Singapore is ramping up efforts to cement its status as a leading global hub for carbon services with a multi-pronged strategy that includes increased funding, targeted talent development initiatives, and new partnerships across the region.

As demand for credible carbon credits and sustainable finance grows globally, Singapore is stepping in to bridge critical gaps in talent, transparency, and capacity. The city-state’s government agencies, research institutions, and private sector players are aligning to shape a robust ecosystem that can support the emerging carbon economy.

Strategic Investments Driving Carbon Market Growth

A key move in this direction is the substantial capital being directed into the carbon services space. GenZero, a decarbonisation-focused investment platform wholly owned by Temasek, recently led a US$32 million funding round for BeZero Carbon, a UK-based carbon credit rating agency. This investment aims to improve transparency and reliability in the voluntary carbon market, an area often criticized for inconsistent standards.

“Quality and trust in carbon markets are essential for them to scale effectively,” said Frederick Teo, CEO of GenZero, in a press release. “Our investment in BeZero Carbon aligns with our mission to accelerate credible climate solutions.”
Source: Financial Times

In parallel, the National University of Singapore (NUS) has launched a S$1 million scenario-modelling facility aimed at supporting nature-based carbon projects in Southeast Asia. This initiative allows stakeholders from governments to project developers—to model different environmental and economic outcomes, facilitating better planning and collaboration across borders.

The platform is expected to support the region’s transition to net-zero by enabling more informed and strategic decision-making,” said Professor Koh Lian Pin, Director of the NUS Centre for Nature-based Climate Solutions.

Training the Next Generation of Carbon Professionals

Singapore’s growth as a carbon hub also hinges on building a skilled workforce capable of navigating the complexities of carbon markets, emissions accounting, and sustainable finance.

To this end, Enterprise Singapore and the Economic Development Board (EDB) have collaborated with Nanyang Technological University (NTU) to establish the Carbon Markets Academy of Singapore (CMAS). The academy will offer specialist courses, including an Executive Certificate in Carbon Markets, to equip professionals with the technical and regulatory knowledge needed in this fast-evolving sector. The first intake is expected in January 2025.

The CMAS will play a pivotal role in developing a pipeline of professionals who can contribute to the growth of the carbon services ecosystem,” said Jacqueline Poh, Managing Director of EDB.

For mid-career professionals looking to pivot into sustainability roles, the Career Conversion Programme for Sustainability Professionals (CCP-S) is offering structured training and on-the-job learning opportunities. Administered by the Singapore Business Federation, the program aims to help employers reskill existing staff or onboard new hires for green roles such as carbon management, sustainability reporting, and project implementation.

More information on CCP-S is available at the Singapore Business Federation website.

Boosting Sustainable Finance Expertise

The Monetary Authority of Singapore (MAS) is also playing an active role in developing expertise in sustainable finance, which underpins many carbon-related initiatives.

In April 2024, MAS announced a S$35 million commitment to support the Sustainable Finance Jobs Transformation Map (SFTJM). This includes funding for new undergraduate programs, over 65 executive courses, and the development of an executive master’s in sustainable finance. In addition, the Institute of Banking and Finance (IBF) launched an IBF Skills Badge in sustainable finance to recognize individuals who complete relevant training.

“Developing a strong sustainable finance workforce is critical to Singapore’s ambitions to become a global green finance centre,” said Ravi Menon, Managing Director of MAS.
Details can be found at MAS’s official announcement.

Singapore’s Long-Term Vision: A Global Carbon Hub

These efforts come amid Singapore’s broader push to become a global carbon services hub. The country has made bold moves such as integrating international carbon credits into its national carbon tax framework, and launching the Singapore Carbon Market Alliance, a private-sector platform that supports high-quality carbon credit trading.

Singapore is also home to a growing number of carbon service firms, including project developers, ratings agencies, verifiers, and consultants. As of 2024, more than 100 such firms operate in the city-state, according to government figures.

With global interest in decarbonisation surging, Singapore’s proactive stance combining capital, talent, and policy support puts it in a strong position to shape the future of carbon markets in Asia and beyond.

Conclusion

Singapore’s push to strengthen its carbon services sector is not just about market leadership it’s about laying the groundwork for a low-carbon economy that is inclusive, data-driven, and globally connected. Through strategic funding and a sharp focus on talent, Singapore is signalling its intent to lead the next phase of climate finance and carbon market development.