Singapore and Dominican Republic Ink MoU For Carbon Credits

Singapore’s Minister for Trade and Industry Gan Kim Yong and the Dominican Republic’s Minister for Environment and Natural Resources Miguel Ceara Hatton gave signed a Memorandum of Understanding (MoU) to collaborate on carbon credits.

The ministers said the MoU demonstrates both countries’ commitment to global climate action and will strengthen cooperation on carbon credits aligned with Article 6 of the Paris Agreement.

Article 6 is a key part of the Paris Agreement. It allows Parties to voluntarily cooperate to meet their Nationally Determined Contributions, providing for international transfers of mitigation outcomes, a mechanism for mitigation and sustainable development, and non-market approaches.

The Singapore and Dominican Republic MoU will allow for pilot projects to be implemented, which in turn is hoped will increase investment, create jobs in the green economy, facilitate technology collaboration and bring co-benefits and sustainable development to local communities.

At the signing, Singapore’s Minister Gan said: “Climate change is an existential challenge that requires effective collaborations across countries. This MoU between Singapore and the Dominican Republic is the first step in our partnership on carbon credits, which will enable us to achieve our climate targets, grow our green economy and demonstrate that while we are both small island states, we can still do our part to address the climate challenge.”