Singapore and World Bank Launch Programme to Develop National Carbon Markets Globally

Singapore's National Climate Change Secretariat and the World Bank Group have launched the Singapore Carbon Markets Programme, a new initiative supporting countries in developing and scaling national carbon markets through technical assistance, digital infrastructure, and credit monetisation support. The programme will deliver toolkits for interoperable carbon registries aligned with international standards and support digital MRV systems for new credit types including regenerative agriculture.

The programme includes three components: strengthening carbon market infrastructure and technology through interoperable registries and digital monitoring, reporting, and verification systems; facilitating credit monetisation by developing methods to aggregate carbon credit demand and supply to reduce transaction costs and de-risk projects; and supporting capacity building and market readiness through cross-country learning initiatives and national carbon market strategy development. Singapore has positioned itself as a hub for international carbon market development, and the collaboration with the World Bank adds multilateral credibility to these efforts.

High-integrity carbon markets require robust institutional frameworks, standardised accounting methodologies, and transparent registries to attract both buyers and project developers. Many developing countries have significant nature-based and technology-based carbon removal potential but lack the infrastructure to access international demand. The Singapore Carbon Markets Programme targets this gap, with a particular focus on countries where institutional capacity for carbon market participation remains nascent.

For India, which is operationalising its own Carbon Credit Trading Scheme and has substantial potential in both nature-based and technology-based carbon projects, the Singapore Carbon Markets Programme represents a relevant international framework to observe. India's participation or alignment with interoperable registry standards and international carbon accounting methodologies will be important for the integrity and international recognition of its own carbon market. Singapore's role as a regional carbon market hub also positions it as a potential linkage point for Indian carbon credits to access international buyers.

Key figure — Programme will support development of interoperable carbon registries aligned with international standards across target countries