Singapore and Cambodia sign Memorandum of Understanding to collaborate on carbon credits

He trade and industry minister Singaporean Gan Kim Yong and Cambodian Environment Minister Say Samal signed a Memorandum of Understanding (MOU) on April 26 to collaborate on carbon credits.

The MOU notes the intention of Singapore and Cambodia to collaborate on carbon credits in line with Article 6 of the Paris Agreement, which allows countries to cooperate to achieve the emissions targets set out in their Nationally Determined Contribution (NDC), while promoting sustainable development and environmental integrity.

Under the Memorandum of Understanding, Singapore and Cambodia have agreed to work towards signing a legally binding bilateral agreement establishing a framework for the international transfer of the corresponding adjusted carbon credits by the end of 2023. Both countries will also mutually identify carbon credit projects beneficial that comply with Article 6 and help both countries achieve their NDCs.

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Minister Gan said: “Minister Samal and I have had a fruitful discussion on how Singapore and Cambodia can work together on carbon credits to drive global climate action to achieve our sustainable development goals and deliver benefits. jointly to local communities and the economy”.

Singapore and Cambodia have agreed to work towards signing a legally binding bilateral agreement

“Over the years, there have been significant developments in carbon markets, such as the completion of the Article 6 rulebook and initiatives such as the Climate Action Data (CAD) Trust. All this gives us confidence that environmental integrity and transparency will be maintained as we develop carbon markets through international cooperation to achieve the goals of the Paris Agreement,” the minister concluded.