Grace Fu on carbon credits issued by Verra and Gold Standard

The Government is aware of a recent news report that said most of the rainforest carbon offsets approved by the world’s leading certifier Verra are “phantom credits”, along with Verra’s response, said Sustainability and the Environment Minister Grace Fu in Parliament on Tuesday (Feb 7). Replying to an MP’s questions, she said Singapore signed memorandums of understanding (MOUs) with Verra and Gold Standard as they are two of the largest carbon crediting programmes accepted by the International Civil Aviation Organization to issue compliance for carbon credits under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) - considered one of the most rigorous standards in the industry. Ms Fu said the MOUs are not legally binding and do not qualify all international carbon credits (ICCs) issued by Verra or Gold Standard as companies must meet the Singapore Government’s environmental integrity criteria. The Government will publish a white list of acceptable ICCs later this year which will include eligible host countries, carbon crediting programmes and methodologies.