Singapore approves Verra’s logged-to-protected forest methodology under its carbon credit framework

Singapore’s government has whitelisted Verified Carbon Standard methodology VM0010, “Methodology for Improved Forest Management: Conversion from Logged to Protected Forest,” as eligible under its ICC Framework, Verra announced this week. VM0010 credits forest projects that end commercial logging and protect the standing forest.

The addition brings the number of eligible VCS forest methodologies to three. It joins VM0048 for reducing emissions from deforestation and forest degradation (REDD) and VM0047 for afforestation, reforestation and revegetation (ARR), which were added earlier. Under the ICC Framework, companies liable for carbon tax can use eligible international credits to offset up to 5% of their taxable emissions.

Eligibility depends on each agreement. Singapore has signed 12 Implementation Agreements with host countries, and the eligible methodologies differ by agreement as agreed between Singapore and each host. When Singapore approved VM0048 and VM0047 last year, it added extra integrity safeguards on top of the methodology requirements. These included reassessing additionality at each issuance when the last assessment was more than five years old, requiring Verra’s Abacus label for ARR credits, and requiring REDD+ developers to verify actual emission reductions and account for leakage before transfer. Singapore estimates it will use high-quality credits to offset about 2.51 million tonnes of emissions a year this decade.

Signals to watch

• IFM joins the compliance toolkit: Approving a logged-to-protected methodology opens a channel for forest concessions in host countries such as Peru, Ghana and Papua New Guinea to supply compliance demand in Singapore. This creates a new monetisation route for timber concession holders willing to stop logging.
• Integrity overlays likely: If Singapore follows its earlier approach, VM0010 credits may come with extra safeguards on additionality, leakage and permanence. Developers should model project economics against those stricter conditions, not the standard VCS baseline alone.
• Eligibility depends on host agreements: Whitelisting at framework level does not automatically make VM0010 eligible in every country. Each agreement needs a mutual decision. Developers should check whether VM0010 appears on the specific Singapore–host list, such as Peru’s pre-approved list, which already includes VM0048.
• Nature-based supply grows: Together with Singapore’s government purchases of nature-based credits, this strengthens Singapore as a major compliance buyer for forest ITMOs. It gives sovereign forest programmes a credible Asian demand route alongside CORSIA.
• Scrutiny of legacy IFM: Logged-to-protected projects have historically faced criticism over baseline inflation, particularly assumptions about how much logging would have happened. Buyers and ratings providers will look closely at the methodology version and project baselines. Any newer VM0010 revisions with tighter baseline rules will matter.

Sources:

• Verra – IFM methodology now eligible under Singapore’s ICC Framework
• BritCham Singapore – Singapore to update eligibility list after first nature-based purchase
• ESG Post – Singapore adds new methodologies in nature-based deals
• MINAM Peru – Peru–Singapore pre-approved methodologies list