Sylvera, a leading carbon data provider, is working with the Singapore Government to facilitate high-quality carbon credits to be used towards its goals under the Paris Agreement. The news comes as the company opens an office in Singapore to support its growth in the market and the region’s thriving carbon trading ecosystem.
Despite being agreed since 2015, most countries signed onto the Paris Agreement are not on track to meet their goals eight years later.
Purchasing carbon credits, which fund projects around the world like protecting rainforests from deforestation, is one of the most established and scalable ways to channel finance to otherwise unfunded, yet effective, climate outcomes. 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.
Singapore, the first country in Southeast Asia to put a price on carbon, is also one of the first countries actively seeking collaborations on carbon credits projects, which can benefit host countries through investments, jobs creation and the achievement of sustainable development goals.
Mr 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 drive rapid climate finance to the areas having real climate impact and use the credits towards its Paris Agreement goals.
Combining cutting-edge 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. 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,” said Samuel Gill, Co-founder and President of Sylvera.
Sylvera’s deep expertise with its software that independently and accurately automates the evaluation of carbon projects that capture, remove or avoid emissions will help enable Singapore to strengthen its position as Asia’s prime destination for emissions trading. With the help of the partnership, the country could create a precedent on environmental integrity for the rest of the international community to follow.
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 help the company serve clients in Singapore and the wider APAC region.
“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,” said Sylvera CEO and co-founder Allister Furey.
About Sylvera
Sylvera is a leading carbon data provider on a mission to incentivise investment in real climate action. To help organisations ensure they’re making the most effective investments toward net zero, we build software that independently and accurately automates the evaluation of carbon projects that capture, remove, or avoid emissions. With Sylvera’s data and tools, businesses and governments can confidently invest in, benchmark, deliver, and report real climate impact. Co-founded in 2020 by Dr. Allister Furey and Sam Gill, the company is headquartered in London with additional offices in Belgrade and New York. To date, Sylvera has raised over US$96 million from investors such as Balderton Capital, Index Ventures, Insight Partners, LocalGlobe, and Salesforce Ventures. Learn more at www.sylvera.com.
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