Minister for Trade and Industry Gan Kim Yong and Cambodia’s Minister of Environment Say Samal signed a Memorandum of Understanding (MOU) in Singapore to collaborate on carbon credits.
The MOU signals Singapore’s and Cambodia’s intent to collaborate on carbon credits aligned with Article 6 of the Paris Agreement, which allows countries to cooperate to achieve emissions targets set out in their Nationally Determined Contribution (NDC) while promoting sustainable development and environmental integrity.
Under the MOU, Singapore and Cambodia have agreed to work towards signing a legally binding bilateral agreement that sets out a framework for the international transfer of correspondingly adjusted carbon credits by end-2023. Both countries will also identify mutually beneficial Article 6-compliant carbon credit projects that will support both countries in achieving their NDCs.
Minister Gan said, “Minister Samal and I had a fruitful discussion today on how Singapore and Cambodia can work together on carbon credits to advance global climate action to achieve our sustainable development goals and bring about co-benefits to local communities and the economy. Over the years, there have been significant developments in carbon markets, including the finalisation of the Article 6 rule book and initiatives such as the Climate Action Data (CAD) Trust. These give us the confidence that environmental integrity and transparency will be upheld as we develop carbon markets through international cooperation to achieve Paris Agreement goals.”