Singapore and Rwanda have launched a new application round for carbon credit projects under their bilateral Implementation Agreement on carbon market cooperation, expanding Singapore’s growing network of government-backed international credit partnerships.
The call marks Singapore’s fourth international project application round, following similar initiatives with Ghana, Peru and Bhutan. Authorised projects developed in Rwanda will be eligible to generate Paris Agreement Article 6-compliant carbon credits, which can be used by Singapore-based companies to meet a portion of their carbon tax obligations.
Under Singapore’s International Carbon Credit (ICC) Framework, approved credits may be used to offset up to 5% of taxable emissions by carbon tax-liable entities. This creates a compliance-linked demand signal for high-integrity international credits, while directing climate finance toward mitigation projects in partner countries.
According to the joint announcement, the program aims to unlock additional mitigation opportunities in Rwanda while delivering co-benefits such as job creation, improved access to clean water, enhanced energy security and reduced local pollution.
Three-Stage Approval Process
The project authorization process will be jointly administered by the Singapore and Rwanda governments and will follow a three-stage review structure aligned with the Article 6 framework.
The first two stages focus on project design and implementation planning prior to authorization. The final stage covers the application of corresponding adjustments to issued credits, ensuring that emissions reductions are not double-counted and remain compliant with Article 6, Paragraph 2 of the Paris Agreement.
Applicants must also meet Singapore’s eligibility requirements for International Carbon Credits, including the use of approved crediting programs and methodologies specified under the Singapore-Rwanda Implementation Agreement.
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Singapore has positioned bilateral carbon market partnerships as a key pillar of its climate strategy, providing regulated pathways for international credits to complement domestic decarbonization efforts.
For host countries such as Rwanda, the mechanism is designed to attract private capital into climate mitigation projects while maintaining national accounting integrity.
With demand for compliance-grade international credits expected to grow as carbon pricing schemes tighten globally, the latest call further strengthens Singapore’s role as a regional hub for high-integrity carbon market activity.
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