Singapore and Chile to Work Together on Carbon Markets

Singapore and Chile have signed a Memorandum of Understanding (MoU) to collaborate on carbon markets and carbon pricing.

The MoU was signed by Singapore’s Permanent Secretary (Development) of the Ministry of Trade and Industry, Dr Beh Swan Gin, and Secretary General of Foreign Policy of Chile’s Ministry of Foreign Affairs Ambassador Alex Wetzig during the latter’s visit to Singapore.

Under the agreement, both countries will collaborate on carbon credits aligned to Article 6.2 of the Paris Agreement and related carbon market initiatives. This includes the identification of mutually beneficial projects and the exchange of best practices on carbon services and trading ecosystem development.

Singapore and Chile said they will also explore potential collaboration opportunities in carbon markets with third countries.

“Singapore and Chile share warm and longstanding bilateral ties and are committed to working together to advance climate action and ambitions. We hope that through this agreement, both our countries will see an increase in climate investments, create jobs in the green economy, and enable technology collaboration,” Dr Beh said.

Singapore aims to achieve net zero emissions by 2050 and is committed to advancing global climate action through international collaboration with like-minded partners.

The Southeast Asian city-state has signed similar MoU/Letter of Intent agreements with Bhutan, Cambodia, Colombia, Dominican Republic, Ghana, Kenya, Mongolia, Morocco, Papua New Guinea, Peru, and Vietnam.