Enviro News Asia, Singapore — Singapore and Peru jointly launched a call for applications for carbon credit projects under their Implementation Agreement on carbon credits cooperation on 24 October 2025. The initiative aims to enhance both countries’ access to climate financing and support their respective emission reduction targets.
Project developers can submit applications through Singapore’s Carbon Markets Cooperation website at www.carbonmarkets-cooperation.gov.sg. This marks Singapore’s second call for project submissions, following the earlier launch under the Singapore–Ghana Implementation Agreement.
Approved projects will provide additional carbon mitigation options in Peru and advance the climate goals of both countries. Beyond environmental benefits, the projects are expected to promote sustainable development through job creation and reduced environmental pollution at the community level.
Projects authorised under the agreement will generate carbon credits that comply with Article 6, Paragraph 2 of the Paris Agreement. Under Singapore’s International Carbon Credit (ICC) framework, these credits may be used by Singapore-based carbon tax-liable companies to offset up to 5 percent of their taxable emissions.
From 24 October 2025 onward, interested applicants can submit proposals for carbon credit projects in Peru for joint evaluation by the Singapore and Peru governments. Applications will be reviewed on a rolling basis as they are received.
The application process consists of three stages corresponding to different phases of project implementation. The initial two stages require applicants to detail project design and implementation plans before authorisation, while the final stage involves applying corresponding adjustments to the credits generated in accordance with Article 6 of the Paris Agreement.
Both governments will assess project applications against their respective national requirements. For Singapore, projects must meet the Eligibility Criteria for International Carbon Credits, which include approved carbon crediting programmes and methodologies listed in the Singapore–Peru Implementation Agreement and available on the Carbon Markets Cooperation website. (*)
