Singapore has announced a groundbreaking investment of SGD76.4 million to acquire over two million tonnes of nature-based carbon credits. The credits, sourced from projects in Ghana, Paraguay, and Peru, represent the city state’s inaugural foray into utilizing nature-based solutions to mitigate carbon emissions.
This landmark purchase highlights Singapore’s commitment to international climate agreements, such as the Paris Accord, which encourages cooperation between nations to meet emission reduction targets. By securing these credits, Singapore aims to offset 2.175 million tonnes of carbon emissions, equivalent to nearly 4% of its greenhouse gas output in 2022.
Projects involved include reforestation and sustainable land management practices, aiming to preserve biodiversity and combat deforestation. This marks a significant step towards fulfilling Singapore’s climate goals while ensuring the persistence of natural habitats for future generations.
(With inputs from agencies.)
