Singapore signs a memorandum of understanding with Colombia to collaborate on carbon credits

The Ministry of Commerce and Industry and the Ministry of Environment and Sustainable Development of Colombia today signed a Memorandum of Understanding (MOU) to collaborate on carbon credits between Singapore and Colombia.This is the first carbon credit collaboration MOU signed between Singapore and a Latin American country.

The MOU was signed by the Minister of Commerce and Industry, Gan Kim Yong, and the Minister of Environment and Sustainable Development of Colombia, Carlos Eduardo Correa Escaf.

The MOU will foster, develop and facilitate collaboration on carbon credit projects of mutual interest.

This is the first carbon credit collaboration MOU signed between Singapore and a Latin American country

These projects could advance the generation and trading of carbon offsets for use in the climate ambition of Singapore and Colombia.

Minister Gan said: “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 with Article 6 of the Paris Agreement.

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We believe that international collaboration, such as this agreement between Singapore and Colombia, is essential to promote global climate action to achieve the goals of the Paris Agreement.”

The Ministry of Trade and Industry and the Ministry of Environment and Sustainable Development of Colombia will establish a working group to oversee the implementation of this MOU.