The Ministry of Energy, Trade and Industry of Singapore and the National Environment Agency announced on Thursday that Singapore and Mongolia will begin accepting applications for carbon credit projects on October 30. This will take place under a bilateral implementation agreement.
These projects will generate carbon credits compliant with the provisions of Article 6 of the Paris Agreement. According to Singapore's International Carbon Credit System, the obtained credits can be used by companies registered in Singapore and subject to the carbon tax to offset up to 5% of their taxable emissions.
Interested parties will be able to apply for permission for relevant carbon credit projects in Mongolia. Both governments will jointly review submitted applications on an ongoing basis.
This agreement is Singapore's sixth bilateral agreement in this area. Previously, Singapore had concluded similar arrangements with Ghana, Bhutan, Peru, Rwanda, and Thailand.