DevvStream Corp., a prominent firm specializing in the co-development and generation of carbon credit projects through technology-based solutions, has announced its official admittance into the Singapore Carbon Market Alliance (SCMA). The SCMA, led by Singapore’s Economic Development Board and IETA, is an exclusive platform for trading greenhouse gas reductions.

Expanding Opportunities Under Article 6

The SCMA focuses on high-integrity carbon credits that align with Article 6 of the Paris Agreement. This key framework allows countries with cooperative agreements with Singapore to trade carbon credits, supporting global climate action efforts. Currently, Singapore maintains such agreements or Memorandums of Understanding with over two dozen countries, including Indonesia, the Philippines, and Brazil.

DevvStream aims to gain Eligible Entity status through SCMA, allowing direct engagement with countries under Singapore’s implementation agreements. This status will unlock strong offtake channels for DevvStream’s Article 6 carbon credits and growing international renewable energy certificates.

Also read: SEER and DevvStream Join Forces to Monetize Carbon Credits

The Importance of Article 6 to DevvStream’s Growth

Article 6 of the Paris Agreement supports global climate efforts by creating mechanisms for emissions reductions through carbon credits. Though aimed at governments, companies like DevvStream play a crucial role in developing projects that generate Article 6 credits.

With SCMA membership, DevvStream aims to produce carbon credits from emission projects in partner countries, enabling direct sales to Singapore. DevvStream expects to boost sales as one of the few project developers within the SCMA.

Sunny Trinh, CEO of DevvStream, said, “When COP29 members authorized emissions trading under Article 6.4 last year in Baku, the vision was to create a global compliance carbon market that will create a level of demand that would dwarf the demand we currently see in the Voluntary Carbon Market.”

He added, “As such, any credit that has a realistic pathway to Article 6 compliance should be reasonably expected to trade at a substantial premium, and initial evidence suggests this is indeed the case. DevvStream is proud to have been invited to join the SCMA and looks forward to becoming an Eligible Entity in Singapore, creating a clear mechanism for achieving compliance with Article 6 and conducting sales directly with the Singaporean government.”

Joining the SCMA is a key milestone for DevvStream, advancing its leadership in carbon credits and renewable energy in ASEAN.

ONEOK, Inc. and MPLX LP have announced definitive agreements for two joint ventures, each building a significant piece of new infrastructure in Texas. One joint venture will develop a large-scale LPG export terminal. Another joint venture will construct a new pipeline that further improves the midstream infrastructure for both companies.

New LPG Export Terminal in Texas City

Texas City Logistics LLC (TCX) will build the export terminal with a 400,000 bpd capacity in Texas City, Texas. ONEOK and MPLX will have 50% of equity in this joint venture; the construction and operating of this facility will be by MPLX. ONEOK and MPLX expect to make equal investments amounting to $700 million to finance the total sum of $1.4 billion. Completion is expected before 2028.

The terminal will process low ethane propane (LEP) and normal butane (NC4), with each partner reserving 200,000 bpd. Leveraging Marathon’s existing infrastructure will provide cost and timing advantages during construction.

New Pipeline to Connect Mont Belvieu Storage to Terminal

ONEOK and MPLX will build a 24-inch pipeline, MBTC Pipeline LLC, linking Mont Belvieu storage to the new terminal. ONEOK will hold 80% of the joint venture, managing construction and operations, while MPLX will own the remaining 20%. The pipeline will cost a total of $350 million, with ONEOK investing approximately $280 million and MPLX contributing $70 million.

Strategic Expansion and Future Growth

ONEOK’s total capital investment for both projects is estimated at $1.0 billion. Pierce H. Norton II, president and CEO of ONEOK, emphasized the significance of the collaboration, stating, “We are excited to collaborate with MPLX on these strategically located projects which expand and extend our NGL value chain providing additional optionality and value to our customers.”

He added, “Given our high expectations for future growth and demand for more energy infrastructure, including export capacity, these projects with MPLX complement our disciplined capital allocation strategy.”      

Also read: TES Advances Green Energy Hub in Wilhelmshaven with New CO2 Export Terminal

ONEOK’s Commitment to Energy Infrastructure

Being the largest midstream operator, it offers gathering, processing, fractionation, transportation, and storage services through the 60,000-mile network of pipelines across the country. ONEOK’s pipeline system brings natural gas to meet domestic demands and supplies needed energy around the world by transferring refined products as well as crude oil. ONEOK is one of the largest energy infrastructure companies in North America, providing reliable, responsible energy solutions for a rapidly changing world.