• Singapore awarded two new Carbon Project Development Grants to Anew Climate and Value Network Ventures, bringing total recipients to five.
• The Blue Catalyst challenge drew more than 130 applications from 37 countries, targeting blue carbon MRV, biodiversity monitoring and project development.
• Singapore now has Article 6 Implementation Agreements with 11 countries, expanding the pipeline for internationally transferred carbon credits.

Singapore is expanding its carbon market infrastructure through new Article 6 project grants and a global challenge focused on blue carbon technology.

The Singapore Economic Development Board awarded its latest Carbon Project Development Grants to Anew Climate and Value Network Ventures. The grants support early-stage feasibility studies for high-quality carbon projects aligned with Article 6 of the Paris Agreement.

At the same time, the World Wide Fund for Nature and Hatch Blue held the inaugural Blue Catalyst Demo Day in Singapore. The open innovation challenge is backed by EDB and focuses on technologies that could improve the development and verification of blue carbon projects.

Together, the initiatives strengthen Singapore’s strategy to establish itself as a regional centre for carbon services, project development and trading.

Blue carbon challenge attracts global interest

Blue Catalyst was announced in September 2025 to tackle technical barriers affecting blue carbon projects. Its focus includes measurement, reporting and verification, known as MRV, alongside broader project development challenges.

More than 130 startups and technology providers from 37 countries applied.

Ten finalists joined a two-week accelerator programme in Singapore. They worked with specialists from conservation, technology and finance while testing their technologies against project development conditions in Southeast Asia.

Solutions included geospatial mapping, carbon stock and flux modelling, and biodiversity monitoring.

Six companies were subsequently selected to present at the Blue Catalyst Demo Day. They were chosen based on technological potential, commercial traction and their ability to scale.

The companies pitched their solutions to investors, project developers and other partners seeking technologies that could improve project credibility and reduce implementation barriers.

“The strong global response to Blue Catalyst reflects growing momentum behind science-based approaches to mapping, monitoring and restoring blue carbon ecosystems. As WWF celebrates 20 years in Singapore and 65 years globally, this reaffirms our commitment to bridge the gap between available technology and successful implementation, promoting credible climate action across the region.” Rueban Manokara, Global Lead of the Carbon Finance and Markets Taskforce at WWF, said.

WWF will now assess whether finalist technologies could be piloted through its Blue Carbon Support Programme and Canopy initiative.

Canopy aims to unlock financing for 12,000 hectares of nature restoration while building the capabilities of carbon project developers.

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Singapore builds Article 6 project pipeline

EDB’s Carbon Project Development Grant was launched in November 2024. The addition of Anew Climate and Value Network Ventures brings the number of recipients to five.

The latest recipients will conduct feasibility studies for Article 6 projects in countries that have Implementation Agreements or Memoranda of Understanding with Singapore.

Singapore has signed Implementation Agreements with 11 partner countries. It has also established MOUs with governments across Asia, Africa, Latin America and Oceania.

These bilateral arrangements are critical to Singapore’s carbon strategy because Article 6 credits involve government authorisation and corresponding adjustments designed to prevent double counting.

For companies, that framework can provide greater confidence over how credits may be recognised against national and corporate climate commitments.

“Through Blue Catalyst, Singapore is bringing together global innovators to advance technological solutions and unlock the potential of Southeast Asia’s blue carbon ecosystems. The latest Carbon Project Development Grant recipients also point to growing momentum in developing high-quality Article 6 carbon projects from Singapore. Together, these efforts strengthen Singapore’s role as a lighthouse for carbon services that can serve the region and beyond.” Lim Wey-Len, Executive Vice President at EDB, said.

Technology meets carbon finance

For investors and corporate buyers, the combination of technology development and Article 6 financing addresses two persistent carbon market challenges: project credibility and access to capital.

Better monitoring technologies could improve confidence in carbon accounting, particularly for nature-based projects where measurement can be complex. Early-stage grant funding can also reduce development risk before projects reach commercial scale.

“Blue Catalyst is designed to validate and commercialise the technologies of 10 high-calibre startups to protect and restore blue carbon ecosystems across the region. As a sustainable aquaculture investor, we are proud to share our insights from developing early-stage and scaling companies, and shape the next generation of blue carbon solutions together with the leading experts, practitioners, and project developers.” Wayne Murphy, Co-Founder and Partner at Hatch Blue, said.

Singapore’s approach links government-to-government carbon agreements with project finance, technical expertise and private-sector demand. That combination could become increasingly important as countries operationalise Article 6 and companies seek credits with stronger governance.

For Southeast Asia, the opportunity extends beyond carbon trading. The region contains significant mangrove and coastal ecosystems, yet project development remains constrained by financing, technical capacity and measurement challenges.

Singapore is positioning its carbon services ecosystem to help close those gaps, while competing for a larger role in the infrastructure underpinning the international carbon market.