International carbon credit framework to take effect in 2024

The framework will allow companies to offset up to 5% of their taxable emissions.

Singapore publishes an eligibility list under the International Carbon Credit (ICC) Framework, to take effect from 1 January 2024.

The ICC Framework will allow carbon tax-liable companies to use eligible ICCs to offset up to 5% of their taxable emissions.

An Eligibility Criteria will require ICCs to meet internationally recognised principles to demonstrate high environmental integrity and represent emissions reductions or removals that occur within the timeframe specified under Article 6 of the Paris Agreement.

Eligibility of carbon crediting programmes and methodologies may be different for each host country hence, the Eligibility List for each host country would be agreed under the respective Implementation Agreement.

The Eligibility List has been published on Singapore’s Carbon Markets Cooperation website, at www.carbonmarkets-cooperation.gov.sg.