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illuminem summarises for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:
🗞️ Driving the news: The Integrity Council for the Voluntary Carbon Market (ICVCM) has opened its first physical office in Singapore, marking a significant step in strengthening oversight and credibility for carbon markets in the Asia Pacific region
• The new office will focus on developing methodologies for carbon credits, especially targeting the region's energy transition and environmental priorities
🔭 The context: Until now, ICVCM has operated remotely, but the new Asia Pacific hub, established in partnership with the Singapore Economic Development Board (EDB), reflects a growing commitment to creating high-integrity carbon credit systems in Asia
• The office will prioritize projects like the early retirement of coal-fired power plants and the restoration of peatlands, addressing crucial environmental concerns for the region
🌍 Why it matters for the planet: As Southeast Asia faces increasing scrutiny over land rights, deforestation risks, and regulatory uncertainty, ICVCM's presence in Singapore signals a stronger push for robust carbon credit systems
• The council's focus on environmental integrity, particularly through its Core Carbon Principles (CCPs), ensures that carbon offset projects contribute meaningfully to climate goals while respecting human rights
• This move aligns with Singapore’s international efforts under the Paris Agreement to promote voluntary carbon markets
⏭️ What's next: ICVCM's new office in Singapore is set to collaborate with governments and domestic carbon credit programs across Southeast Asia, helping to refine methodologies and ensure adherence to its science-based CCP framework
• The move positions Singapore as a central hub in Asia's carbon market development and builds on multilateral initiatives to enhance carbon trading and offset practices
💬 One quote: "In Asean, we’re going to be working with governments, domestic crediting programs who want to talk to us about how our Core Carbon Principles (CCPs) work.” — Amy Merrill, CEO of ICVCM
📈 One stat: ICVCM's Singapore office will focus on developing and assessing methodologies for carbon credits, particularly in the areas of coal plant retirement and peatland restoration, which are critical environmental issues for the region
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