DBS China has signed a memorandum of understanding 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 understanding establishes a framework to explore and assess the demand for carbon credit or renewable energy certificate trading, as well as related services, in Suzhou Industrial Park ( SIP ), the first government-to-government project between Singapore and China.

The partnership was formalized 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.

CSSGD, which serves as the main vehicle for green development under CSSD, will lead local engagement and market research among enterprises.

CIX, which was co-founded by DBS Group, the Singapore Exchange, Temasek and other Singapore institutions and is a global environmental markets exchange, will contribute technical insights.

DBS, which is actively building a sustainable development ecosystem through green finance, will act as a green finance adviser to both parties, providing strategic guidance and sustainable financial solutions.

This agreement 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, the three organizations say, has the potential to be scaled more broadly across China and beyond.

“This partnership combines DBS’ Asian network and deep institutional banking expertise with CIX’s technical leadership in carbon markets and SIP’s strong sustainable ecosystem,” says Han Kwee Juan, DBS’s group head of institutional banking. “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, CIX’s CEO, adds: “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.”

Xiao Jianzhong, CSSD’s vice-president and CSSGD’s chairman, notes: “SIP 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.”