Singapore signs implementation agreements on carbon credits collaboration with Peru and Chile

29 April 2025

Singapore signed implementation agreements on carbon credits collaboration under Article 6 of the Paris Agreement (“Implementation Agreements”) with Peru and Chile on 1 April 2025 and 7 April 2025 respectively. These are Singapore’s fourth and fifth Implementation Agreements following agreements with Papua New Guinea, Ghana, and Bhutan.

After the signings, the three countries will commence with the ratification process and operationalise the Agreements. The Implementation Agreement establishes a framework for the generation and transfer of carbon credits from carbon mitigation projects aligned with Article 6 of the Paris Agreement. Project developers can leverage this framework to develop high-quality carbon credit projects that are aligned with the Article 6 rulebook. Information on the process for authorisation of these carbon credits projects and eligible carbon crediting methodologies under the Implementation Agreement will be published in due course.

This collaboration will advance countries’ climate ambitions by directing financing towards unlocking additional mitigation potential in Peru and Chile. The carbon mitigation projects authorised under these Implementation Agreements will promote sustainable development and deliver tangible benefits to local communities, such as creation of jobs, improved access to clean water, enhanced energy security, and reduction of environmental pollution.

Reference materials

The following press releases are available on the Ministry of Trade and Industry website www.mti.gov.sg:

• Singapore signs implementation agreement on carbon credits collaboration with Peru
• Singapore signs implementation agreement on carbon credits collaboration with Chile