Singapore and Costa Rica Ink Carbon Credit MoU

Singapore and Costa Rica signed a Memorandum of Understanding (MoU) to collaborate on carbon credits aligned with Article 6 of the Paris Agreement.

The MoU was signed by Permanent Secretary of the Ministry for Sustainability and the Environment Stanley Loh and Vice Minister of Strategic Affairs of the Ministry of Environment and Energy Carlos Isaac Pérez on the sidelines of the 2023 COP28 conference in Dubai.

Under the MoU, both countries will collaborate on carbon credits aligned with Article 6.2 of the Paris Agreement and related carbon market initiatives. This includes the exchange of best practices and knowledge on carbon market mechanisms, as well as the identification of mutually beneficial Article 6-compliant carbon credit projects that will support both countries in achieving their Nationally Determined Contributions (NDCs).

Permanent Secretary Stanley 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. Our collaboration also serves to help both countries in meeting our respective climate targets”.

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

Singapore has signed an Implementation Agreement with Papua New Guinea, concluded substantive negotiations on an Implementation Agreement with Bhutan, Ghana, Paraguay, and Vietnam, and signed similar MoUs with Cambodia, Chile, Colombia, Dominican Republic, Fiji, Indonesia, Kenya, Mongolia, Morocco, Peru, Rwanda, Senegal, and Sri Lanka.