On 18 November 2025, Singapore and Thailand shared the publication of an eligibility list, which sets out the eligible carbon crediting programmes and methodologies under the Singapore-Thailand Implementation Agreement (“Implementation Agreement“) aligned with Article 6 of the Paris Agreement.
The Implementation Agreement sets out a legally binding bilateral framework for the international transfer of correspondingly adjusted high-integrity carbon credits that are aligned with Article 6 of the Paris Agreement.
- Correspondingly adjusted carbon credits authorised under this Implementation Agreement may be used for various purposes, such as:
- to offset up to 5% of a company’s taxable emissions under Singapore’s International Carbon Credits (“ICC“) framework from 1 January 2024, subject to eligibility; and
- to comply with binding mandates such as Nationally Determined Contributions (NDCs) and other international mitigation purposes, e.g., the requirements under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).
- As a contribution towards a net reduction of global emissions, Singapore is committed to having 2% of the correspondingly adjusted carbon credits authorised under this Implementation Agreement cancelled at first issuance. These carbon credits that are cancelled cannot be sold, traded, or counted towards any country’s emission targets.
The eligibility criteria for ICC are prescribed in Singapore’s Carbon Pricing (Carbon Tax and Carbon Credits Registry) (Amendment) Regulations 2023. ICCs must meet seven principles to demonstrate environmental integrity, which are:
- No double counting
- Additional
- Real
- Quantified and verified
- Permanent
- No net harm
- No leakage
To comply with Article 6 of the Paris Agreement, the certified emissions reductions or removals must have occurred between 1 January 2021 and 31 December 2030.
The eligibility list, which is available on the Carbon Markets Cooperation website at www.carbonmarkets-cooperation.gov.sg, specifies the carbon crediting programmes and methodologies that are pre-approved under the Implementation Agreement. Items on the eligibility list must adhere to the eligibility criteria and must meet the requirements of both Singapore and Thailand. Currently, select methodologies under these four programmes are listed:
- Gold standard for the global goals (GS4GG)
- Verified Carbon Standard (VCS)
- Global Carbon Council (GCC)
- Architecture for REDD+ Transactions (ART)
Additional environmental integrity safeguards may be imposed for specific project types and/or methodologies. For more information, please refer to the Singapore Carbon Markets Cooperation (SCMC) website here.
Both countries are working towards launching the call for project applications under Implementation Agreement in Q1 2026. More information on the application and authorisation process will be published in due course. Project developers who plan to utilise the Implementation Agreement to develop high-quality carbon projects in Thailand can take guidance from the eligibility list.
Singapore enterprises developing or investing into carbon projects or supporting solutions can tap on our environmental, social, and governance (ESG) legal fee subsidy for environmental or climate related legal advisory under the Sustainability Legal Catalyst Programme with Enterprise Singapore. Terms and conditions apply. You can reach out to us at [email protected].
Click on the following link for more information:
- Ministry of Trade and Industry (“MTI“) Media Release titled “Singapore and Thailand publish list of eligible programmes and methodologies under Bilateral Implementation Agreement on carbon credits” (available on the MTI website at mti.gov.sg)
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