Singapore inks carbon credit transfer deal with Ghana

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Staff Reporter

,

Singapore



Photo from Pixabay

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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