(Bloomberg) — Rwanda said it plans to work with a carbon-project development company to work toward selling the offsets to Singapore.
The Rwanda Development Board said it will work with a venture backed by Chinese carbon finance company Climate Bridge Group to identify and develop eligible projects, the partners said in a statement on Wednesday.
Rwanda has agreed to a plan to aim to sell carbon credits to Singapore under a so-called Article 6.2 agreement, which falls under the international Paris Agreement climate treaty and allows nations to trade emissions offsets. Singapore has signed similar agreements with Papua New Guinea, Ghana, Bhutan, Peru and Chile.
Singapore produces about 49 million tons of carbon dioxide or its equivalent every year, making it the world’s 57th-biggest emitter, compared with Rwanda’s 1.5 million tons, according to Global Carbon Atlas. By buying credits from Rwanda the Asian country could meet its goal to mitigate the impact of its emissions.
A single carbon credit represents a ton of the climate-warming gas either removed from the atmosphere or prevented from entering it in the first place.
Under the agreement first investments in carbon projects are expected within 12 months.
(Updates with time-scale of first investments in last paragraph)
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