Singapore Backs Four Nature-Based Carbon Removal Projects, Including Boomitra's Grassland Restoration in Paraguay
The Singapore government has announced its support for four nature-based carbon removal projects, including Boomitra's grassland restoration initiative in Paraguay. This move is part of a broader strategy to meet the country's 2030 climate goals under the Paris Agreement. In total, the investment will contribute to 2.175 million tonnes of high-quality carbon credits, valued at nearly $60 million. The projects also include initiatives in Peru and Ghana, with Boomitra expected to generate 625,000 carbon credits through regenerative grazing practices.
Theia Market Signal Identification - AI AssistedIn a significant stride towards achieving its climate commitments, the Singapore government has pledged backing for four nature-based carbon removal projects, notably including Boomitra's grassland restoration initiative in Paraguay. This commitment is a direct outcome of a request for proposals initiated in September 2024, aimed at facilitating Singapore’s 2030 targets under the Paris Agreement.
The selected projects, which also encompass the Kowen Antami REDD and Together for Forests REDD initiatives in Peru, as well as the Kwahu landscape restoration project in Ghana, represent a concerted effort to enhance global carbon reduction efforts. Through these initiatives, Singapore's National Climate Change Secretariat and Ministry of Trade and Industry plan to secure a total of 2.175 million tonnes of high-quality nature-based carbon credits, with an investment nearing $60 million.
Particularly noteworthy is Boomitra's initiative, which aims to deliver 625,000 carbon credits by employing regenerative grazing practices across over 76,000 acres in Paraguay and Argentina. Since its inception in 2021, this project has successfully removed over 100,000 tonnes of atmospheric CO2, with aspirations to escalate its annual removal capacity to over half a million tonnes in the coming years.
Boomitra's founder and CEO, Aadith Moorthy, expressed pride in the collaboration with Singapore, emphasizing that this partnership not only advances the nation’s climate objectives but also illustrates the potential of high-integrity soil carbon projects to comply with regulatory standards while simultaneously benefiting local farmers and ecosystems. As Boomitra prepares to expand its initiative to over a million acres in the next five years, the focus remains on fostering sustainable practices that contribute meaningfully to global carbon reduction efforts.
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