Singapore and Mongolia to open application process for carbon credit projects under bilateral Implementation Agreement

28 October 2026

On 8 October 2026, the Ministry of Energy, Trade and Industry (“METI”) announced that the application process for carbon credit projects under Singapore and Mongolia’s implementation agreement (“IA”) on carbon credits cooperation will open from 30 October 2026. The Singapore-Mongolia IA will be the sixth implementation agreement under which Singapore has opened applications for carbon credit projects, following agreements with Ghana, Bhutan, Peru, Rwanda, and Thailand.

Projects authorised under the IA will support additional carbon mitigation activities in Mongolia and advance both countries’ climate ambitions. These projects are expected to promote sustainable development and benefit local communities through job creation and reduced environmental pollution.

Carbon credits generated from these projects will be 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 may apply for authorisation of eligible carbon credit projects in Mongolia. Applications will be jointly reviewed by the Singapore and Mongolia Governments on a rolling basis.

Application process

The application process comprises three stages, each corresponding to a different stage of the carbon credits project lifecycle. The first two stages require applicants to provide information on the design and implementation plan for the carbon credits project in the lead-up to project authorisation. The final stage relates to the application of corresponding adjustments to carbon credits generated from authorised projects, in accordance with Article 6.2 of the Paris Agreement.

Singapore and Mongolia will assess applications against each country’s respective requirements. For Singapore, these projects must meet Singapore’s eligibility criteria for ICCs. Singapore’s eligibility criteria, and the list of eligible carbon crediting programmes and methodologies under the Singapore-Mongolia Implementation Agreement, are set out in Annex B to the press release.

More information can be found on the Singapore Carbon Markets Cooperation webpage on the Singapore-Mongolia Implementation Agreement.

Reference materials

The press release is available on the METI website www.meti.gov.sg.