Philippine Department of Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga (right) and Singapore Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu during the exchange of MOU on carbon credits. PHOTO FROM PRESIDENTIAL COMMUNICATIONS OFFICE
In conjunction with the State Visit to the Philippines of President Tharman Shanmugaratnam from Aug. 15 to17, 2024, the Philippines and Singapore inked a Memorandum of Understanding (MOU) for collaboration on carbon credits, under Article VI of the Paris Agreement, an international treaty on climate change mitigation adopted in 2015.
The Philippine Chief Executive and the Singapore President witnessed the exchange of the signed MOU between Philippine Department of Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga and Singapore Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu.
The MOU on carbon credits signifies the desire of both countries to continue to cooperate and work together in achieving national climate targets, while promoting sustainable development.
Singapore has signed similar MOUs with countries including Lao PDR, Cambodia and Indonesia, and has also signed implementation agreements with Papua New Guinea and Ghana.
During the media conference, President Tharman said companies are already lining up their projects to be able to take advantage of this pact once the implementation agreement is concluded.
He mentioned Keppel Group and Temasek-owned investment platform GenZero, which are working with the Philippine’s Ayala Corp. to retire coal plants in South Luzon early to earn transition credits.