ICVCM Opens Asia Pacific Hub in Singapore with Government Partnership
The Integrity Council for the Voluntary Carbon Market launched its first overseas office, an Asia Pacific hub in Singapore, in partnership with the Singapore Economic Development Board and the National Climate Change Secretariat. The hub aims to build on existing Core Carbon Principles engagement across the region and support the development of regionally relevant solutions including transition credits linked to the early decommission of coal-fired power plants.
The Singapore hub is the ICVCM's first physical office, as its global team otherwise operates fully remotely. The Integrity Council will collaborate with Singapore's National Climate Change Secretariat on the Coalition to Grow Carbon Markets and explore future high-integrity carbon market initiatives aligned with the Core Carbon Principles. Singapore EDB Executive Vice President Lim Wey-Len stated that the hub reinforces Singapore's position as a regional centre and lighthouse for carbon services and trading, with the ICVCM playing a critical role in building market confidence.
Benedict Chia, Director General of Climate Change at Singapore's National Climate Change Secretariat, confirmed that Singapore supports high-integrity carbon credits in meeting its Nationally Determined Contribution under the Paris Agreement. The hub will work with policymakers and market actors across the Asia Pacific region, including financial institutions, corporates, and carbon market developers, to build a globally interconnected and locally relevant carbon market. The convergence of voluntary and compliance carbon markets in Asia Pacific is identified as a priority area.
ICVCM CEO Amy Merrill described the Asia Pacific hub launch as an exciting next step in a dynamic region where the economic opportunities of energy transition are well understood by governments. She noted that CCP-labelled credits are now commanding an average price premium of 25%, with over 120 new projects under development using CCP-approved methodologies across all programmes. The hub is expected to play a particular role in advancing integrity standards for transition credits and agricultural carbon projects in the region.
Key figure — 25% average price premium commanded by CCP-labelled credits
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