In a government-launched tender for the supply of high-quality, nature-based carbon credits, Singapore has successfully attracted nearly $1 billion (S$1.3 billion) from 17 different submissions.
Launched back in September 2024 by the Prime Minister’s Office Strategy Group, the tender was looking to source credits that are to be delivered by February 2031 at the latest.
Following the tender closure in February 2025, data published on the government’s procurement portal, GeBiz, showed that the carbon trading arm of commodities giant Trafigura made the highest bid for an undisclosed number of carbon credits and per-unit price, totaling nearly $223.5 million (S$300 million).
The second largest bid was made by energy and commodities company Mercuria Asia Resources, for more than 5 million carbon removal credits priced at ∼$29 each (S$38.50), totaling more than $150 million (S$206 million).
Other notable bidders include DNZ ClimateTech (5M credits at S$40 per credit), GenZero (500,000 credits at S$55 per credit), oil and gas titan Shell (S$34 million), and PetroChina (S$21.8 million).
As part of its sustainability strategy, Singapore aims to remove around 2.51 million tonnes of CO2 equivalent annually between 2021 and 2030 to be able to achieve its national carbon removal target of 60 million tonnes by 2030.
Building on the success of this first tender, the Government of Singapore intends to launch another request for proposals during 2025.
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Through this second tender, the government will be looking for at least 500,000 nature-based carbon credits to offset 500,000 tonnes of the country’s CO2 emissions.
To be eligible for the tender, the carbon credits must represent emissions removed or reduced in the period after Jan 1, 2021, and before Dec 31, 2030.
Besides this requirement, the credits also need to be aligned with Article 6 of the Paris Agreement and to comply with the environmental integrity criteria defined by the authorities.
