Singapore and Mongolia Reaffirm Commitment to Pursue Carbon Credits Collaboration

Singapore and Mongolia Reaffirm Commitment to Pursue Carbon Credits Collaboration

On the sidelines of the 28th United Nations Climate Conference (COP28), Minister for Environment and Tourism of Mongolia Bat-Erdene Bat- Ulzii called on Senior Minister and Coordinating Minister for National Security, Teo Chee Hean at the Singapore Pavilion on 3 December 2023.

Senior Minister Teo Chee Hean and Minister Bat-Erdene Bat-Ulzii recapped progress to date on climate collaboration between Singapore and Mongolia since COP27 in Sharm el-Sheikh, reaffirmed the warm bilateral relationship between both countries, and agreed on next steps to advance work towards concluding an Implementation Agreement on carbon credits collaboration.

Minister for Sustainability and the Environment Grace Fu and Minister Bat-Erdene Bat-Ulzii had signed a Memorandum of Understanding on carbon credits collaboration on 9 June 2023. An Implementation Agreement is the next step in bilateral carbon credits collaboration. It will set out the criteria and processes for carbon credit projects to be developed and for carbon credits to be traded, aligned with Article 6 of the Paris Agreement.