A new government-led initiative has been launched by Singapore, the United Kingdom, and Kenya to accelerate the development of voluntary carbon markets and provide clear, cross-border standards for their use.
Three young trees and three businessmen from Singapore, the UK, and Kenya, set against a modern city backdrop. AI generated picture.
Announced at London Climate Action Week, the Coalition to Grow Carbon Markets will focus on creating a shared set of principles to guide the transparent and consistent application of carbon credits. The coalition’s goal is to finalise these principles ahead of the COP30 summit in Brazil later this year.
The initiative is a direct response to increasing demand from the private sector for greater regulatory clarity around integrating carbon credits into corporate environmental strategies. According to a joint statement, the proposed framework aims to build trust, stimulate investment, and unlock the broader potential of carbon markets as a mechanism for green finance.
The coalition is being co-chaired by high-level sustainability officials from the three founding nations: Singapore’s Climate Ambassador Ravi Menon, Kenya’s Special Climate Envoy Ali Mohamed, and the UK’s Climate Representative Rachel Kyte. The group has stated its intent to work closely with businesses to ensure policy alignment and to design incentives that support credible environmental action.
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‘To help unlock private sector finance at the scale and pace needed to support global climate ambitions, we must energise the carbon markets’, said Grace Fu, Singapore’s Minister for Sustainability and the Environment. ‘This Coalition will help foster investor and stakeholder confidence, and strengthen the integrity and interoperability of these markets while delivering real emissions reductions.’
UK Climate Minister Kerry McCarthy added, ‘The UK is championing the responsible use of carbon credits by taking action to spearhead global efforts to raise integrity, supporting UK businesses to grow these markets and delivering growth through the Plan for Change.’
To support its work, the coalition is collaborating with the Integrity Council for the Voluntary Carbon Market (ICVCM), the body responsible for setting quality benchmarks in the carbon credit space. This partnership is expected to help bridge the gap between supply and demand while reinforcing market integrity.
As carbon markets grow more central to global decarbonisation efforts, this new coalition marks a significant step toward international coordination and investor confidence.
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