Overall Eligibility List

Overall Eligibility List

2.2: Overall eligibility list

 

1.       The Eligibility List sets out the requirements that international carbon credits (ICCs) must meet to be accepted by the National Environment Agency (NEA) for carbon tax-liable companies in Singapore to offset up to 5% of their taxable emissions from 1 Jan 2024.

 

2.       The ICCs must each represent one tonne of greenhouse gas emissions reductions or removals measured in tCO2e, where —

a.       the ICCs are generated from a project or programme that meets the specific requirements in Annex A (where Annex A is applicable);

b.       the project or programme is carried out in a country specified in the first column in Annex B;

c.       the ICCs are issued under a carbon crediting programme in the second column of Annex B, opposite that country; and

d.       the certified greenhouse gas emissions reductions or removals represented by the ICCs are calculated using a methodology in the third column of Annex B, opposite that carbon crediting programme.

 

3.       The Eligibility List may be reviewed and updated from time to time. In particular, it will be reviewed annually to maintain relevance and uphold high environmental integrity standards based on the latest science and evidence.

 

ANNEX A 

Applicable for 2024 Emissions Year onwards, last updated 8 Feb 2024

Specific Requirements for Project Types 

 

·                      For renewable energy projects1, only ICCs from the following projects are eligible: 

1.       Projects that use offshore wind technology, or waste-to-energy technology; or 

2.       Projects that are linked with energy storage systems; or 

3.       Projects outside of (1) and (2) that come from (i) Least Developed Countries (LDC)2, (ii) micro-grids that are not linked to national grids, or (iii) lower middle income countries2 with less than 5% of the said renewable technology deployed in their national grid at the point of registration or renewal. 

 

1 Renewable energy projects refer to projects that (i) generate and deliver energy services (e.g. mechanical, work, electricity, heat) from non-fossil fuel and renewable energy sources, or (ii) comprise of renewable energy generation units (e.g. solar PV, tidal/wave, wind, hydro, geothermal, waste-to-energy, renewable biomass) that are supplying energy or electricity. 

2 Definition of LDC is based on United Nations’ definition; Definition of lower middle income countries is based on World Bank’s definition. 

 

·                      For High Forest cover, Low Deforestation (HFLD)3 countries, Reducing Emissions from Deforestation and Forest Degradation (REDD/REDD+) projects or programmes are not eligible. 

 

3 HFLD countries are developing countries with more than 50% forest cover and a deforestation rate of less than 0.22% per year.  

 

Annex B

Applicable for 2024 Emissions Year onwards, last updated 8 Feb 2024

Host country

Carbon Crediting Programme

Methodologies

Papua New Guinea

Gold Standard for the Global Goals (GS4GG)

All active methodologies published before 31 March 2023 except:

•       Those under the “Land Use and Forestry & Agriculture” category of GS4GG;

•       Methodology For Animal Manure Management and Biogas Use for Thermal Energy Generation V1.1;

•       Carbon Sequestration Through Accelerated Carbonation of Concrete Aggregate V1.0;

•       Two And Three Wheeled Personal Transportation V1.0.

Verified Carbon Standard (VCS)

All active methodologies published before 31 March 2023 except methodologies under the “Sectoral Scope 14” category of VCS, with these allowable exceptions:

•       Scenario 2a and 3 of VCS Jurisdictional and Nested REDD+ (JNR) framework;

•       VM0012 Improved Forest Management in Temperate and Boreal Forest, v1.2;

•       VM0022 Quantifying N2O Emissions Reductions in Agricultural Crops through Nitrogen Fertilizer Rate Reduction, v1.1;

•       VM0026 Methodology for Sustainable Grassland Management, v1.1;

•       VMD0040 Leakage from Displacement of Grazing Activities, v.1.0;

•       VM0032 Methodology for the Adoption of Sustainable Grasslands through Adjustment of Fire and Grazing, v1.0;

•       VM0033 Methodology for Tidal Wetland and Seagrass Restoration, v2.1;

•       VM0036 Methodology for Rewetting Drained Temperate Peatlands, v1.0;

•       VM0041 Methodology for the Reduction of Enteric Methane Emissions from Ruminants through the Use of Feed Ingredients, v.2.0;

•       VM0042 Methodology for Improved Agricultural Land Management, v2.0.

 

Where any VCS methodology is used, the project participant will be required to demonstrate the Sustainable Development contributions or co-benefits of the relevant mitigation activity by submitting to the Joint Committee its verification report under the Climate, Community and Biodiversity Standards (CCB Standards), the Sustainable Development Verified Impact Standard (SD VISta) or another standard recognised by VCS for such purpose.

American Carbon Registry (ACR)

All active methodologies published before 31 March 2023, except methodologies under the “Sectoral Scope 3 (Land Use, Land Use Change and Forestry)” category of ACR.

Global Carbon Council (GCC)

All active methodologies published before 31 March 2023, except the following project types or methodologies:

•       Nuclear energy;

•       HFC-23 abatement;

•       Reducing Emissions from Deforestation and Degradation (REDD);

•       Afforestation & Reforestation (A&R);

•       Carbon Capture & Storage (CCS);

•       GCCM004 Methodology for Water Grid Connected Renewable Energy Based Desalination Plant, v1.0;

•       GCCM005 Methodology for Desalinated Water Savings in Buildings, v1.0.