Singapore Appoints Carbon Rating Firms to Strengthen Integrity of International Carbon Credit Framework

Singapore’s National Environment Agency (NEA) has appointed BeZero Carbon Ltd, Calyx Global, Incy Sylvera Ltd to provide independent assessments of carbon credit methodologies and projects under the country’s International Carbon Credit (ICC) Framework [1][2]. The move, announced on 7 November 2025, marks a significant step in Singapore’s effort to reinforce trust, transparency, and environmental integrity in cross-border carbon markets.

The ICC Framework, launched in 2022, enables carbon tax-liable companies to offset up to 5% of their taxable emissions using eligible international carbon credits beginning in 2024. The framework also contributes to Singapore’s 2030 Nationally Determined Contribution (NDC) and its 2050 net-zero target [2].

Under the new system, the appointed firms will serve as independent carbon rating service providers, assessing both project-level and methodological quality. Their evaluations will inform NEA’s approval process for credits, ensuring that only those meeting rigorous criteria, such as additionality, permanence, quantifiability, and no net harm, qualify for use under Singapore’s program [1].

The ratings panel was selected through a competitive tender process launched in May 2025, with applicants evaluated on expertise, track record, and cost competitiveness. This independent oversight is designed to strengthen the credibility of credits used under Article 6 of the Paris Agreement, which facilitates international cooperation on emissions reductions [2].

Singapore has already signed Implementation Agreements with 10 countries, including Ghana and Peru, for the generation and trade of carbon credits under Article 6. Calls for project applications have been issued in both countries, with more partnerships expected to follow [2].

The integration of third-party ratings is widely viewed as a major boost to market confidence in an industry still grappling with concerns over quality assurance and greenwashing. By embedding BeZero, Calyx, and Sylvera into its governance architecture, Singapore is positioning itself as a global model for transparent carbon market regulation.

For corporates, the enhanced system provides greater assurance in carbon credit procurement, while investors benefit from reduced methodology and jurisdictional risk. For project developers, alignment with Singapore’s eligibility principles, including strong safeguards against deforestation, is now essential for access to the ICC channel [1].

As global carbon markets expand, Singapore’s institutional rigor could shape emerging Article 6 frameworks worldwide, reinforcing the role of ratings and verification as key enablers of credible climate finance.

Referencias
[1] ESG News. Singapore Names Three Carbon-Rating Firms to Enhance Integrity of International Carbon Credits. Retrieved from https://esgnews.com/singapore-names-three-carbon-rating-firms-to-enhance-integrity-of-international-carbon-credits/

[2] National Environment Agency (NEA). NEA appoints carbon rating service providers to support environmental integrity assessments of carbon credit methodologies and projects. Retrieved from https://www.nea.gov.sg/media/news/news/index/nea-appoints-carbon-rating-service-providers-to-support-environmental-integrity-assessments-of-carbon-credit-methodologies-and-projects