Philippines and Singapore sign new carbon deal to boost emissions reductions in major climate investments<\/figcaption><\/figure>\n<\/div>\nThe Philippines and Singapore have signed a new agreement on key climate assessments. The two countries on Thursday signed a carbon-trading agreement that allows them to share emissions reductions, an agreement expected to lead to more investment in climate projects in the Philippines, Manila said.<\/p>\n
Singapore’s Environment Minister Grace Fu said in a statement that the deal would deepen cooperation between the two countries, “channel climate finance to impactful projects in the Philippines and open up new opportunities in carbon markets for businesses and local communities.”<\/p>\n
Philippines-Singapore New Carbon Deal:<\/h2>\n
The agreement, signed during ASEAN’s Climate Week, establishes a framework for transferring verified emissions reductions, or carbon credits, between Manila and Singapore under the Paris Agreement.<\/p>\n
A joint committee will oversee the approval and implementation of projects and track emissions reductions.<\/p>\n
Philippine Environment Secretary Juan Miguel Cuna said the deal would help Manila attract investments in renewable energy, waste management, methane reduction, nature-based solutions and climate-smart agriculture.<\/p>\n
He said revenue generated from the projects could support reforestation, forest conservation, renewable energy deployment and community-based climate resilience projects in the Philippines.<\/p>\n
Notably, the Philippines is the third Southeast Asian country to sign such an agreement with Singapore, after Thailand and Vietnam.<\/p>\n
Carbon credits allow investments in “carbon projects” such as forest conservation, development of renewable energy sources, and replacement of carbon-emitting vehicles.<\/p>\n
Singapore’s Carbon Markets Cooperation says on its website that the country uses carbon credits to offset its emissions as it pursues decarbonization. <\/p>\n
UN Climate Change said companies or individuals can buy and use carbon credits to offset their greenhouse gas emissions or to support climate action.<\/p>\n
Additionally, Singapore’s Ministry of Trade and Industry said that adjusted carbon credits authorized under the deal can be used to offset up to 5 percent of a company’s taxable emissions.<\/p>\n
It said Singapore will deploy 5 percent of the proceeds from authorized carbon credits towards climate adaptation measures in the Philippines.<\/p>\n<\/p><\/div>\n