Singapore inks first carbon credit agreement with Papua New Guinea

Papua New Guinea’s Minister for Environment, Conservation and Climate Change Simo Kilepa and Minister for Sustainability and the Environment Grace Fu sign the agreement for carbon credits. - Photo: COP28 PAVILION

DUBAI (The Straits Times/ANN): Singapore has inked its first agreement with Papua New Guinea on Dec 8 that will allow companies in the Republic to purchase carbon credits from projects there to offset part of their carbon tax liability.

Minister for Sustainability and the Environment Grace Fu, who signed the agreement with her counterpart Simo Kilepa, Papua New Guinea’s Minister for Environment, Conservation and Climate Change, said the agreement was significant as both countries are from the Alliance of Small Island States, or Aosis.