Singapore, World Bank Carbon Markets Partnership to Scale National Systems

TakeawaysThe

• World Bank Group and the National Climate Change Secretariat have launched the Singapore Carbon Markets Program to help countries build and expand national carbon markets.
• The initiative will support carbon registry systems, digital MRV tools, and climate finance access for developing economies.
• The program aims to improve the integrity and efficiency of global carbon trading while reducing barriers for underserved markets.

Singapore and the World Bank Group have launched a new initiative aimed at helping countries strengthen and expand national carbon markets as global demand for climate finance and emissions reduction solutions continues to rise.

The Singapore Carbon Markets Program, introduced by Singapore’s National Climate Change Secretariat (NCCS) and the World Bank Group, will support countries in building the systems, skills, and infrastructure needed to participate in high-integrity carbon markets.

The program seeks to address several challenges that continue to slow the growth of carbon markets globally. These include limited technical expertise, weak institutional frameworks, and gaps in digital systems required to track and verify carbon credits effectively.

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According to the organizations, the initiative will focus on three main areas. These include improving carbon market infrastructure and technology, supporting the monetization of carbon credits, and helping countries strengthen market readiness through capacity-building efforts.

Singapore said the partnership reflects its broader commitment to advancing reliable and transparent carbon markets as part of global climate action and sustainable development goals.

Benedict Chia said Singapore sees high-integrity carbon markets as an important tool in supporting global decarbonization efforts while also encouraging sustainable economic growth.

One of the major initiatives under the program will involve creating toolkits that help countries establish interoperable carbon registries aligned with international standards. These registries are expected to improve transparency and compatibility across different carbon market systems.

The program will also promote digital monitoring, reporting, and verification (MRV) systems for emerging credit categories such as regenerative agriculture. Digital MRV systems are increasingly seen as essential for improving the credibility and traceability of carbon credits.

In addition, the partnership will explore new approaches to aggregate carbon credit demand and supply at both national and buyer levels. The goal is to reduce transaction costs, encourage more participation from investors, and lower project risks in developing and underserved markets.

Cross-country learning programs will also be introduced to help governments design carbon market policies, build institutional capacity, and develop long-term market strategies.

The World Bank Group said the partnership is intended to improve access to climate finance for countries that need support in meeting their climate goals.

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Kristina Svensson said the collaboration with Singapore aims to deliver practical development outcomes while helping countries gain meaningful access to climate finance opportunities.

Experts believe the initiative could play an important role in strengthening confidence in international carbon markets at a time when countries and businesses are increasingly looking for credible pathways to achieve net-zero targets.

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Source: ESGtoday