Singapore has stepped forward as a key architect of a new international initiative to strengthen voluntary carbon markets, joining the United Kingdom and Kenya in launching the Coalition to Grow Carbon Markets during London Climate Action Week in June 2025. This coalition, co-chaired by Singapore’s Climate Ambassador Ravi Menon, is set to develop a unified set of guidelines for the use of carbon credits in cross-border corporate decarbonization efforts, addressing the growing need for clear government direction on carbon market integrity.
A central goal of the coalition is to establish trust and consistency in carbon trading by formulating common principles that enhance investor and stakeholder confidence. Singapore’s Minister for Sustainability and the Environment, Grace Fu, emphasized that energizing the voluntary carbon market will unlock essential private finance and drive real emissions reductions, not only for Singapore but for climate goals globally. The UK’s Kerry McCarthy highlighted the coalition’s role in providing clarity for businesses as they invest in high-quality carbon credits to accelerate net-zero objectives.
The initiative will work closely with business groups and bodies such as the Integrity Council for the Voluntary Carbon Market (ICVCM) to align global standards and close the gap between carbon credit buyers and suppliers. The coalition aims to deliver its finalized guidelines before the COP30 climate summit in Brazil in November 2025, and its establishment reflects Singapore’s ongoing leadership in climate policy, carbon finance, and market development within Asia and worldwide.
(Source: Carbon Herald)
