Singapore & Peru Open Applications for Carbon-Credit Projects

The governments of Singapore and Peru have launched a joint call for applications to develop carbon-credit projects under their Implementation Agreement signed in April 2025. Authorized projects will generate internationally transferable mitigation outcomes (ITMOs) aligned with Article 6(2) of the Paris Agreement and will help both countries pursue their climate goals. Starting from 24 October 2025, applicants may submit proposals on a rolling basis. Projects must meet eligibility criteria established under Singapore’s International Carbon Credit (ICC) framework, including principles such as additionality, no double-counting, measurement and verification by third-party auditors, and permanence. Under the agreement, Singapore will cancel 2% of the issued and correspondingly adjusted carbon credits at first issuance so they cannot be sold or counted toward national targets, and will channel 5% of the value from these credits toward adaptation measures in Peru (such as coastal protection and heat resilience).