Verra IFM Methodology Now Eligible under Singapore’s International Carbon Credit Framework 

The government of Singapore recently whitelisted Verified Carbon Standard (VCS) Program methodology VM0010 Methodology for Improved Forest Management: Conversion from Logged to Protected Forest as eligible for use under Singapore’s International Carbon Credit (ICC) Framework.

With this addition, three VCS methodologies for forest carbon projects are now included under Singapore’s ICC Framework. VCS Program methodologies VM0048 Reducing Emissions from Deforestation and Forest Degradation and VM0047 Afforestation, Reforestation, and Revegetation were included previously.

Under the ICC Framework, carbon tax-liable companies can use eligible ICCs to offset up to 5% of their taxable emissions.

Singapore has signed 12 Implementation Agreements with host countries. The eligible methodologies vary by Implementation Agreement, as mutually agreed between Singapore and the respective host country.

Verra continues to engage with Singapore’s National Environment Agency (NEA) to support the use of VCS Program methodologies and registry infrastructure within Singapore’s ICC Framework.