Singapore and Senegal Ink MoU to Collaborate on Carbon Credits

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

The MoU was signed by the Permanent Secretary of the Ministry for Sustainability and the Environment Stanley Loh and Minister of Environment, Sustainable Development and Ecological Transition Alioune Ndoye on the sidelines of the 2023 United Nations Climate Change Conference (COP28).

Under the MoU, both countries will collaborate on carbon credits aligned with Article 6.2 of the Paris Agreement.

The collaboration 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: “We are pleased to work with Senegal on this MoU to accelerate climate action. This agreement is an important milestone for both our countries in working together to meet our respective climate targets. We hope that it will spur climate investments, enable innovation and create jobs in our transition to a low-carbon future.”

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