Singapore and Rwanda begin accepting carbon credit project proposals

Singapore and Rwanda have officially opened applications for carbon credit projects under their bilateral climate trading agreement announced last year. This is Singapore’s fourth such call – following similar pacts with Ghana, Peru, and Bhutan – and invites businesses to invest in solutions ranging from energy-efficient cooking products to electric transport infrastructure.

Under the agreement, Singapore can purchase carbon credits from projects in Rwanda to compensate for a portion of its greenhouse gas emissions, in line with its commitments under the Paris Agreement. Singaporean firms are permitted to offset up to 5% of their taxable emissions using carbon credits, provided the underlying projects meet the country’s environmental standards. Singapore currently levies a carbon tax of S$45 (US$36) per tonne of carbon dioxide-equivalent, a figure that is expected to rise to between S$50 (US$40) and S$80 (US$63) by 2030.

Interested parties can now submit applications for carbon credit projects in Rwanda. Applications will be reviewed by both the Singaporean and Rwandan governments.

The agreement spans a broad spectrum of eligible initiatives. At the household level, for example, credits can be generated from cleaner cooking solutions – such as improved cookstoves and metered electric appliances – or safe drinking water projects that reduce the need for boiling.

Another set of qualifying activities targets methane and waste. This includes cutting emissions from landfills and organic waste – via better treatment or methane capture – alongside biogas systems that convert animal manure into energy.

The list extends to infrastructure-related projects, including renewable electricity generation and energy-efficiency upgrades of buildings or campuses. It also covers certain transport-related measures, such as installing electric-vehicle charging systems and shifting urban travel towards e-bikes and e-scooters, supported by bike lanes and parking areas.

In 2024, GenZero, a Temasek-owned decarbonisation investment firm, signed an agreement with the Rwanda Green Fund to develop projects aligned with the Paris Agreement. The Fund acts as the government’s primary vehicle for coordinating climate finance. GenZero has already backed initiatives in Ghana and South Africa. In Ghana, it is working with Singapore-based AJA Climate Solutions to restore degraded land in the Eastern Region. Its South African project involves replanting native succulents across 100,000 hectares, aiming to remove an estimated 30m tonnes of carbon dioxide.

References

‘GenZero invests in restoration project in Ghana aiming to generate carbon credits with corresponding adjustments’, GenZero, 08 June 2023

'Imperative secures funding for first phase of its project to restore 100000ha of land in South Africa', GenZero, 19 September 2024

'Rwanda, Gold Standard, GenZero to collaborate on Article 6 carbon credit projects', GenZero, 19 September 2024

‘Singapore and Ghana launch first call for project applications under IA on CC Cooperation’, National Climate Change Secretariat Singapore, 30 September 2024

‘Singapore’s $1 billion carbon credit push: A new path to net zero?’, CarbonCredits.Com, 02 April 2025

'Singapore signs Implementation Agreement on carbon credits collaboration with Rwanda', Ministry of Trade and Industry, Singapore, 06 May 2025

‘Rwanda inks carbon credit pact with Singapore, is sixth country to do so since 2023’, The Straits Times, 06 May 2025

'Singapore and Rwanda invite applications for carbon credit projects under bilateral implementation agreement', National Environment Agency, 30 January 2026

'Rwanda and Singapore launch a call for proposals for high quality carbon credit projects under bilateral implementation agreement', Rwanda Environment Management Authority, 30 January 2026

'Carbon tax', National Climate Change Secretariat, Accessed 18 February 2026