Sylvera, a carbon data provider, is extending its operations into the Asia Pacific region and collaborating with the Singapore Government to enable the utilisation of carbon credits to support its objectives within the framework of the Paris Agreement.
Article 6.2 of the Paris Agreement creates the basis for countries to trade carbon credits between one another through a market mechanism to help achieve their climate goals, after they’ve reduced as much of their emissions as possible.
The partnership supports Singapore’s mission to become an international carbon markets hub and set a global precedent on environmental integrity.
Benedict Chia, director general for climate change at the National Climate Change Secretariat in the Prime Minister’s Office – Strategy Group said: “Singapore is committed to facilitating the development of a high integrity carbon market. To achieve this, we need to leverage data and innovative technologies to monitor emissions reductions and removals in carbon credit projects. We welcome the launch of Sylvera’s regional office in Singapore to provide solutions on this front.”
Sylvera will help Singapore identify high-quality carbon credits, referred to as ITMOs in the Article 6.2 context, to purchase from other countries and to also drive rapid climate finance to the areas having real climate impact and use the credits towards its Paris Agreement goals.
Combining technology with leading carbon measurement methodologies, Sylvera provides ratings and data assessing climate action investments, including carbon credits, which allow organisations and pioneering countries like Singapore to confidently deliver their climate strategies and work towards societal net zero.
“Singapore has seen the benefits that carbon markets can provide in the transition to net zero with its ambitious goals,” Samuel Gill, co-founder and president of Sylvera, also commented.
“It’s vital that more international leaders seize the benefits that high-quality carbon credits provide to make real progress on their Paris Agreement goals. We increasingly hear from governments the critical role for independent assurance to play to ensure their credits purchased are driving real climate action and societal net zero progress.”
New office
This news comes as Sylvera announces its expansion to the region with a local presence and office in Singapore, with the support of Singapore Economic Development Board (EDB). The local presence will also help the company serve clients in Singapore and the wider APAC region.
Sylvera CEO and co-founder Allister Furey, also added: “The opening of our new office is the latest step in our ambition to incentivise investment in real climate action and work with even more organisations around the world, from governments to private companies, to help them deliver their net zero strategies.”
