Pacific Island Nations Can Unlock Significant Carbon Reduction Project Opportunities

Addressing the Carbon Market Institute’s inaugural Carbon Market & Investor Forum in Singapore, the Institute’s Manager of International Research and Projects, Mei Zi Tan, told the forum that island nations in the Pacific have significant opportunities to implement carbon abatement projects.

Fiji is currently in the early stage of discussions with both Singapore and Japan on possible bilateral agreements that would align with Article 6 of the Paris Agreement, she said.

Vanuatu has already signed such an agreement with Switzerland that involves the implementation of solar power projects in remote villages within Vanuatu, she added.

Tan also noted that it’s important that developing countries take the time to ensure their carbon market and Article 6 engagement align well with their NDC targets and national development priorities, especially for small island states in the Pacific. Mutual capacity building is also an important part of the collaboration process, she said.

Singapore Expands Carbon Links

Singapore meanwhile has so far signed at least 10 bilateral agreements with other countries that could encompass trading and other forms of international cooperation, Benedict Chia, Director General of the National Climate Change Secretariat within Singapore’s Prime Minister’s Office, told the forum.

There are “more in the pipeline as well”, Chia told the forum, saying Singapore’s approach is “premised around maximising the mutual benefits” that can emerge from cooperative approaches in three ways – reducing emissions, boosting economic opportunities, and ensuring benefits flow to communities in alignment with the international Sustainable Development Goals. 

When buying abatement from other countries, Singapore intends to diversify its supply, with the aim of building “a very broad, diversified portfolio”, he said. Chia also told the forum that participating in carbon markets provided an avenue to unlock “greater ambition” in efforts to reduce emissions.

The more countries that are willing to collaborate via carbon markets, the more pathways there will be to unlock emissions reductions, he said.