Singapore and Mongolia have signed a Memorandum of Understanding (MOU) to collaborate on carbon credits. The MOU is aligned with Article 6 of the Paris Agreement, which allows countries to voluntarily cooperate to achieve emission targets while promoting sustainable development and environmental integrity. The signing of the MOU was led by Singapore’s Minister for Sustainability and the Environment, Grace Fu, and Mongolia’s Minister for Environment and Tourism, Bat-Erdene Bat-Ulzii.
Under the MOU, Singapore’s Ministry of Sustainability and the Environment will establish an interagency working group with Mongolia’s Ministry of Environment to implement carbon credit projects. Carbon credits are a key component of carbon markets, which aim to reduce greenhouse gas emissions by giving incentives to companies or countries that reduce their carbon footprint.
Singapore and Mongolia have recognized the economic and environmental benefits of working together in this area. By collaborating on carbon markets and carbon credit projects, both countries can contribute to meeting their emission reduction targets while promoting sustainable development.
This MOU comes at a crucial time, as countries around the world are working towards their Nationally Determined Contributions (NDCs) under the Paris Agreement. NDCs are individual emission reduction targets that each country sets for themselves, with the aim of collectively limiting global warming to well below 2 degrees Celsius.
By signing this MOU, Singapore and Mongolia are committing to work together to achieve their respective NDCs and contribute to global efforts to tackle climate change. This collaboration will not only benefit both countries in terms of meeting their emissions targets but also promote knowledge sharing and capacity building in the field of carbon markets.
Singapore has been actively promoting sustainable development and environmental conservation. It has set a target to peak its greenhouse gas emissions by 2030 and has implemented various measures to achieve this, including investing in renewable energy and improving energy efficiency. Mongolia, on the other hand, faces unique climate challenges, including air pollution and the impact of climate change on its pastoral economy. The collaboration with Singapore will provide Mongolia with opportunities to develop carbon projects and access expertise in the area of carbon markets.
Overall, the signing of this MOU between Singapore and Mongolia signifies a commitment to work together on carbon markets and carbon credit projects, as part of their efforts to tackle climate change and promote sustainable development.
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