UK and Singapore Ink New Green Economy Framework

Bolstering their energy and climate collaboration ambitions, the Government of the United Kingdom and the Government of the Republic of Singapore signed a Memorandum of Understanding (MoU) to establish a bilateral Green Economy Framework.

The agreement, a first-of-its-kind for the UK, was signed during a virtual call between the Department of Energy Security and Net Zero’s (DESNZ) Secretary of State, The Rt Grant Shapps MP, and Singapore’s Minister-in-charge of Trade Relations from Singapore’s Ministry of Trade and Industry (MTI), Mr S Iswaran, on 1 March 2023.

Building on the successful UK-Singapore Free Trade Agreement and Digital Economy Agreement, the innovative UK-Singapore Green Economy Framework combines elements of climate, economic and trade policy.

This will enable both countries to achieve national decarbonisation targets in alignment with the Paris Agreement while enhancing energy security and promoting green growth through new investment, job creation and export opportunities. This collaboration will take place across three key pillars: green transport, low-carbon energy technologies, and sustainable finance and carbon markets.

Expanding on the UK’s COP26 Presidency, and Singapore’s COP-honed expertise facilitating the negotiations on international rules for carbon trading, the ambition of this government-to-government agreement is to facilitate more collaboration between UK and Singapore industry and academic partners.

This will result in new commercial pilot projects, trade and investments, and research and innovation. The Framework will be implemented through different mechanisms, including government policy dialogues, business matchmaking, industry workshops, and research partnerships.

British High Commissioner to Singapore Kara Owen said: “Today marks a very significant milestone for the UK-Singapore partnership as we sign an innovative and real-world focused UK-Singapore Green Economy Framework. Singapore is an important partner to the UK in working towards a sustainable and net zero future. With significant and ever-growing investments in UK’s renewable energy sector, the UK-Singapore Green Economy Framework will further strengthen our existing, long-term collaboration by creating new growth opportunities for both countries.”

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