Singapore has committed US$15 million to the Global Green Growth Institute’s (“GGGI“) Carbon Transaction Facility (“CTF“), becoming the first Asian country to join alongside the United Kingdom (UK), New Zealand, Norway, and Sweden. Singapore’s funding comprises: (i) US$5 million to the Article 6 Readiness Facility to build capacity in GGGI member countries; and (ii) US$10 million to establish the Singapore Article 6 Carbon Facility to finance carbon credit projects for Singapore’s climate targets. The initiative aims to address barriers in Article 6 carbon markets, including high transaction costs, limited institutional capacity, and lack of project development funding. The announcement was made by Minister of State for Trade and Industry Alvin Tan at the GenZero Climate Summit 2026 on 19 May 2026.
GGGI is a treaty-based inter-governmental organisation promoting sustainable growth in developing countries. The CTF, launched in October 2024, supports carbon trading under Article 6 of the Paris Agreement.
Click on the following link for more information:
- Ministry of Trade and Industry (“MTI“) Press Release titled “Singapore enhances Article 6 carbon markets by committing US$15 million to GGGI’s Carbon Transaction Facility and establishes Singapore Article 6 Carbon Facility” (available on the MTI website at www.mti.gov.sg)
Singapore enterprises or investors looking to secure decarbonisation projects can tap on our environmental, social, and governance (ESG) legal fee subsidy under the Sustainability Legal Catalyst Programme with Enterprise Singapore. Terms and conditions apply. You can reach out to us at [email protected].
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