Singapore to Supercharge Global Carbon Markets

Singapore has teamed up with leading carbon crediting bodies Gold Standard and Verrato launch a new Article 6.2 Crediting Protocol, a move set to streamline cross-border carbon markets and help countries meet their Paris Agreement climate targets faster.

The protocol allows governments to leverage existing voluntary carbon-market frameworks rather than building new national schemes from scratch. It establishes standardised rules for authorisation, transfer, retirement, and corresponding adjustments, while ensuring registry interoperability and market integrity- critical elements for scaling internationally transferred mitigation outcomes (ITMOs).

A Global, Consultative Effort

First proposed at COP28 in Dubai, the protocol has been refined throughout 2024 with input from governments, crediting bodies, and market participants. It incorporates the latest Article 6.2 decisions from COP29 and is designed with flexibility for future enhancements, including Share-of-Proceeds mechanisms and improved data protocols.

Framing the initiative as a major step for developing and smaller nations, Singapore’s National Climate Change Secretariat said the protocol allows countries to participate in high-integrity carbon markets without the administrative burden of creating their own standards.

Why It Matters

For governments, the protocol accelerates climate action by unlocking carbon marketswith ready-to-use voluntary standards. For investors and project developers, it provides clear, uniform rules, reducing legal and operational uncertainty in cross-border carbon trading.

The move also signals a more integrated global carbon market, bridging voluntary and compliance systems and giving nations a fast-track pathway to scale mitigation efforts efficiently.

Next Steps

The protocol will be piloted in 2025, testing registry workflows, cross-border transactions, and reporting mechanisms. Singapore, Gold Standard, and Verra plan to refine the governance structure over time, aiming to make the protocol a replicable blueprint for countries worldwide.

By standardising the use of existing carbon crediting programs, the initiative could reshape international carbon markets, making cooperation more transparent, efficient, and impactful – a critical step as nations race to meet net-zero targets.