Singapore and Malaysia seek to strengthen collaboration to decarbonise the industries and enable businesses and workers to seize opportunities in the green economy.
The minister for Trade and Industry Gan Kim Yong and Malaysia’s Minister of International Trade and Industry, Yang Berhormat Senator Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz, signed two Frameworks on Cooperation (FoC) in Digital Economy and Green Economy.
Under the FoC on the green economy, both countries agreed to cooperate in the areas of:
- Environmental, social, and governance; Capacity development programme for exporters: To facilitate knowledge sharing and business networking for enterprises from both countries to learn about sustainable business practices and explore collaboration.
- Low-carbon solutions (such as hydrogen and carbon capture, utilisation, and storage): To exchange information (including on technical and regulatory issues) and explore joint studies and demonstration projects on low-carbon solutions in low-carbon solutions, particularly hydrogen and carbon capture, utilisation, and storage.
- Carbon credits industry collaboration: To exchange information on carbon markets and to explore collaboration between Singapore and Malaysia companies in voluntary carbon credits projects.
- Development of New and Renewable Energy-Related Technology Standards to Support Domestic and Regional Decarbonisation: To exchange information on the development of new and renewable energy-related technology standards which could support regional decarbonisation, including the possibility of developing common policies and standards for new and renewable energy technologies.
The Green Economy FoC is Malaysia’s first green economy agreement signed with any country.
The signing took place at the Istana, in the presence of Prime Minister Lee Hsien Loong and Malaysia’s Prime Minister Dato’ Seri Anwar Ibrahim.