SG, Fiji ink MOU on carbon credits

The parties will develop a bilateral framework for carbon credit distribution.

Singapore and Fiji signed a Memorandum of Understanding (MOU) to collaborate on carbon credits aligned with Article 6.2 of the Paris Agreement.

Under the MOU, both parties will work on a legally binding implementation agreement that sets out a bilateral framework for the international transfer of correspondingly adjusted carbon credits.

The collaboration will mobilise finance to mitigate both countries’ climate targets and prioritise sustainable development and co-benefits to local communities and economy.

The parties inked the agreement during the 2023 United Nations Climate Change Conference (COP28).

A working group comprising Singapore and Fiji government officials has been established to oversee the implementation of this MOU.