CIX will draw on technologies such as satellite monitoring, artificial intelligence, and blockchain to distill key data on emission reduction and removal projects to verify the quality of the credits that they generate. Singapore as a Carbon Services and Trading Hub Singapore is a good place for CIX to realise its vision to be a global carbon exchange and marketplace. We have a sound infrastructure, good governance, and a premium on trust – critical ingredients for a marketplace. Singapore is located at the heart of Southeast Asia which is fertile ground to harness the potential of nature-based solutions. Southeast Asia holds more than one-third of the world’s mangroves. It has about 120 million hectares of land suitable for re-forestation. If we are able to harness the potential of nature-based solutions in Southeast Asia, we can move the needle on carbon sequestration efforts. Proximity to Southeast Asia will enable CIX and its ecosystem partners to work closely with project developers to procure a supply of high quality carbon credits. Singapore is well-positioned to be a carbon services and trading hub. We are strengthening the carbon credit value-chain. This includes growing capabilities to develop projects, conduct certification and validation of project design, and monitor and verify project outcomes. We are also a trusted international centre for financial services, professional services, and commodities trading. As a country, Singapore is committed to sustainable development and our aspirations are reflected in the Singapore Green Plan 2030.
Singapore is attracting companies to anchor their R&D activities here to develop new sustainability solutions, including technologies such as carbon capture, utilisation and storage. MAS’ Green Finance Action Plan has a focus on building strong capabilities in green finance. This includes initiatives to anchor in Singapore providers of sustainability rating and verification services, centres of excellence to undertake Asia-centric green finance research, and funding support for Green FinTech projects. I believe Singapore has what it takes to anchor a thriving carbon marketplace at the heart of a vibrant carbon services hub, supporting Asia’s transition towards greater sustainability. 4/5  BIS central bankers' speeches  Conclusion Let me thank all our industry partners for making CIX possible. Together, let us work towards a low carbon future. 5/5  BIS central bankers' speeches