TEMBUSU Asia – First Singapore Validation and Verification Body Accredited by Asia Carbon Institute for Carbon Credit Verification

8 July 2024 – TEMBUSU Asia Consulting (TAC) is now accredited by the Asia Carbon Institute (ACI) as the first Singapore Validation and Verification Body (VVB) to verify carbon credits. This strategic move reinforces TAC’s expertise to drive the regional carbon trading marketalongside ACI, catalysing the generation and issuance of high-quality carbon credits to meet the increasing market demand in Asia.

The World Economic Forum projects that Asia’s green economy will play a transformative role globally in the next decade, with its market for green businesses expected to reach between USD 4 to 5 trillion by 2030. In 2023, Asia led in terms of carbon credit transaction volume in the voluntary carbon market. Despite a notable pullback from REDD+ projects last year, the Asia carbon market shows ample room for growth.

Meanwhile, carbon credits from engineered projects overtook nature-based credits in 2023. With a special focus on engineered projects such as technology-based and urban-related carbon reduction and removal solutions, ACI provides greenhouse gas mitigation project proponents in Asia an alternative standard that is closer to home for credit registration. TAC will offer its technical expertise and regional knowledge to verify the integrity of the carbon credits based on relevant standards. Pooling their network together, ACI and TAC are expected to expand their reach to more companies in Asia and beyond, providing an avenue for more Asian players to participate in the emerging Asia carbon market.

Celebrating its 6th year anniversary on 7th July 2024, TAC recounts the role it has in driving Singapore corporates’ decarbonisation efforts. From Sustainability-Linked Loans and Resource Efficiency Grants to Verification under Singapore’s Carbon Pricing Act, TAC has been conducting greenhouse gas validation and verification for companies in Singapore as part of the companies’ carbon reduction journeys. Supported by Enterprise Singapore, TAC deepened its capabilities and was accredited by the Singapore Accreditation Council (SAC) for its greenhouse gas verification competencies. This provided greater assurance that TAC’sverification process is aligned to international standards and opened doors for TAC to access new opportunities in the carbon services space.

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