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This month, we take a closer look at two contrasting buyers, Singapore Airlines and Terpel, highlighting their distinct approaches to engaging in the carbon market. Combining AlliedOffsets data with wider research, we explore how their carbon market activity, credit preferences, and decarbonization strategies are evolving over time.
Singapore Airlines has retired 508,956 credits from 11 projects, at a weighted average price of $13.60 per credit and an estimated total value of $6.9 million. Its activity was minimal for several years and then rose sharply in 2026. September’s 269,561 credits, at an average estimated price of $12.25, were its largest monthly retirement to date and were recorded against the first phase of CORSIA.
Almost all of its portfolio is compliance-driven: 494,196 credits, around 97% of the total, have been retired for compliance. The mix is concentrated. Household devices, mainly cookstoves, make up around 80% of retirements, and superpollutant destruction from industrial processes accounts for a further 18%. Renewable energy and forestry make up the small remainder, and every credit retired is avoidance or reduction rather than removal.
The airline supports CORSIA to offset residual carbon emissions that cannot yet be eliminated through current technological or operational improvements, alongside cuts at source. More than 70% of the Group’s operating fleet comprise new-generation aircraft, a share expected to reach 90% by 2030. The group has also set a target of 5% SAF use for SIA and Scoot’s total fuel requirements by 2030, and in early 2025 it acquired 1,000 tons of CORSIA-eligible neat SAF from Neste. Airlines face a January 2028 deadline for phase one obligations, so Singapore Airlines’ 2026 ramp-up is one of the clearest early signs of CORSIA demand coming through.
Terpel is one of the most established compliance-linked buyers in the market. It has retired 11.8 million credits from 105 projects, at a weighted average price of $4.77 per credit and an estimated total value of $57 million. Around 10.7 million of those credits, roughly 90% of the total, were retired for compliance. In September it retired 200,542 credits under the Colombian Carbon Tax.
Its activity follows the structure of Colombia’s carbon tax. Under the non-causación mechanism, fuel buyers can avoid the tax by retiring credits instead. Since January 2018, only credits from national projects can be used for this, and the mechanism mainly draws in wholesale fossil fuel companies such as distributors, airlines and transport firms. This is why Terpel’s transaction history shows steady monthly retirements rather than one-off purchases. After a large initial retirement, volumes settled into a regular pattern, with the busiest recent months coming in 2025.
Terpel’s scale explains the volumes. In Colombia it held 43.7% of the service station market and 63% of aviation fuel in 2024, and operates across five countries. Its portfolio is weighted towards nature: forestry and land use make up around 73% of retirements, with renewable energy and waste disposal accounting for most of the remainder. Of its retirements classified by offset type, around 30% are removals.
Alongside its credit purchases, Terpel is investing in lower-carbon infrastructure. Through its subsidiaries it has installed solar panels supplying more than 60 service stations and several production plants, and now runs around 60 EV charging points across Colombia.
