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Singapore's Carbon Markets Cooperation

General Information

Find out how carbon tax-liable companies can source and use International Carbon Credits (ICCs) to offset up to 5% of their taxable emissions under Singapore's ICC Framework.

Last updated 3 August 2026
1. What is the difference between International Carbon Credits (ICCs) and Internationally Transferred Mitigation Outcomes?

International Carbon Credits (ICCs) are ITMOs (Internationally Transferred Mitigation Outcomes) under Article 6 of the Paris Agreement that meet the requirements set out under Singapore’s ICC framework. Refer to this link for more information on the ICC framework.

2. How can a carbon tax-liable facility source for eligible International Carbon Credits (ICCs)?

Tax-liable facilities can work with project developers or third-party service provider to either source eligible ICCs from existing projects or develop new ones.

Companies that wish to develop their own ICC projects may refer to information the processes under each Implementation Agreement and participation criteria to ensure that the ICCs generated from their projects will be accepted under the carbon tax.

3. Where can I find the list of projects that have been authorised to generate Internationally Transferred Mitigation Outcomes?

Companies may refer to the Implementation Agreement (IA) project register, which will list the projects that have been authorised under the IA for corresponding adjustments.

4. Can carbon tax-liable companies purchase carbon credits from countries other than those countries that Singapore have signed Implementation Agreements with?

No. To comply with Article 6.2 of the Paris Agreement, carbon credits from projects hosted in countries without an implementation agreement are not allowed to be used to offset carbon-tax liability under Singapore’s ICC Framework.

5. When can carbon tax-liable companies expect to buy ICCs?

Under the ICC Framework, carbon tax-liable companies may use eligible ICCs to offset up to 5% of their carbon tax liabilities annually.

Singapore has signed legally binding Implementation Agreements (IAs) with ten countries – Papua New Guinea, Ghana, Bhutan, Peru, Chile, Rwanda, Paraguay, Thailand, Mongolia and Vietnam. We are actively working with our counterparts to further our collaboration and operationalise these partnerships and to generate eligible ICCs from projects authorised under these IAs.

In the meantime, there may be a constrained supply of ICCs for emissions year 2024. In light of this, taxable facilities will be allowed to roll over their unutilised ICC offset limit, of up to 5% of taxable emissions in 2024, to emissions year 2025. This will allow more time for projects to be authorised under Singapore’s Article 6 IAs, and for these projects to generate eligible ICCs.

For more information, please refer to the documents for each partner country on available on this website (e.g., for Ghana).

Have other questions? Please send them to climate_cooperation@pmo.gov.sg.