Calgary-based DevvStream Corp. has been accepted into the Singapore Carbon Market Alliance (SCMA), an exclusive initiative by the Singapore Economic Development Board (EDB) and nonprofit business group IETA, according to a company statement on Monday.
The SCMA connects top carbon credit suppliers with Singapore-based corporations and facilitates sales of Article 6-compliant credits to countries with which Singapore has implementation agreements.
These agreements currently extend to over two dozen nations, including Indonesia, the Philippines, and Brazil.
By joining SCMA, which is an invitation-only initiative, DevvStream moves closer to becoming an Eligible Entity, a status required to trade credits with Singapore’s partner nations.
Once obtained, this designation will allow DevvStream to leverage SCMA as a key sales channel for Article 6-aligned carbon credits and international renewable energy certificates (I-RECs).
Article 6 of the Paris Agreement provides a framework for global carbon credit trading, enabling countries to collaborate in reducing emissions.
While traditionally a government-led initiative, private firms like DevvStream play a critical role in developing and managing projects that produce Article 6-eligible credits.
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Through its SCMA membership, DevvStream plans to generate credits from emission reduction projects in participating nations and sell them directly to the government of Singapore.
“When COP29 members authorized emissions trading under Article 6.4 last year in Baku, the vision was to create a global compliance carbon market that will create a level of demand that would dwarf the demand we currently see in the Voluntary Carbon Market,” said DevvStream’s CEO, Sunny Trinh.
Scott Harrington, Senior Partner at DevvStream and Managing Director for the Asia–Pacific region (APAC), added, “Not only does the SCMA provide validation of DevvStream’s credibility, but it also offers direct and straightforward channels to sales of Article 6-aligned carbon credits.”
Founded in 2021, DevvStream leverages technology to develop carbon projects and drive sustainability while aligning with profitability.
In November 2024, DevvStream Holdings Inc. completed its business combination with Focus Impact Acquisition Corp. (FIAC) and began trading on Nasdaq as DevvStream Corp., thereby becoming the first carbon credit generation company to be publicly listed on a major U.S. stock exchange.
