Singapore official Tan See Leng recently stated that Singapore has signed carbon credit agreements with Papua New Guinea, Ghana, and Bhutan for Internationally Transferred Mitigation Outcomes (ITMOs) under the Paris Agreement. (Photo: Tan See Leng’s Facebook)
Singapore, highly dependent on imported natural gas, lacks alternative energy sources and has to actively sign carbon credit transfer agreements with other countries. It is expected that these agreements will be implemented this year, with Singapore purchasing its first batch of compliant carbon credits.
Additionally, the Singaporean government will invest SGD 62.5 million (about USD 46 million) to establish a commercialization platform for low-carbon technologies.
