Singapore President Tharman Shanmugaratnam (left) meeting Philippine President Ferdinand Marcos Jr in Manila on Aug 15. - Photo: Reuters
SINGAPORE: Singapore and the Philippines signed a Memorandum of Understanding (MoU) on carbon credits collaboration on Thursday (Aug 15), aligned with Article 6 of the Paris Agreement, to support both countries in achieving their climate targets, while promoting sustainable development.
Singapore’s Ministry of Trade and Industry (MTI) said in a statement that, under the MoU, both countries will work towards a legally-binding Implementation Agreement on carbon credits aligned with Article 6.2 of the Paris Agreement.
"The MoU also enables the exchange of best practices and knowledge for the development of high-integrity carbon markets, and the identification of mutually beneficial Article 6-compliant carbon credit projects,” MTI said.
The agreement was signed by Singapore’s Minister for Sustainability and Environment, Grace Fu, and Philippines’ Secretary of the Department of Environment and Natural Resources, Maria Antonia Yulo-Loyzaga, in conjunction with President Tharman Shanmugaratnam’s state visit to the Philippines.
The signing was witnessed by Shanmugaratnam and Philippine President Ferdinand Marcos Jr.
Fu, who is also the Minister-in-Charge of Trade Relations, said the MoU signals both countries’ commitment to advancing high-integrity carbon markets as enablers for global climate action.
"As fellow Asean member states, Singapore and the Philippines enjoy close ties across several areas including trade, investment, and environment.
"This year marks our 55th anniversary of diplomatic relations, and we are delighted to deepen our bilateral collaboration in a new area like climate change,” she said.
Singapore has signed similar MoUs with Cambodia, Chile, Dominican Republic, Fiji, Indonesia, Kenya, Laos, Mongolia, Morocco, Peru, Rwanda, Senegal, and Sri Lanka.
The island republic also signed an Implementation Agreement with Papua New Guinea and Ghana.
Article 6 of the Paris Agreement outlines how countries can pursue voluntary cooperation to reach their climate targets. Under this Article, countries are able to transfer carbon credits earned from the reduction of greenhouse gas emissions to help one or more countries in meeting their climate targets. - Bernama
