Singapore continues to expand its list of approved host countries, carbon crediting programs, and methodologies that meet the established criteria.
By Paul A. Davies, Michael D. Green, Farhana Sharmeen, James Bee, Kevin Mak, and Qingyi Pan
On September 16, 2025, Singapore signed an implementation agreement on carbon credits in cooperation with Vietnam, expanding the total number of executed implementation agreements to nine. The Ministry of Trade and Industry (MTI) announced: “Singapore is committed to channelling the value equivalent to 5% share of proceeds from authorised carbon credits towards climate adaptation measures in Vietnam.” This follows Singapore’s earlier implementation agreements with Papua New Guinea, Ghana, Bhutan, Peru, Chile, Rwanda, Paraguay, and Thailand.
This article will cover (1) the background to the use of implementation agreements for carbon credit trading, (2) additional jurisdictions that have signed an implementation agreement with Singapore, and (3) the recently announced nature-based carbon credit projects in Peru, Paraguay, and Ghana.
The Eligibility List and Implementation Agreements
On December 19, 2023, the Ministry of Sustainability and the Environment and the National Environment Agency in Singapore published an Eligibility List under Singapore’s International Carbon Credit (ICC) Framework. The Eligibility List sets out the approved host countries, carbon crediting programs, and the methodologies that meet the established Eligibility Criteria.1 The Eligibility List is subject to MTI’s annual reviews, with the most recent list available here.
Under Article 6.2 of the Paris Agreement, countries may enter an implementation agreement to cooperate to achieve their nationally determined contributions (NDCs)2 by trading Paris Agreement-compliant carbon credits, with certain conditions.3 These implementation agreements outline the structure and procedures for producing and transferring Paris Agreement-compliant carbon credits. Singapore signed its inaugural Article 6.2 implementation agreement with Papua New Guinea in 2023.
For more on the ICC Framework and eligible host countries, see this Latham blog post.
Further Implementation Agreement Developments
Since signing the first implementation agreement with Papua New Guinea in 2023, Singapore has steadily expanded its network of implementation agreements, which enable the authorization and “corresponding adjustment” under Article 6.2 of the Paris Agreement.
Refer to the table below for more information:
| Country that has signed an implementation agreement with Singapore | Date | Link to press release |
| Ghana | May 27, 2024 | Press release here |
| Bhutan | February 28, 2025 | Press release here |
| Peru | April 1, 2025 | Press release here |
| Chile | April 7, 2025 | Press release here |
| Rwanda | May 6, 2025 | Press release here |
| Paraguay | May 23, 2025 | Press release here |
| Thailand | August 19, 2025 | Press release here |
| Vietnam | September 16, 2025 | Press release here |
Singapore has also signed more than a dozen Memoranda of Understanding (MOU) with host countries, including Malaysia, Zambia, the Philippines, and Costa Rica, which cover several initiatives including cooperation on carbon credits. Each MOU envisions joint work toward a binding implementation agreement, and Singapore is expected to enter into additional implementation agreements going forward.
Nature-Based Carbon Credit Projects
Additionally, on September 16, 2025, the MTI announced that Singapore will contract 2.175 million tons worth of “high-quality nature-based carbon credits” from four projects based in Peru, Paraguay, and Ghana. This is the result of a request for proposal launched in 2024 for nature-based carbon credits, intended to help meet Singapoe’s 2030 NDC.
The four selected projects are:
- Kowen Antami REDD+4 (Peru): This project aims to protect the Yanachaga Chemillén National Park and the San Matías–San Carlos Protection Forest through indigenous community-led activities to reduce deforestation and forest degradation.
- Together for Forests REDD+ (Peru): This project aims to reduce deforestation in the Madre de Dios region by securing land tenure, implementing early warning monitoring, improving sustainable forest management, and promoting certified deforestation-free agroforestry systems.
- Boomitra Grassland Restoration (Paraguay): This project intends to increase soil organic carbon stocks across ranches in the Pampas grasslands via rotational grazing and complementary sustainable land management practices.
- Kwahu Landscape Restoration (Ghana): Finally, this 40-year project aims to restore approximately 51,000 hectares of degraded land through native species polyculture planting, agroforestry, and regenerative practices.
Projects will be required to use methodologies bilaterally agreed upon by Singapore and the respective host country, be authorized under the relevant implementation agreement, and comply with Singapore’s environmental integrity safeguards.
This contracting approach will help channel finance into preserving and regenerating natural carbon sinks, while also supporting biodiversity protection, and ecosystem services.
Next Steps
The Singapore government will launch another call for proposals later in 2025 to identify additional carbon credits that can be used to meet Singapore’s 2030 NDC under the Paris Agreement.
In parallel, Singapore will continue to operationalize its implementation agreements so that both government procurement and private-sector demand under the ICC Framework can be met with high-integrity supply aligned to host country priorities.
Latham & Watkins will continue to monitor developments relating to ESG regulatory updates in Singapore and globally.
This article was prepared with the assistance of Samantha Banfield at Latham & Watkins.