Singapore inks carbon credit transfer deal with Ghana
The collaboration will enhance both countries' climate goals and funding for mitigation efforts.
Singapore and Ghana signed an implementation agreement on carbon credits cooperation under Article 6 of the Paris Agreement on 27 May.
The collaboration will enhance the parties' climate goals and direct funding towards further mitigation efforts.
Under the agreement, both countries will set out a legally binding framework and processes for the generation and international transfer of carbon credits between Singapore and Ghana, aligned with Article 6 of the Paris Agreement.
In addition, project developers must contribute 5% of proceeds from authorized carbon credits towards climate adaptation in Ghana and cancel 2% of credits at first issuance to aid global emission mitigation.
Singapore-based carbon tax-liable companies can utilize eligible International Carbon Credit (ICCs) from this Implementation Agreement to offset up to 5% of their taxable emissions under Singapore’s ICC framework.
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