Singapore and World Bank Group Launch Carbon Market Program to Promote Digital Monitoring Systems
As Asia becomes a key center for carbon market development, Singapore announced on May 20th its collaboration with the World Bank Group to launch the Carbon Markets Programme. The initiative aims to address obstacles hindering carbon market growth, assist countries in enhancing their digital infrastructure capabilities, and promote digital Monitoring, Reporting, and Verification (MRV) mechanisms for carbon reduction.
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- 📰 Published: May 20, 2026 at 17:26
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As Asia emerges as one of the key centers for carbon market development, Singapore announced today its collaboration with the World Bank Group to launch the Carbon Markets Programme. The program aims to address issues hindering the growth of carbon markets, help countries enhance their digital infrastructure capabilities, and promote digitalized Monitoring, Reporting, and Verification (MRV) mechanisms for carbon reduction.
The World Bank Group's annual international conference on carbon pricing and markets, "Innovate4Climate (I4C)," kicked off in Singapore today, bringing together policymakers and investors from government, industry, and academia worldwide to focus on issues related to carbon market design.
Since 2017, Innovate4Climate has served as a global platform for dialogue on carbon pricing, and Asia is currently one of the most active regions in the world for carbon pricing and market development.
Julia Fraser, World Bank Director for East Asia and the Pacific, stated at the forum that countries are no longer just discussing carbon pricing but are integrating it as part of their policy toolkit. The World Bank is helping nations build the necessary market infrastructure, using blended finance instruments to attract private capital, and promoting pilot transactions to prove these mechanisms work in the real world. This assistance in the clean energy transition creates jobs for communities undergoing transformation, and agricultural carbon programs provide smallholder farmers with access to new income streams.
Amelia Tang, Deputy Secretary of the Strategy Group at the Prime Minister's Office of Singapore, said that if designed well, carbon pricing mechanisms can send clear and predictable signals, drive efficiency improvements, and direct investment towards cleaner technologies. As a financial hub and aspiring carbon services center, Singapore hopes to play a catalytic role in building well-functioning carbon markets.
Singapore recently signed an implementation agreement for carbon credit cooperation with the Philippines, establishing a collaborative mechanism under Article 6 of the Paris Agreement to facilitate the generation and cross-border transfer of carbon credits from reduction projects. This is the 11th such agreement signed by Singapore.
The "Singapore Carbon Markets Programme," a collaboration between Singapore and the World Bank, aims to solve problems that hinder the development and expansion of carbon markets. It will assist countries in building internationally compliant and interoperable carbon registries, promote digital MRV mechanisms, and expand into new carbon credit categories, including regenerative agriculture.
Since 2019, Singapore has implemented a carbon tax and signed carbon credit procurement agreements with multiple countries, building an ecosystem of market participants, service providers, and trading platforms.
Kristina Svensson, World Bank Group Manager for East Asia and the Pacific, said the partnership reflects a shared commitment to providing meaningful funding channels to countries most in need of climate finance to deliver tangible development outcomes. It also reinforces the strategic alignment between the World Bank and the Singaporean government in building high-integrity carbon markets.
The World Bank Group's annual international conference on carbon pricing and markets, "Innovate4Climate (I4C)," kicked off in Singapore today, bringing together policymakers and investors from government, industry, and academia worldwide to focus on issues related to carbon market design.
Since 2017, Innovate4Climate has served as a global platform for dialogue on carbon pricing, and Asia is currently one of the most active regions in the world for carbon pricing and market development.
Julia Fraser, World Bank Director for East Asia and the Pacific, stated at the forum that countries are no longer just discussing carbon pricing but are integrating it as part of their policy toolkit. The World Bank is helping nations build the necessary market infrastructure, using blended finance instruments to attract private capital, and promoting pilot transactions to prove these mechanisms work in the real world. This assistance in the clean energy transition creates jobs for communities undergoing transformation, and agricultural carbon programs provide smallholder farmers with access to new income streams.
Amelia Tang, Deputy Secretary of the Strategy Group at the Prime Minister's Office of Singapore, said that if designed well, carbon pricing mechanisms can send clear and predictable signals, drive efficiency improvements, and direct investment towards cleaner technologies. As a financial hub and aspiring carbon services center, Singapore hopes to play a catalytic role in building well-functioning carbon markets.
Singapore recently signed an implementation agreement for carbon credit cooperation with the Philippines, establishing a collaborative mechanism under Article 6 of the Paris Agreement to facilitate the generation and cross-border transfer of carbon credits from reduction projects. This is the 11th such agreement signed by Singapore.
The "Singapore Carbon Markets Programme," a collaboration between Singapore and the World Bank, aims to solve problems that hinder the development and expansion of carbon markets. It will assist countries in building internationally compliant and interoperable carbon registries, promote digital MRV mechanisms, and expand into new carbon credit categories, including regenerative agriculture.
Since 2019, Singapore has implemented a carbon tax and signed carbon credit procurement agreements with multiple countries, building an ecosystem of market participants, service providers, and trading platforms.
Kristina Svensson, World Bank Group Manager for East Asia and the Pacific, said the partnership reflects a shared commitment to providing meaningful funding channels to countries most in need of climate finance to deliver tangible development outcomes. It also reinforces the strategic alignment between the World Bank and the Singaporean government in building high-integrity carbon markets.