The paper shares views that VCCs may be characterised as intangible property. According to the authors, this is supported by existing legal principles in Singapore and provides market participants with a “sound commercial basis” to transact and manage risk in a few areas.
Temasek’s GenZero has jointly authored a legal paper with local law firm Allen & Gledhill LLP examining the importance of clarifying the legal characterisation of voluntary carbon credits (VCCs). Titled “The Legal Character of Voluntary Carbon Credits: A Way Forward”, the paper offers a possible characterisation of VCCs as intangible property in Singapore.
The 39-page paper, released on March 26, also calls for action by governments to articulate a position.
