly emphasizing the need for independent assurance to ensure the credits they purchase are “driving real climate action and societal net zero progress,” said Samuel Gill, Co-founder and President of Sylvera.

Last July, the carbon rating company raised $57 million to incentivize businesses to confidently invest in carbon credits.

According to Trove Research, a total of $36 billion was invested in voluntary carbon credit projects within 10 years, 2012-2022. Of that, $7.5 billion was raised in 2022 alone.

In terms of share, the East Asia and Pacific region bagged the largest investment, amounting to $2.7 billion.

Source: Trove Research

Still, global efforts remain short of about $90 billion to meet the 2030 carbon reduction targets.

Sylvera’s advanced software will contribute to strengthening Singapore’s position as a key emissions trading hub in Asia. Through this collaboration, the country may set a benchmark for environmental integrity, setting an example for the global community.

The announcement coincides with Sylvera’s expansion into the region, establishing a local presence and office in the country. This development is backed by support from the Singapore Economic Development Board (EDB).

Sylvera’s new office will serve clients not just in Singapore but also in the broader APAC region.

Investments in developing carbon credit projects are an essential market signal indicating levels of corporate climate action. Sylvera’s collaboration with the Singapore Government marks a crucial step toward ensuring high-quality carbon credits for meeting climate commitments.

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