SG, Cambodia collaborate on carbon credits

Both countries would work together to advance action to achieve their sustainable development goals

Singapore's Ministry of Trade and Industry and Cambodia's Ministry of Environment signed a Memorandum of Understanding (MoU) to collaborate on carbon credits.

Under the MoU, both countries agreed to create a framework for the international transfer of carbon credits by the end of 2023 and identify mutually beneficial Article 6-compliant carbon credit products that support them in achieving their NDCs.

The collaboration is aligned with Paris Agreement's Article 6, which allows countries to cooperate to achieve emission targets set out in their Nationally Determined Contributions (NDCs) whilst promoting sustainable development and environmental integrity.

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Minister for Trade and Industry Gan Kim Young said the collaboration would allow Singapore and Cambodia to "work together on carbon credits to advance global climate action to achieve our sustainable development goals and bring about co-benefits to local communities and the economy."

"(The collaboration) gave us the confidence to uphold environmental integrity and transparency as we develop carbon markets through
international cooperation to achieve Paris Agreement goals," Gan said.