Temasek-backed Climate Impact X (CIX) has launched a centralised procurement service for corporates to buy international carbon credits (ICCs) eligible for offsetting their taxable emissions in Singapore, The Business Times reports. The initiative, announced on Tuesday, 10 November 2026 and supported by the Economic Development Board (EDB), gives carbon tax-liable companies a pooled route into a market where, for now, there is no eligible supply to buy.
What the SG ICC Gateway does
The service, named CIX SG ICC Gateway, establishes a centralised procurement venue that gives companies an additional channel to source eligible ICCs as supply becomes available, The Asset reports. The goal is to reduce the need for companies to build their own sourcing, contracting and settlement capabilities.
Companies’ needs vary by the volume of ICCs required, procurement timelines, internal governance and preferred contracting structures. CIX said it will meet these through tailored routes to market, from pooled spot procurement to other approaches shaped by buyer needs and supply availability.
“By bringing demand together, CIX will provide a new channel for buyers to benefit from more coordinated procurement, improve access to competitive pricing and lower administrative burdens,” the firm said.
A 5 per cent offset with no credits to buy
Carbon tax-liable companies in Singapore are allowed to offset 5 per cent of their annual emissions, but only with credits that meet the city-state’s ICC framework. So far they have been unable to use ICCs to offset their taxable emissions because of a lack of eligible supply, The Business Times reports.
While Singapore has awarded contracts to four carbon credit projects under its first request for proposals to offset the country’s emissions, none has yet generated credits authorised for transfer to the city-state. The gateway therefore opens ahead of the market it is built to serve.
The tax curve the gateway plugs into
Singapore’s carbon tax currently stands at S$45 per tonne of carbon dioxide equivalent, and is set to rise to between S$50 and S$80 by 2030. The government indicated in this year’s Budget that the final rate could be closer to the lower end of the range if global climate momentum continues to weaken, The Business Times reports.
CIX frames the service around a hierarchy of action: reduce emissions to the extent possible, use eligible ICCs to address a permitted portion of residual emissions, then pay the applicable carbon tax on the remaining obligations, according to The Asset. By easing the second step, the exchange aims to help companies manage compliance costs while channelling finance to high-integrity climate projects.
Registries, Article 6 and CORSIA plumbing
The venue builds on CIX’s existing infrastructure, which already connects to all ICC-approved carbon credit registries, including Gold Standard and Verra, the two most recognised registries in the world. CIX has also facilitated live transactions under Article 6 of the Paris Agreement, which governs ICC transfers, and under the aviation sector’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The exchange said the venue will support transparent price discovery for eligible ICCs.
What the exchange and the EDB say
“Carbon procurement is challenging for many companies,” said Choo Oi-Yee, chief executive officer of CIX. Buyers must navigate eligibility rules, fragmented supply, project due diligence, contracting and settlement, often without the specialist capabilities or market visibility to do so efficiently, she said. Pooling demand also gives suppliers a clearer signal of what the market needs, “turning Singapore’s compliance framework into a catalyst for climate finance beyond our shores.”
Lim Wey-Len, EDB’s executive vice-president, welcomed the gateway as “an industry-led initiative that seeks to improve market access to carbon credits and provide clearer demand signals to carbon project developers,” The Asset reports.
What buyers and developers should watch
First, eligible supply. The four projects holding contracts under Singapore’s first request for proposals have yet to deliver authorised credits, and the timing of their first issuances will determine when the gateway has anything to procure.
Second, pricing. CIX argues pooled procurement improves access to competitive prices; once ICCs authorised for transfer reach the market, the first pooled spot transactions will test that claim against a carbon tax benchmark of S$45 per tonne.
Third, the 2030 tax path. Whether the rate lands at S$50 or closer to S$80 per tonne will shape how valuable the 5 per cent offset channel becomes for liable companies, and how much demand the gateway can aggregate.
