Sylvera Expands Into APAC With Singapore Agreement And New Hub

Sylvera Expands Into APAC With Singapore Agreement And New Hub - Carbon Herald
Aerial view of Singapore city at day. Image: TTstudio/Shutterstock

Leading carbon data provider Sylvera is set to work with the Singapore Government on facilitating high-quality carbon credits for reaching the latter’s Paris Agreement targets.

Confirming the importance of this partnership, as well as the potential of the region, Sylvera is also opening an office in Singapore which is already becoming one of the key pillars of global carbon trading.

The island state was the first country in the region to put a price on carbon and has been actively working om developing eligibility criteria for international carbon credits.

Relevant: Singapore Releases New Eligibility Criteria For International Carbon Credits

“Singapore has seen the benefits that carbon markets can provide in the transition to net zero with its ambitious goals. It’s vital that more international leaders seize the benefits that high-quality carbon credits provide to make real progress on their Paris Agreement goals. We’re increasingly hearing from governments the critical role for independent assurance to play to ensure their credits purchased are driving real climate action and societal net zero progress,” said Samuel Gill, Co-founder and President of Sylvera.

Mr Benedict Chia, Director General for Climate Change at the National Climate Change Secretariat in the Prime Minister’s Office – Strategy Group said: “Singapore is committed to facilitating the development of a high integrity carbon market. To achieve this, we need to leverage data and innovative technologies to monitor emissions reductions and removals in carbon credit projects. We welcome the launch of Sylvera’s regional office in Singapore to provide solutions on this front.”

Sylvera will actively assist Singapore in identifying high-quality carbon credits under the UN’s Article 6.2, which allows countries to trade emission reductions and removals with one another through bilateral or multilateral agreements.

The company will utilize its leading carbon measurement methodologies which generate ratings for projects and identify those with the highest fidelity and potential impact. Sylvera’s deep expertise with its software that independently and accurately automates the evaluation of carbon projects that capture, remove or avoid emissions is set to help enable Singapore to strengthen its position as Asia’s prime destination for emissions trading.

The announcement comes after Sylvera raised its most recent funding round of $57 million in July, which was used to grow its team and establish a presence in the U.S. market.

Read more: Sylvera Closes $57 Million Series B Round to Boost Climate Impact

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