The Ministry of Trade and Industry (MTI) and Colombia’s Ministry of Environment and Sustainable Development have signed a memorandum of understanding (MOU) in a bid to collaborate in carbon credits between Singapore and Colombia on Aug 2.
The MOU was signed by Minister for Trade and Industry Gan Kim Yong and Colombia’s Minister of Environment and Sustainable Development Carlos Eduardo Correa Escaf virtually. The is the first MOU in terms of carbon credits collaboration signed between Singapore and a Latin American country.
According to the MTI, the MOU will encourage, develop and facilitate collaborative carbon credits projects of mutual interest. These projects could advance progress in the generation and sharing of carbon offsets for use towards Singapore and Colombia’s climate ambition.
“The signing of this MOU underscores the shared commitment of Singapore and Colombia to work together on a framework agreement on carbon credit projects aligned to Article 6 of the Paris Agreement,” says Gan.
“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,” he adds.
The MTI and Colombia’s Ministry of Environment and Sustainable Development will establish a work group to oversee the implementation of this MOU.
