Singapore, in collaboration with industry actors, will develop an international carbon credit marketplace to increase the trade of voluntary carbon credits. It will also develop a marketplace to purchase quality carbon credits from projects.
Singapore’s development is closely linked to its position as a trading hub in the global economy. In the context of climate change, Singapore is seeking to take on a similar position – this time focusing on the trade of carbon credits instead of material goods. The carbon credit trading marketplace will target large-scale buyers such as multinational corporations and institutional investors. It will also develop trust in the market by enhancing the transparency and environmental integrity of the credit transactions.
Singapore often stresses how it has achieved development through trade and globalization, despite limited natural resources. In the carbon trading economy too, despite limited local projects that can sell carbon credits, Singapore seems to be poised to be a leader by leveraging its capabilities in facilitating trade.