Singapore and Indonesia Sign Memorandum of Understanding Concerning Cooperation on Climate Change and Sustainability

JOINT PRESS RELEASE BY NCCS AND COORDINATING MINISTRY FOR MARITIME AND INVESTMENT AFFAIRS, INDONESIA

Singapore’s Senior Minister and Coordinating Minister for National Security Teo Chee Hean and Indonesia’s Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan signed a bilateral Memorandum of Understanding (MoU) concerning Cooperation on Climate Change and Sustainability today.

The MoU has been developed following the Singapore-Indonesia Leaders’ Retreat in January 2022, and will further strengthen the bilateral relationship and cooperation in climate change and sustainability. Under the MoU, Singapore and Indonesia will strengthen collaboration in (a) carbon pricing and markets, (b) nature-based solutions and ecosystem-based approach, (c) clean technology and solutions, and (d) green and blended finance. Both countries also committed to advance the MoU’s objectives through annual high-level ministerial meetings and a bilateral inter-agency Working Group involving senior Government officials.

Senior Minister Teo, who is also Chairman of Singapore’s Inter-Ministerial Committee on Climate Change, said, “Singapore and Indonesia are close and strong partners. This MoU enables our two countries to collaborate on win-win opportunities that support both climate and economic objectives. Singapore will continue to seek opportunities to collaborate with like-minded regional and international partners to create new solutions for a decarbonised and sustainable future. Such partnerships will enable Singapore to achieve our net zero goal by or around mid-century, as we create and seize new green growth and job opportunities.”

Coordinating Minister Luhut said, “Indonesia and Singapore cooperation is very important for both countries to tackle the impacts of climate change and keep the temperature increase below 2 degrees Celsius. The MoU on Climate Change and Sustainability will be our commitment to reach our ambitions of National Determined Contributions and environmental sustainability for both countries and globally. Indonesia will establish a Blended Finance Alliance under the framework of G20. This blended finance alliance is a multilateral and international institution to pool fund and pipeline projects related to climate change and the United Nations Sustainable Development Goals. We invite all countries to join, including Singapore. Moreover, Indonesia welcomes the Indonesia-Singapore cooperation on climate change and sustainability as the four main areas of cooperation will enable both countries to achieve our target in climate action and sustainability, and hopefully this will be followed by cooperation in other areas.”

Under the MoU, a workplan relating to the abovementioned areas of cooperation will be developed. This will include pilot projects, research collaborations, technical exchanges, and financing solutions in areas such as carbon credit projects, carbon capture and storage, and the development of renewable energy solutions to support regional decarbonisation. The efforts will bring together government agencies and other stakeholders, such as the private sector and academia, from both countries.

Singapore’s Senior Minister and Coordinating Minister for National Security Teo Chee Hean and Indonesia’s Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan signed a Memorandum of Understanding (MoU) concerning Cooperation on Climate Change and Sustainability today. (Photo credit: Ministry of Communications and Information, Singapore)