Forum marks a milestone for regional carbon markets
The High-Level Forum on Carbon Credits, organized by the Singapore Embassy, the Makati Business Club, and the Philippines-Singapore Business Council, drew more than 200 participants from government and industry in the Philippines and Singapore. It was the first event of its kind to chart the way forward on carbon credits cooperation, signaling a new chapter for credible market mechanisms in Southeast Asia.
Delegates heard candid exchanges across the policy, private sector, and civil society spectrums. Speakers included lawmakers, officials from the Philippine Department of Environment and Natural Resources (DENR) and the Department of Energy (DOE), as well as representatives from Singapore’s Ministry of Trade and Industry and the Economic Development Board. The consensus was clear: high-quality carbon credits with robust integrity can unlock climate finance, spur innovation, and deliver tangible benefits for communities.
Key themes shaping the carbon credits landscape
Discussions emphasized alignment of regulatory standards and verification processes to ensure credits deliver real emissions reductions. Participants explored how credible markets can attract private investment, support project-level innovations, and foster resilient, community-led improvements in energy efficiency, sustainable forestry, and renewable energy deployment.
Policy alignment and market integrity
Panelists debated the need for transparent governance, credible verification, and inter-country cooperation to prevent greenwashing while enabling cross-border trading. The aim is a stable, predictable environment where carbon credits reflect real climate impact and attract climate finance from institutions and impact investors alike.
Finance, technology, and private sector engagement
Industry players underscored the importance of blended finance, capacity-building, and technology transfer to scale projects. NGOs highlighted social safeguards and local benefits, ensuring that communities reap the rewards of reduced emissions and cleaner energy access.
A shared vision: Philippines as a regional carbon market player
In closing remarks, Ambassador Constance See highlighted the Philippines’ unique potential to become a major player in carbon markets. She reaffirmed Singapore’s readiness to partner through capital, expertise, and convening power to build a credible market that serves both nations and the region. The dialogue underscored a bilateral path to climate finance, innovation, and sustainable growth anchored in trust and verifiable impact.
What this means for communities and the climate agenda
Beyond headlines, the forum’s outcomes signal tangible benefits for communities—new funding for sustainable projects, job creation in green sectors, and closer collaboration between government, business, and civil society. By focusing on high-integrity credits, both countries can unlock climate finance, support monitoring and accountability, and deliver long-term social and environmental gains across the region.
Next steps and the road ahead
The assembly outlined a roadmap to deepen carbon credits cooperation, including joint pilots, ongoing knowledge exchange, and potential mechanisms for cross-border credit recognition. As the region builds capacity, the Philippines and Singapore can catalyze a credible, regional market that accelerates clean growth while protecting communities and ecosystems.
