DBS China has signed a memorandum of understanding (MOU) with China-Singapore Suzhou Industrial Park Green Development Company (CSSGD) – a subsidiary of China-Singapore Suzhou Industrial Park Development Group (CSSD) – and Climate Impact X (CIX), to advance carbon credit trading in China and beyond.
The signing ceremony took place in Suzhou Industrial Park (SIP), the first government-to-government project between Singapore and China. Launched in 1994, SIP houses a diverse range of companies from around the world, including Chinese enterprises as well as those from Singapore, the US and Europe.
The MOU establishes a framework to explore and assess the demand for carbon credit or renewable energy certificate (REC) trading, as well as related services, in SIP. CSSGD will lead local engagement and market research among enterprises, while CIX will contribute technical insights. DBS will act as a green finance advisor to both parties, providing strategic guidance and sustainable financial solutions.
This demand assessment will pave the way for the parties to co-develop a pilot programme tailored to the needs of SIP companies seeking access to global carbon credit markets. The programme has the potential to be scaled more broadly across China and beyond.
Han Kwee Juan, group head of institutional banking group, DBS, said, “This partnership combines DBS’ Asian network and deep institutional banking expertise with CIX’s technical leadership in carbon markets and Suzhou Industrial Park’s strong sustainable ecosystem. Together, we are well-positioned to develop scalable carbon solutions that connect domestic sustainability goals with global carbon standards, supporting our clients’ sustainability transformation.”
Oi-Yee Choo, CEO of CIX, said, “There is significant demand in the Chinese market for carbon asset and carbon credit-related services. From policy guidance to corporate action, there is an urgent need for deeper collaboration across all levels. We look forward to working collectively to help bridge domestic and international efforts, fostering mutual recognition of standards and broadening the scope of our cooperation in the future.”
Xiao Jianzhong, vice president of CSSD and chairman of CSSGD, said: “Suzhou Industrial Park has a highly developed outward-oriented economy, offering broad market demand for international carbon asset trading, carbon credit development, Renewable Energy Certificates and related services. Through this collaboration, we aim to further enhance CSSGD’s green service system and capabilities, adding new value to China-Singapore cooperation in green development.”
CIX, co-founded by DBS Group, Singapore Exchange, Temasek and other Singapore institutions, is a global environmental markets exchange. DBS is actively building a sustainable development ecosystem through green finance, while CSSGD serves as the main vehicle for green development under CSSD. The partnership was formalised in conjunction with the 35th anniversary of China-Singapore diplomatic relations and reflects both markets’ shared commitment to sustainable, high-quality development. It also aligns with broader national goals to accelerate green finance, carbon trading and international collaboration in environmental governance.
Redisseminated by The Asian Banker
