MOU Signing Ceremony with Papua New Guinea at the COP27 Singapore Pavilion - Ms Grace Fu

Speech by Ms Grace Fu, Minister for Sustainability and the Environment, at the MOU Signing Ceremony with Papua New Guinea at the COP27 Singapore Pavilion

Opening

Your Excellency Simo Kilepa, Minister for Environment, Conservation and Climate Change

Distinguished guests

Ladies and gentlemen

1 Good afternoon. It is my pleasure to be here today at the Singapore Pavilion to sign a Memorandum of Understanding (MOU) for carbon markets collaboration between Singapore and Papua New Guinea.

2 At COP26 last year, we successfully concluded the Article 6 rulebook on carbon credits, paving the way for voluntary cooperation between countries to meet their climate targets, including their Nationally Determined Contributions (NDC), and to advance global climate action and ambition. A common framework is the foundation for more robust carbon markets globally, and crucially, will ensure high standards of environmental integrity. Operationalising Article 6 rulebook will help present new pathways to advance global climate action and ambition, while increasing global investments in decarbonisation technologies and adaptation. The progress and momentum observed post-COP26 gave Singapore the confidence to raise our national climate target to achieve net-zero by 2050.

3 COP27 must make progress towards implementing decisions of the Glasgow Climate Pact, including for Article 6. In this respect, I am pleased to sign this MOU with Minister Simo Kilepa which demonstrates the common interest and commitment of Singapore and Papua New Guinea to collaborate under Article 6 of the Paris Agreement.

4 This MOU signals our two countries’ common desire and commitment to collaborate on high quality carbon markets. Under the MOU, Singapore and Papua New Guinea will work towards an Implementation Agreement that will set out a bilateral framework for the transfer of carbon credits with corresponding adjustments, aligned with Article 6 of the Paris Agreement. We will also work together on identifying mutually beneficial Article 6-compliant carbon credit projects that will support both countries in achieving our NDCs.

5 At COP27 and beyond, we need to continue to demonstrate the resolve of the international community to address the impact of climate change. Singapore is committed to do our part in advancing global climate action through international collaboration with Papua New Guinea and like-minded partners.

6 Thank you.