Singapore and Bhutan have substantively concluded negotiations on an Implementation Agreement for collaborating on carbon credits, a significant step towards advancing their climate ambitions.
Singapore and Bhutan have reached a substantive conclusion in their negotiations on an Implementation Agreement (IA) for collaboration on carbon credits. The agreement focuses on the generation and international transfer of carbon credits, aligning with Article 6 of the Paris Agreement. This milestone marks the fourth IA that Singapore has substantively concluded and holds the distinction of being the first IA between Singapore and a carbon-negative country.
The IA will establish the framework and processes for developing carbon credit projects and facilitating the transfer of carbon credits between the two nations. By working together, both countries aim to unlock additional mitigation outcomes that would be otherwise unattainable individually, thus contributing to the advancement of their respective climate ambitions.
Singapore, emphasizing its commitment to the integrity, quality, and transparency of carbon markets, will ensure robust and independent accounting to avoid double counting of mitigation outcomes, with corresponding adjustments as a necessity. The collaboration will prioritize sustainable development and co-benefits for local communities and the economy of Bhutan.
During the sidelines of the 28th Conference of the Parties (COP28), Deputy Secretary (Industry) of the Ministry of Trade and Industry, Keith Tan, held discussions with Dasho Karma Tshering, Secretary of the Ministry of Energy and Natural Resources in Bhutan. Both parties reaffirmed their commitment to advancing global climate action through this collaborative effort. Deputy Secretary Tan expressed optimism, stating, “We look forward to working with Bhutan to scale carbon markets of high environmental integrity. This collaboration takes us a step closer to meeting our respective climate targets and advancing global climate ambition.”
Source – MTI
