Speech by Ms Grace Fu, Minister for Sustainability and the Environment, at the MOU Signing Ceremony with Peru at the COP27 Singapore Pavilion
Your Excellency Wilbert Rozas, Peru’s Minister for Environment
Ladies and gentlemen,
1 Good afternoon. It is my pleasure to be here today at the Singapore Pavilion to sign a Memorandum of Understanding for carbon markets collaboration between Singapore and Peru.
2 Article 6 allows for countries to voluntarily cooperate to achieve their climate targets, including their Nationally Determined Contributions (NDCs). This provides a foundation for robust carbon markets and will uphold environmental integrity. Having agreed on the Article 6 rulebook last year, it is now important to operationalise Article 6 to advance global climate action and ambition, while increasing global investments in decarbonisation technologies and adaptation. The progress and momentum following COP26 last year 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, Singapore is pleased to be signing this Memorandum of Understanding (MOU) with Peru to undertake collaboration on carbon markets under Article 6 of the Paris Agreement. This strengthens ties between Singapore and Peru, and builds on the existing economic relations both bilaterally and via the Pacific Alliance.
4 Under the MOU, Singapore and Peru will work together to develop an Implementation Agreement that will set out a bilateral framework for the transfer of carbon credits with corresponding adjustments. Both countries will also cooperate on identifying mutually beneficial carbon credit projects that will support us in achieving our NDCs.
5 Singapore is committed to do our part in advancing global climate action through international collaboration. Bilateral cooperation with like-minded partners such as Peru, as well as multilateral cooperation here at COP will be key to tackling the existential challenge of climate change.
6 Thank you.