MANILA (Reuters): The Philippines and Singapore on Thursday signed a carbon-trading deal that allows them to share emissions reductions, an agreement which Manila said is expected to lead to more investment into climate projects in the Philippines.
Singapore's Environment Minister, Grace Fu, said in a statement the deal would deepen collaboration between the two countries, "channeling climate finance towards impactful projects in the Philippines and unlocking new opportunities in carbon markets for businesses and local communities."
* The deal, signed during ASEAN's Climate Week, establishes a framework under the Paris Agreement for transferring verified emission reductions, or carbon credits, between Manila and Singapore.
* A joint committee will oversee the approval and implementation of projects, and tracking of emission reductions.
* Philippine Environment Secretary Juan Miguel Cuna said the deal would help Manila to attract investments in renewable energy, waste management, methane reduction, nature-based solutions, and climate-smart agriculture.
* He added that revenues from the projects could support reforestation, forest protection, renewable energy deployment, and community-based climate resilience projects in the Philippines.
* The Philippines is the third Southeast Asian country to sign such a deal with Singapore after Thailand and Vietnam. - (Reporting by Nestor Corrales) -- Reuters
