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Singapore, Colombia partner for carbon credits framework development

This is in line with their commitment to Article 6 of the Paris Agreement.

Singapore and Colombia signed a memorandum of understanding (MoU) to collaborate on developing carbon credit projects, the first partnership of its kind the Lion City entered with a Latin American country.

The agreement was signed by Gan Kim Yong, Singapore's Minister for Trade and Industry, and Carlos Eduardo Correa Escaf, Colombia's minister for Environment and Sustainable Development.

In a statement, the Singapore Ministry of Trade and Industry said the MoU will “encourage, develop, and facilitate collaborative carbon credit projects of mutual interest.” They will work to develop a legally binding agreement for a bilateral framework to transfer adjusted carbon credit correspondingly. 

“These projects could advance progress in the generation and sharing of carbon offsets for use towards Singapore and Colombia’s climate ambition,” it said.

READ MORE: MAS to cut own carbon footprint in equities portfolio by 50% by 2030

Gan said the signing marks the commitment of the two countries to work together on a framework agreement on carbon credit projects in line with Article 6 of the Paris Agreement.

Article 6 of the Paris Agreement enables countries to voluntarily cooperate to reach emission targets under their Nationally Determined Contribution, the ministry said.

“We believe that international collaboration, such as this agreement between Singapore and Colombia, is critical to promoting global climate action to achieve the goals of the Paris Agreement,” Gan said.

A work group will be formed by the two ministries to oversee the implementation of the MoU, it said.

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