Singapore and Thailand launch applications for carbon credit projects under bilateral Implementation Agreement

28 April 2026

On 31 March 2026, the Ministry of Trade and Industry (“MTI”) and National Environment Agency issued a press release announcing that Singapore and Thailand launched an application call for carbon credit projects under their Implementation Agreement on carbon credits cooperation. This is Singapore’s fifth call for project applications, following the call for project applications with Ghana, Peru, Bhutan, and Rwanda.

Authorised projects will unlock additional carbon mitigation options in Thailand and advance both countries’ climate ambitions. Through targeted financing, these projects will also promote sustainable development and benefit local communities through job creation and reduced environmental pollution.

Authorised projects will generate carbon credits aligned with Article 6 of the Paris Agreement. Under Singapore’s International Carbon Credit (“ICC”) framework, these credits may be eligible for use by Singapore-based carbon tax-liable companies to offset up to 5% of their taxable emissions.

Interested parties can submit applications for their carbon credit projects in Thailand to be authorised. The applications will be jointly reviewed by the Singapore and Thailand governments on a rolling basis upon receipt.

Application process

The application process comprises three stages, each corresponding to a different stage of implementation for the carbon credit project. The first two stages require the applicant to submit details on the design and implementation plan for the carbon credits project in the lead-up to project authorisation. In the final stage, corresponding adjustments are applied to the carbon credits generated from the authorised project, in accordance with Article 6, Paragraph 2 of the Paris Agreement. Detailed steps on the application process are set out on the Singapore’s Carbon Markets Cooperation Implementation Agreement between Singapore and Thailand webpage.

Singapore and Thailand will assess applications against each country’s respective requirements. For Singapore, these projects must meet Singapore’s eligibility criteria for ICCs.

The Carbon Markets Cooperation Eligible Carbon Crediting Programmes and Methodologies webpage for the Singapore-Thailand Implementation Agreement sets out the eligibility criteria and the list of eligible carbon crediting programmes and methodologies.

Reference materials

The press release is available on the MTI website www.mti.gov.sg on this webpage.