Singapore and Mongolia will begin accepting applications for carbon credit projects on October 30 under a bilateral agreement designed to support emissions reductions and climate cooperation.
The announcement was made on October 8 by Singapore Minister of State for Manpower and Energy, Trade and Industry Foo Cexiang at the Mongolia-Singapore Business Forum.
The agreement establishes a framework for eligible projects in Mongolia to generate carbon credits aligned with Article 6 of the Paris Agreement. Interested project developers can apply for authorisation, with proposals to be reviewed jointly by the two governments on a rolling basis.
Approved projects are intended to support additional emissions-mitigation activities in Mongolia while contributing to both countries’ climate goals.
Under Singapore’s International Carbon Credit framework, eligible credits may be used by Singapore-based companies liable for carbon tax to offset up to five per cent of their taxable emissions.
The Singapore-Mongolia arrangement is the sixth implementation agreement under which Singapore has opened applications for carbon credit projects. Previous agreements at this stage cover Ghana, Bhutan, Peru, Rwanda and Thailand.
Detailed application requirements will be made available through Singapore’s Carbon Markets Cooperation website from October 30.
The new arrangement provides a route for project developers to submit proposals in Mongolia. Individual projects will still need government authorisation before they can generate credits under the agreement.
