Singapore and Peru Launch Call for Carbon-Credit Projects Under Joint Agreement

The governments of Singapore and Peru today announced the opening of applications for carbon-credit projects under their bilateral Implementation Agreement. This marks Singapore’s second call for such projects following its agreement with Ghana, and is part of Singapore’s broader collaboration effort globally. Projects authorised under this call will generate carbon credits aligned with Article 6(2) of the Paris Agreement—meaning they must meet rigorous criteria for additionality, permanence, no double‐counting and independent verification. The credits may be eligible for Singapore-based tax-liable companies to offset up to five percent of their taxable emissions under Singapore’s International Carbon Credit (ICC) framework. Applications are to be submitted from 24 October 2025 onwards and will be reviewed jointly on a rolling basis. The Agreement also includes commitments by Singapore to cancel 2 % of issued carbon credits at first issuance and to channel 5 % of the value from the credits towards adaptation projects in Peru (such as coastal protection and heat resilience).