Singapore, Indonesia sign carbon credits pact to deepen green cooperation

illuminem summarises for you the essential news of the day, reviewed by our editorial team. Read the full piece on The Straits Times or enjoy below:

🗞️ Driving the news: Singapore and Indonesia have signed a new agreement to expand cooperation on carbon credits, aiming to channel climate finance into high-integrity projects including forest protection, coastal ecosystem restoration and clean technology deployment

🔭 The context: The memorandum of understanding supports both countries’ efforts to develop credible carbon markets aligned with Article 6 of the Paris Agreement
• The partnership will focus on identifying verified carbon projects, sharing technical expertise and creating frameworks to prevent double counting of emissions reductions

🌍 Why it matters for the planet: High-integrity carbon markets can help finance nature restoration, biodiversity protection and emissions reduction projects in regions with significant climate value
• Indonesia’s forests, mangroves and coastal ecosystems play a critical role in storing carbon and maintaining global ecological resilience

⏭️ What’s next: The two countries will work towards an implementation agreement for carbon trading under the Paris Agreement framework
• They are also advancing wider clean energy cooperation, including plans to develop at least 3.4 gigawatts of cross-border low-carbon electricity projects by 2035

💬 One quote: “This MOU signals Singapore’s and Indonesia’s intent to work towards creating a framework for channelling climate finance into high-integrity projects.” – Gan Kim Yong, Singapore Deputy Prime Minister and Minister for Trade and Industry

📈 One stat: Singapore and Indonesia aim to develop 3.4 GW or more of cross-border electricity projects by 2035 as part of their broader clean energy cooperation

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