The trip to Ghana, comprising 22 Singapore-based companies, was led by the Ministry of Trade and Industry.
SINGAPORE - Singapore’s search for carbon credits is hotting up, with companies here eyeing opportunities in Ghana on the back of the hike in carbon taxes that took effect in 2024.Singapore can currently source for carbon creditsIn July, the Ministry of Trade and Industry led the first carbon credits business mission to Ghana with a delegation of 22 Singapore-based companies. They range from project developers to traders and financiers, said the ministry.
For now, the bulk of reforestation projects in Ghana appear to be ineligible as a supplier of carbon credits to Singapore firms, amid an ongoing review of whether current methodologies are robust enough to ensure the quality of forest-based credits.
Even though Singapore has agreements with the governments of Ghana and Papua New Guinea to ensure that carbon credits are not double-counted – meaning the same credit is not claimed by both buyer and seller countries – the deal has to be greenlit by the authorities on both sides for it to take effect.
“We’re exploring opportunities with this Ghana-Singapore bilateral deal, which would allow projects approved by both governments to sell credits to Singapore companies to offset their carbon tax,” she added. But its chief executive Johnson Penn said buyers from Singapore are still looking for greater clarity if the credits from the EcoLinks project will be approved by the Singapore Government for carbon tax offsetting.
Wahu is hoping to explore a similar project with Singapore entities, now that the carbon credit agreement has been signed between both countries, she added.Forestry credits Mr John Mason, chief executive and co-founder of Singapore-based AJA Climate Solutions, which has an ongoing forest restoration project in Ghana, said he was disappointed to learn about the exclusion when the eligibility list was released.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S’pore firms eye opportunities in cookstoves and EVs in Ghana in first carbon-sourcing tripSINGAPORE - Singapore’s search for carbon credits is hotting up, with companies here eyeing opportunities in Ghana on the back of the hike in carbon taxes that came into effect in 2024.
Read more »
Singapore Theatre Company returns to Singapore Repertory Theatre name after contentious rebrandTheatremakers who objected to the name change in February welcome SRT's latest announcement.
Read more »
Singapore Vandas set to bloom, Netball Singapore unveils First Lady as new patronA new chapter unfolds for Netball Singapore as they rebrand the team and name Ms Jane Ittogi as their patron.
Read more »
National monuments of Singapore: Singapore River bridgesWhat is a National Monument? Who gazettes them? How many national monuments are there in Singapore? To date, the Preservation of Sites and Monuments, a division of National Heritage Board, has identified and gazetted 75 buildings, structures and sites of national significance as an integral part of Singapore's built heritage.
Read more »
South Korea sees panic selling in used EVsThis comes after a fire involving a Mercedes-Benz EV in Incheon that destroyed more than 140 cars.
Read more »
South Korea sees panic selling of used EVsThis comes after a fire involving a Mercedes-Benz EV in Incheon that destroyed more than 140 cars.
Read more »