Singapore Launches Carbon Credit Coalition

Tencent, Mitsubishi Corporation, and other organizations launched the Action for a Resilient Climate (ARC) Coalition in Singapore. The group aims to increase financing for carbon reduction projects across Asia. They plan to collectively purchase at least 10 million tonnes of carbon credits by 2030.

The coalition addresses declining confidence in voluntary carbon markets. Concerns about greenwashing and inconsistent standards have recently reduced carbon credit retirements globally. ARC intends to establish a financing facility using blended finance to support early-stage projects.

Members will prioritize “high-integrity” carbon credits and develop transparent procurement standards. They also seek to support projects with long-term climate potential, even if they don’t fully meet current benchmarks. The coalition will share due diligence processes to simplify carbon credit purchasing.