On 16th Nov 2022 Singapore signed up for Article 6 implementation and foster international partnerships for carbon markets that reflects the country’s commitment to advance positive global action for climate change
Launched by the Ministry of the Environment, Japan (MOEJ) at the COP27 Japan Pavilion, the Partnership builds on the Paris Agreement Article 6 rule book and aims to advance the implementation of high integrity carbon markets through the coordination of international capacity building efforts around the world. This new initiative will also serve as an information platform for Article 6 implementation and provide the support required to pilot Article 6 initiatives
Singapore will continue to facilitate the understanding of Article 6 rules and linkages with Nationally Determined Contributions (NDCs). As a carbon services and trading hub, Singapore can contribute to the development of baseline methodologies for carbon markets and the promotion of the use of transparency tools and national frameworks for carbon markets.
Minister for Sustainability and the Environment, Grace Fu, gave a keynote speech at the launch event and said “I am pleased that we are coming together to operationalise Article 6 at COP27 through complementary initiatives such as this Article 6 Implementation Partnership initiated by Japan. This will support the establishment of high integrity carbon markets and provide new pathways to achieve the goals of the Paris Agreement. The progress on carbon markets, along with increasing support for investments in low-carbon technologies worldwide, had among others given Singapore the confidence to raise our national climate ambition and announce our commitment to achieve net-zero by 2050.”
Article 6 of the Paris Agreement governs the market and non-market cooperative mechanisms to facilitate the transfer of carbon credits between countries. The Article 6 rule book was finalised at COP26, following negotiations co-facilitated by Singapore and Norway. Article 6 will be a stepping stone that helps countries meet their Nationally Determined Contribution (NDCs) through the transfer of emissions reduction, while ensuring high standards of environmental integrity.
Singapore’s First Paviliion at COP Event
One of the highlights of COP27 has been the first-ever Singapore Pavilion. According to Minister Ms Grace Fu: “The Pavilion hosted a number of important events. We had panel discussions on a range of issues from the power of women in developing environmentally sustainable solutions to the challenges and opportunities of forest carbon projects. We organised a food resilience event with the Egypt #COP27 Presidency, and launched the International Blue Carbon Institute. We also had the opportunity to engage youths, NGOs and corporates from all over the world.” At the closing ceremony of the Pavilion Minister Grace Fu announced that the Singapore Pavilion will be back next year at COP28 in Dubai.
Sources for above post also included: MINISTRY OF TRADE AND INDUSTRY 16 NOVEMBER 2022