Singapore and Thailand have formalized a carbon credits collaboration through an implementation agreement, marking Singapore’s first such partnership with an ASEAN nation. The agreement, aligned with Article 6 of the Paris Agreement, was signed by Singapore’s Minister for Manpower and Minister-in-charge of Energy and Science & Technology, Dr. Tan See Leng, and Thailand’s Minister of Natural Resources and Environment, Chalermchai Sri-on.

The framework enables the generation and transfer of carbon credits from projects aimed at reducing emissions. It allows project developers to create high-quality carbon credit initiatives that adhere to the Article 6 guidelines, fostering sustainable development. The Ministry of Trade and Industry (MTI) in Singapore stated: “The Implementation Agreement between Singapore and Thailand will advance both countries’ climate ambitions by directing financing towards unlocking additional mitigation potential in Thailand.”

The agreement supports projects that deliver environmental and social benefits, such as job creation, improved waste management, enhanced energy efficiency, and reduced pollution. “The carbon mitigation projects authorised under this Implementation Agreement will promote sustainable development and deliver tangible benefits to local communities, such as the creation of jobs, improved waste management, enhanced energy efficiency, and reduction of environmental pollution,” MTI added.

Details regarding the authorization process for these carbon credit projects and the eligible methodologies will be released later. This collaboration strengthens the commitment of both nations to address climate change while supporting economic and environmental progress in Thailand.

The partnership reflects a shared focus on sustainable development and leverages Singapore’s expertise in green financing alongside Thailand’s potential for impactful carbon mitigation projects. By establishing a clear framework for carbon credit transfers, the agreement paves the way for scalable initiatives that align with global climate goals. This milestone enhances regional cooperation in clean energy and sustainability efforts within ASEAN.

by asian-power