Speech by Ms Grace Fu, Minister for Sustainability and the Environment, at the Launch Event of the Article 6 Implementation Partnership at the COP27 Japan Pavilion
Ladies and Gentlemen,
1 Thank you for the opportunity to join you at the launch of the Article 6 Implementation Partnership.
2 At COP26 last year, we successfully concluded the Article 6 rulebook after six years of protracted negotiations. Singapore was pleased to have co-facilitated the ministerial consultations with my colleagues from Norway. We will be doing so again this year as announced last evening. Between Norway and ourselves, we will need the strong support from the team from Japan. We look forward to move things along as directed by Mr Stiell earlier. The rulebook now provides a common framework for countries to cooperate in meeting their respective climate targets, advance climate action, and activate private climate finance.
3 I am pleased that we are coming together to operationalise Article 6 at COP27 through complementary initiatives such as this Article 6 implementation partnership led by Japan. This will enable high-integrity carbon markets to be set up and provide new pathways to achieve the goals of the Paris Agreement. The progress on carbon markets, along with more investments in low-carbon technologies worldwide, had given Singapore the confidence to raise our national climate ambition and announce our commitment to achieve net-zero by 2050.
4 To fully harness the potential of carbon markets, we need to lower the barriers of entry for countries to participate in the markets. One such barrier is uneven levels of knowledge amongst countries. Hence, we need to build platforms that enable countries to exchange their experiences and knowledge in carbon markets.
5 This is aligned with Singapore’s longstanding support for international collaboration. Through the Singapore Cooperation Programme (SCP), our flagship technical assistance programme, we have trained close to 150,000 officials from fellow developing countries in topics such as sustainable development, urban planning, and transport management.
6 Last month, we launched the Sustainability Action Package (SAP) under the SCP, which broadens the scope of current capacity-building efforts with a broader focus on sustainability. The SAP will also welcome knowledge partners from the public and private sectors, and non-profit and international organisations to share their expertise and best practices on tackling sustainability and climate issues, including carbon markets.
7 In support of implementation of Article 6, Singapore has made progress. Singapore and New Zealand jointly organised a capacity building workshop on carbon markets for ASEAN member states in September 2022. This workshop serves to enhance understanding for the Article 6 rulebook and the workings of high-integrity carbon markets. It facilitated the sharing of experiences and knowledge by countries, research institutes, and private sector partners.
8 Singapore, together with the World Bank and International Emissions Trading Association (IETA), will be launching the Climate Action Data Trust (CAD Trust) in the coming weeks. The CAD Trust is an independent global market infrastructure that aims to reduce the risk of double-counting and foster transparency and confidence in carbon markets.
9 In closing, we are delighted to be participating in the Article 6 Implementation Partnership. We look forward to working with like-minded partners to facilitate the development of high-integrity carbon markets, advance robust Article 6 cooperation, and collectively advance global climate ambition. We would like to thank Japan for the initiative of advancing cooperation on Article 6.
10 Thank you.