Bangladesh and Singapore have signed a Memorandum of Understanding (MoU) to enhance cooperation in international carbon markets under Article 6 of the Paris Agreement, opening up new opportunities for climate financing and joint initiatives to reduce greenhouse gas emissions.
The MoU was signed this morning at the Singapore Pavilion on the sidelines of the 31st United Nations Climate Change Conference (COP31) in Antalya, Turkiye, said to a press release.
State Minister for Environment, Forest and Climate Change Shaikh Faridul Islam signed the agreement on behalf of Bangladesh, while Secretary of Singapore's Ministry of Sustainability and the Environment Melvin Ong signed for his country.
The agreement is expected to facilitate Bangladesh's participation in international carbon markets, expand access to carbon financing and environmentally sustainable investments, and support the implementation of the country's Nationally Determined Contributions (NDC 3.0).
Speaking at the signing ceremony, Faridul Islam said Bangladesh warmly welcomes the partnership with Singapore under the Paris Agreement.
He said the cooperation would help unlock new opportunities for carbon finance, develop high-quality and transparent carbon markets, and advance the implementation of Bangladesh's NDC 3.0.
Bangladesh is committed to working closely with Singapore to promote sustainable development, achieve ambitious climate goals and strengthen effective global climate action, he added.
Under the MoU, the two countries will exchange information, knowledge and experience on carbon credits and explore further cooperation in greenhouse gas emission reduction projects based on mutual interests and benefits.
The partnership is expected to accelerate climate change mitigation efforts by utilizing the opportunities for international cooperation provided under Article 6 of the Paris Agreement.
It is also expected to support the development of internationally recognized carbon markets in Bangladesh, facilitate the transfer of climate-friendly technologies, attract greater private sector investment and create new avenues for international climate finance.
The initiative will further contribute to Bangladesh's transition towards sustainable and low-carbon development and help achieve its national climate targets.
