Singapore inks MOU with Costa Rica on carbon credits collaboration
Mia Pei
SINGAPORE and Costa Rica inked a memorandum of understanding (MOU) on Monday (Dec 11) to collaborate on the carbon market.
The MOU entails both parties exchanging best practices and knowledge on carbon market mechanisms, and collaborating on mutually beneficial credit projects aligned with Article 6 of the Paris Agreement and related carbon market initiatives. This supports the two countries in achieving emission targets set out in their Nationally Determined Contributions.
Stanley Loh, Permanent Secretary, Ministry of Sustainability and the Environment, and Carlos Isaac Perez, Costa Rica’s Vice-Minister of Strategic Affairs, Ministry of Environment and Energy, signed the MOU on the sidelines of COP28.
“Under the MOU, Singapore and Costa Rica will work towards a legally binding implementation agreement that sets out a bilateral framework for the international transfer of correspondingly adjusted carbon credits,” stated the Ministry of Trade and Industry.
The implementation agreement will include the criteria and processes for transfer of carbon credits under Article 6 of the Paris Agreement, it added.
Loh said: “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.”
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Singapore has been establishing international collaborations on its path to meet its net-zero emissions target by 2050. It signed an implementation agreement with Papua New Guinea and concluded substantive negotiations on an implementation agreement with Bhutan, Ghana, Paraguay and Vietnam.
The Republic also signed similar MOUs with Cambodia, Chile, Colombia, Dominican Republic, Fiji, Indonesia, Kenya, Mongolia, Morocco, Peru, Rwanda, Senegal and Sri Lanka.
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