Singapore’s 12 million-tonne Article 6 tender draws 22 bids from traders and developers

According to tender documents, 22 bidders submitted offers in the second stage of Singapore’s Article 6 procurement. Bidders include large commodity traders, project developers and specialist climate firms.

The Ministry of Trade and Industry opened the second stage on 7 September 2026, seeking at least 12 million ITMOs to help meet Singapore’s 2030 and 2035 climate targets. Only pre-qualified bidders could take part. The first stage was a request for proposals launched in October 2025, Singapore’s first to seek credits from both technology-based and nature-based projects. It was open to countries that have signed Implementation Agreements with Singapore. The 12 million tonnes are a procurement target: projects must still be approved, monitored and verified, and Singapore notes that projects can take up to four years to generate credits.

The tender is much larger than Singapore’s first. Its 2025 nature-based tender drew offers from 17 suppliers at prices reported between US$19 and US$41 per tonne, including large bids from traders Trafigura and Mercuria. Singapore then awarded contracts for 2.175 million tonnes from four projects in Ghana, Peru and Paraguay, worth around S$76 million, with deliveries from 2026 to 2030.

Signals to watch

• Sovereign demand at scale: At 12 million tonnes or more, this is one of the largest government ITMO procurements so far. The number and range of bidders show that suppliers see Singapore as a reliable, long-term buyer. That should help developers in partner countries raise finance.
• Technology versus nature-based mix: Opening the tender to technology-based projects broadens the supply pool beyond REDD+ and ARR. Watch the final award split, which will show whether Singapore prioritises renewables, methane, cookstoves or industrial projects alongside nature-based credits.
• Price discovery: Bid prices and final awards will set an important benchmark for authorised, correspondingly adjusted ITMOs. Comparing results with the US$19–41 range from the first tender will show whether prices for Article 6 credits are firming as demand grows.
• Traders as aggregators: Large commodity traders are prominent because they can combine multiple projects and take on delivery risk. Smaller developers may find it easier to reach Singapore through these intermediaries than by bidding directly.
• Host-country delivery risk: Award volumes depend on partner countries issuing authorisations and applying corresponding adjustments on time. Hosts with working systems are best placed to benefit, which reinforces the advantage of countries that are ready to trade.

Sources:

• Carbon Pulse – Singapore seeks at least 12 mln Article 6 credits in second-stage tender
• CarbonCredits.com – Singapore targets 12 million carbon credits in major Article 6 tender
• MTI Singapore – Second request for proposals for high quality carbon credits
• S&P Global – Singapore Article 6 carbon credit tender attracts US$19–41 offers
• OPIS – Singapore’s first Article 6 tender draws US$223 million top bid