Singapore and Mongolia Ink Agreement to Collaborate on Carbon Markets

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

The agreement allows countries to voluntarily cooperate to achieve emission targets set out in their Nationally Determined Contribution (NDC) while promoting sustainable development and environmental integrity.

The MoU was signed by Singapore’s Minister for Sustainability and the Environment (MSE), Grace Fu, and Mongolia’s Minister for Environment and Tourism Bat-Erdene Bat-Ulzii.

In a statement, the MSE said the MoU will facilitate collaboration on carbon credit projects to support Mongolia and Singapore’s climate ambitions.

Singapore is committed to ensure the integrity, quality, and transparency of carbon markets and support the advancement of global climate action. This includes robust and independent accounting, and the avoidance of double counting, including requiring corresponding adjustments. The collaboration will also support sustainable development and bring co-benefits to the local communities and economy.

Minister Fu said: “The signing of this Memorandum of Understanding highlights Singapore and Mongolia’s commitment to collaborate on carbon markets, aligned with Article 6 of the Paris Agreement. Such cooperation is critical for countries to advance climate ambition and accelerate climate action.”

The MSE said it will establish an interagency working group with Mongolia’s Ministry of Environment to implement this MoU.