x
LATEST ARTICLE Ugly species need biodiversity protection too Read Article

Singapore's green strategy sparks carbon market growth

Singapore is on the brink of a green investment revolution, with its carbon credit market forecasted to soar from $14.5 million in 2023 to an impressive $55.14 million by 2030. This remarkable growth, pegged at a compound annual growth rate (CAGR) of 21%, is fueled by proactive government measures and an increasing shift towards sustainable business practices.

Singapores green strategy sparks carbon market growth_Marina Bay Sands panoramic photo_visual 1Marina Bay Sands panoramic photo. AI generated picture.

The Singaporean government's decisive steps to curb carbon emissions have been pivotal. The introduction of the Carbon Pricing Act, which levies a fee on industrial carbon emissions, alongside the ambitious National Climate Change Strategy aiming for a 36% reduction in greenhouse gas emissions by 2030, underscores the country's commitment to environmental stewardship. These policies not only incentivise companies to minimise their carbon footprint through cleaner technologies but also bolster the carbon credit market as a viable investment.

Read more: Singapore's biodiversity calculator: bridging urbanisation and ecology

The market is also getting a significant push from the corporate sector's growing environmental awareness and the push for sustainability. Companies are increasingly buying carbon credits to offset their emissions, contributing to a healthier planet.

The lion's share of this burgeoning market is expected to be dominated by renewable energy projects, reflecting the global pivot towards sustainable energy sources. Moreover, the flexibility and simplicity of over-the-counter trading are anticipated to attract a majority of the trading activity, streamlining the process for participants.

Join the talk in Singapore: People, Planet, Pint Sustainability Meetup

Singapore's strategic efforts towards carbon neutrality and sustainable development are setting the stage for the country to be a dominant player in the carbon credit arena. Key market participants, including Climate Impact X, Carbon Credit Capital, and others, are enhancing the trading ecosystem, offering diverse options for carbon credit transactions.

Noteworthy is the trend towards carbon offset projects such as afforestation and the integration of blockchain technology for transparent, secure carbon credit trading. Recent initiatives, such as Carbonbay's launch of a carbon trading platform for the Asia Pacific and Carbon Credit Capital's introduction of tokenised carbon credits, highlight the market's innovative direction.

With over-the-counter trading leading the opportunities, Singapore's carbon credit market is well-positioned for exponential growth. These developments reflect not only a business trend but also a move towards a sustainable future, making Singapore a key player in the global effort for nature conservation.

In the changing world of corporate policies influenced by environmental concerns, it's crucial for companies to partner with seasoned consultants for advice on navigating these rules and implementing effective nature conservation strategies. As the importance of nature-related policies grows, DGB Group stands ready to assist businesses in adapting to this emerging context. Our dedication to developing and implementing premier nature-based solutions that deliver carbon credits (carbon units) enables businesses to reach their environmental goals and play a role in fostering a biodiverse, sustainable future.

Discover the benefits of our tailored solutions for your business

Before you go...

As DGB Group, our sole purpose is to rebuild trust and serve the public by making the right information available to everyone. By subscribing to our mailing newsletter, you can get the latest tips and trends from DGB Group's expert team in your inbox. Sign up now and never miss the insights.

Read other news

NetZero, a French carbon removal firm, has successfully raised €18 million ($19.5 million) from the ..

Base Carbon Inc, through its subsidiary Base Carbon Capital Partners Corp, has successfully obtained..

Tanzania has officially granted UpEnergy, a Ugandan project developer, its first-ever letter of auth..

Climate Impact X (CIX), headquartered in Singapore, has unveiled a new series of spot contracts desi..

Let’s get to know you

Let's talk about how we can create value together for your sustainability journey.