Singapore and Bhutan have signed a Memorandum of Understanding (MOU) to collaborate on carbon credits in accordance with Article 6 of the Paris Agreement. Both countries will determine what carbon credit projects are considered mutually beneficial and compliant with Article 6 in pursuit of their respective Nationally Determined Contribution (NDC) goals. The MOU aims to arrive at a legally binding contract outlining the details of the international transfer of carbon credits by the end of 2023. According to Singapore’s Minister for Trade and Industry Gan Kim Yong, the collaboration will accelerate decarbonisation while generating mutual benefits, including growing each other’s green economy.
It is important that carbon credit schemes also benefit local communities.
The World Meteorological Organisation has stated that 193 countries have given unanimous backing to a scheme to monitor global greenhouse...