Singapore and Costa Rica Sign Memorandum of Understanding to Collaborate on Carbon Credits

Singapore and Costa Rica strengthen ties by signing an MOU to advance climate action through collaborative efforts on carbon credits aligned with the Paris Agreement.

Singapore and Costa Rica solidified their commitment to global climate action by signing a Memorandum of Understanding (MOU) today. The MOU, aligned with Article 6 of the Paris Agreement, was signed by Stanley Loh, Permanent Secretary of the Ministry for Sustainability and the Environment in Singapore, and Carlos Isaac Pérez, Vice Minister of Strategic Affairs of the Ministry of Environment and Energy in Costa Rica. The signing took place on the sidelines of the 2023 United Nations Climate Change Conference (COP28).

Under the terms of the MOU, the two nations will collaborate on carbon credits, specifically focusing on initiatives aligned with Article 6.2 of the Paris Agreement and other related carbon market initiatives. This collaboration entails the exchange of best practices and knowledge regarding carbon market mechanisms. Additionally, both countries will work together to identify mutually beneficial Article 6-compliant carbon credit projects. These projects aim to support Singapore and Costa Rica in achieving their Nationally Determined Contributions (NDCs) — the specific targets each country sets to combat climate change.

Under the terms of the MOU, the two nations will collaborate on carbon credits, specifically focusing on initiatives aligned with Article 6.2 of the Paris Agreement and other related carbon market initiatives. This collaboration entails the exchange of best practices and knowledge regarding carbon market mechanisms. Additionally, both countries will work together to identify mutually beneficial Article 6-compliant carbon credit projects. These projects aim to support Singapore and Costa Rica in achieving their Nationally Determined Contributions (NDCs) — the specific targets each country sets to combat climate change.

Permanent Secretary Stanley Loh emphasized the joint commitment, stating, “Singapore and Costa Rica are committed to collaborating on carbon markets, aligned with Article 6 of the Paris Agreement, with the aim of advancing global climate action. Our collaboration also serves to help both countries in meeting our respective climate targets.”

Source – MTI