Singapore taps Rwandan carbon credits to offset local taxes

Both governments will jointly review all submissions to ensure compliance with bilateral standards.

Singapore and Rwanda have launched an application call for carbon credit projects under their Implementation Agreement on carbon credits cooperation.

Projects authorised under the agreement will be implemented in Rwanda and are intended to support additional carbon mitigation activities.

Once authorised, the projects may generate carbon credits aligned with Article 6 of the Paris Agreement.

Under Singapore’s ‘International Carbon Credit Framework’, the credits will be eligible for use by Singapore-based carbon tax-liable companies to offset up to 5% of their taxable emissions.

Interested parties may submit applications for their carbon credit projects in Rwanda to be authorised. Applications submitted will be reviewed by the Singapore and Rwanda governments.

The initiative is Singapore’s fourth call for project applications, following earlier calls under bilateral Implementation Agreements with Ghana, Peru and Bhutan.