Sylvera, a leading provider of carbon data, has joined forces with the Singapore Government to facilitate the procurement of high-quality carbon credits in line with the commitments made under the Paris Agreement. As part of this collaboration, the company has opened an office in Singapore to strengthen its presence in the country’s thriving carbon trading ecosystem. Sylvera’s software independently and accurately assesses carbon projects that aim to capture, remove, or prevent emissions, enabling organizations to make impactful investments towards achieving net zero emissions. With its suite of data and tools, the company empowers businesses and governments to invest in, measure, deliver, and report genuine climate impact.
Despite the Paris Agreement being established in 2015, many signatory countries are currently falling short of their climate goals. Purchasing carbon credits has emerged as a well-established and scalable approach to directing funding towards impactful climate outcomes. These credits support projects worldwide, such as the protection of rainforests from deforestation and the promotion of clean energy initiatives. Article 6.2 of the Paris Agreement provides the framework for countries to exchange carbon credits through a market mechanism, helping nations to pursue their climate goals beyond emission reduction efforts. Singapore, which has implemented a carbon pricing system and is a leader in Southeast Asia, 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, emphasized the nation’s commitment to fostering a high-integrity carbon market. Chia stated, “…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 assist Singapore in identifying top-quality carbon credits, known as Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2, from other countries. This collaboration aims to efficiently allocate climate finance to areas that are making tangible climate impacts and utilize these credits in alignment with Singapore’s Paris Agreement objectives. In October, Singapore established criteria for international carbon credits to ensure their high quality. By combining cutting-edge technology with premier carbon measurement methodologies, Sylvera provides ratings that evaluate climate action investments, including carbon credits. This empowers organizations and pioneering nations like Singapore to confidently implement their climate strategies and work towards achieving net zero.
Singapore is setting a high bar for high-integrity carbon credits, recognizing the advantages that carbon markets offer in achieving net zero targets. It is crucial for global leaders to embrace the benefits of high-quality credits in order to make substantial progress on their climate commitments. Samuel Gill, Co-founder and President of Sylvera, stated that governments are increasingly emphasizing the need for independent assurance to ensure that the credits they purchase are “driving real climate action and societal net zero progress.” Last July, Sylvera raised $57 million to incentivize businesses to invest confidently in carbon credits. According to Trove Research, a total of $36 billion was invested in voluntary carbon credit projects between 2012 and 2022, with $7.5 billion raised in 2022 alone. The East Asia and Pacific region received the largest share of investment, amounting to $2.7 billion.
However, global efforts are still falling short by 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, Singapore has the potential to set a benchmark for environmental integrity and serve as an example for the global community. The announcement coincides with Sylvera’s expansion into the region, with the establishment of a local office backed by support from the Singapore Economic Development Board (EDB). The new office will serve clients not only in Singapore but also in the broader Asia-Pacific region. Investments in the development of carbon credit projects are crucial market signals that indicate the level of corporate climate action. Sylvera’s collaboration with the Singapore Government marks a significant step towards ensuring high-quality carbon credits to meet climate commitments.