Singapore Gold Standard and Verra Publish Crediting Protocol

SINGAPORE, GOLD STANDARD AND VERRA PUBLISH ARTICLE 6.2 CREDITING PROTOCOL

The new protocol will enable governments to use existing independent carbon crediting programmes to meet national climate goals, expediting and scaling up global climate action by integrating compliance and voluntary market structures.

Singapore’s National Climate Change Secretariat (NCCS) in the Strategy Group, Prime Minister’s Office and the world’s largest independent crediting standards, Gold Standard and Verra, have published the final version of the Article 6.2 Crediting Protocol (“Protocol”). The Protocol will support governments in their use of Article 6 to meet their Nationally Determined Contributions (NDCs) and sustainable development goals by using carbon credits issued to projects registered with independent crediting standards. 

Article 6.2 of the Paris Agreement allows governments and private sector participants to cooperate internationally through market-based mechanisms to achieve their NDC targets. Governments can leverage existing independent crediting standards, which are widely used by private sector participants and have robust and credible track records, to certify their emission reductions and removals. This approach relieves participating governments of the need to develop their own national crediting standards, while tapping into the proven expertise of existing voluntary carbon market infrastructure.

The Protocol provides standardised and streamlined procedures for governments to work with independent crediting standards to implement Article 6.2, resulting in the consistent application of this approach and ensuring the integrity and implementation of Article 6.2 cooperation. 

Development Process

The concept for the Protocol was first announced by NCCS, Gold Standard, and Verra at COP28 in Dubai in December 2023. At COP29 in Baku in November 2024, initial recommendations were published to outline key concepts and processes, as well as calls on governments to mitigate regulatory and market risks associated with Article 6.2 transactions.

The Article 6.2 Protocol was developed following the adoption of the Article 6.2 rules at COP29 through a robust and comprehensive process. It incorporates the relevant decisions from the text and was informed by continued engagement and consultation with governments, other independent standards, and wider market stakeholders over the past year. This ensures that the Protocol can be a practical enabler of and complement to existing and future Article 6.2 rules.

The Protocol includes the following key features: 

• Description of roles and responsibilities of governments, Independent Standards, and market participants (e.g., project developers) participating in Article 6.2 

• Standardised communication procedures to ensure the integrity of the carbon credits’ Article 6 status, including authorisation, first transfer, retirement/use, and corresponding adjustments

• Standardised labelling of the carbon credits’ Article 6 status in the registries of the Independent Standards

• Reporting guidelines on how Independent Standards can support governments in their reporting requirements under Article 6

• Recommended practices for governments, Independent Standards, and market participants to improve the efficiency and integrity of their cooperation under Article 6.2

Next Steps

In the coming year, the three organisations will work with interested governments, independent crediting standards, and market stakeholders to pilot and operationalise the Protocol, while exploring an inclusive and effective governance framework for it.

Beyond that, NCCS, Gold Standard, and Verra are committed to incorporating feedback from governments, other independent standards, and market stakeholders to further strengthen the Protocol. 

For example, as the implementation of Article 6 progresses, the Protocol may include or elaborate further on areas such as Internationally Transferred Mitigation Outcomes (ITMOs) identifiers, the management of carbon credits earmarked for shares of proceeds (SOP), and the overall mitigation of global emissions (OMGE), as well as a standardised data protocol. The Protocol will also be updated to ensure alignment with any future Article 6.2 decisions and developments.

The Protocol is available for download here: Article 6.2 Crediting Protocol

Benedict Chia, Director-General (Climate Change), National Climate Change Secretariat, Singapore, said: “This Protocol will help ensure Article 6.2 provides governments and independent crediting programmes with a standardised approach to encourage Article 6.2 cooperation, while giving greater certainty and clarity to market stakeholders on how they can tap on carbon credits to meet their climate commitments.”

Mandy Rambharos, Chief Executive Officer at Verra, said: “To scale the carbon market to the size needed to reach our global climate goals, we must reduce fragmentation. Independent carbon crediting programs, like Verra and Gold Standard, provide tried and tested infrastructure that can support compliance and Article 6 markets. This crediting protocol offers guidance on how governments can use this infrastructure to meet their national climate goals more quickly and easily.”

Margaret Kim, Chief Executive Officer at Gold Standard, said: “The development of this crediting protocol has been years in the making, reflecting the genuine partnership between project stakeholders, crediting bodies, and governments. The Article 6.2 crediting protocol provides governments with a practical pathway to achieve their NDC targets. Clear rules and a solid foundation are essential to ensure that the Article 6 mechanism operates efficiently and with integrity. Gold Standard is proud to be a part of this effort.”