In a strategic alliance, Sylvera, a leading carbon data provider, has joined forces with the Singapore Government to ensure the availability of high-quality carbon credits, aligning with the Paris Agreement. Concurrently, Sylvera has inaugurated an office in Singapore, fortifying its footprint in the thriving carbon trading ecosystem.
Panoramic view of Singapore city. AI generated image.
Sylvera's team specialises in developing software that independently assesses carbon projects, supporting initiatives aimed at capturing, removing, or preventing emissions. This technology enables businesses and governments to confidently invest in achieving net zero emissions.
‘Empowering Climate Action,’ Sylvera's suite of data and tools instil confidence in organisations to invest, measure, deliver, and report genuine climate impact. This move is crucial as many signatory countries, despite the inception of the Paris Agreement in 2015, are falling short of their climate goals.
Singapore, as a leader in Southeast Asia with a carbon pricing system, actively seeks partnerships for carbon credit projects. Benedict Chia, Director General for Climate Change, emphasises the nation's commitment to a high-integrity carbon market, welcoming Sylvera's regional office to leverage data and innovative technologies.
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Sylvera's collaboration aims to identify top-notch carbon credits, known as (Internationally Transferrable Mitigation Outcomes (ITMOs) under Article 6.2, from other nations. This partnership is designed to swiftly allocate climate finance to areas making tangible climate impacts in alignment with Singapore’s Paris Agreement objectives.
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The Asian country's rigorous criteria for international carbon credits, set in October, align with its commitment to high standards. By combining technology with premier carbon measurement methodologies, Sylvera empowers organisations to confidently execute climate strategies.
Singapore recognizes the advantages of carbon markets in achieving net-zero targets and emphasises the importance of high-quality credits. Governments worldwide are increasingly seeking independent assurance for credits that drive traceable environmental action.
Last July, Sylvera raised $57 million to incentivise businesses to confidently invest in carbon credits, contributing to the $7.5 billion raised in 2022 alone. However, global efforts remain short of about $90 billion to meet the 2030 carbon reduction targets.
Sylvera's advanced software is set to strengthen Singapore's position as a key emissions trading hub in Asia, backed by the Singapore Economic Development Board. With an expanding regional presence, Sylvera's collaboration with the Singapore Government signifies a pivotal step towards ensuring high-quality carbon credits for meeting green commitments.
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