DBS China has entered into a memorandum of understanding with China-Singapore Suzhou Industrial Park Green Development Company (CSSGD) and Climate Impact X (CIX) to advance carbon credit trading in China and beyond. The agreement, signed at Suzhou Industrial Park, aims to assess the demand for carbon credits and Renewable Energy Certificates (RECs) within the park, with potential expansion across China.
The collaboration will see CSSGD leading local engagement and market research, whilst CIX provides technical expertise. DBS will offer strategic guidance and sustainable financial solutions as a green finance adviser. This initiative is expected to pave the way for a pilot programme tailored to the needs of companies in Suzhou Industrial Park, potentially scaling to a broader market.
Han Kwee Juan, Group Head of Institutional Banking Group at DBS, highlighted the partnership’s potential: “Together, we are well-positioned to develop scalable carbon solutions that connect domestic sustainability goals with global carbon standards.” Oi-Yee Choo, CEO of CIX, noted the significant demand in China for carbon asset services, emphasising the need for deeper collaboration.
Xiao Jianzhong, Vice President of CSSD and Chairman of CSSGD, expressed the aim to enhance CSSGD’s green service capabilities through this collaboration. The partnership aligns with the 35th anniversary of China-Singapore diplomatic relations and reflects a shared commitment to sustainable development.
This initiative marks a significant step in strengthening Singapore-China collaboration on green finance, supporting China’s low-carbon transition and aligning with international carbon market mechanisms.
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