News

Staff Reporter

, Singapore

Published:

4 months ago

350 views

Singapore and Tanzania signed a Memorandum of Understanding (MOU) to collaborate on carbon credits on the sidelines of President Tharman Shanmugaratnam’s State Visit to Tanzania.

Singapore expands Article 6 carbon market with Tanzania deal

The agreement supports the development of pathways for cross-border credit transfers.

Singapore has signed a memorandum of understanding (MOU) with Tanzania to explore cooperation on carbon credits under Article 6 of the Paris Agreement, as part of efforts to expand bilateral carbon market frameworks.

The agreement was signed by Alvin Tan, minister of state for trade and industry and national development, and Hamad Yussuf Masauni, minister of state in Tanzania’s vice president’s office for union affairs and environment, during president Tharman Shanmugaratnam’s state visit to Tanzania.

The signing was witnessed by Shanmugaratnam and Tanzania president Samia Suluhu Hassan.

Under the MOU, both countries will explore cooperation on carbon markets to mobilise financing for climate mitigation projects and sustainable development.

They will also work towards a legally binding implementation agreement covering the authorisation and international transfer of correspondingly adjusted carbon credits under Article 6 of the Paris Agreement.

The framework will include the identification of potential Article 6-compliant mitigation projects aligned with each country’s nationally determined contributions (NDCs), whilst maintaining environmental integrity, according to the statement.

Tan said the agreement reflects both countries’ focus on building high-integrity carbon markets and supporting climate finance flows.

He added that cooperation on carbon markets is expected to support investment in mitigation projects and create opportunities linked to the green transition.

The agreement follows Singapore’s commitment of $19.2m (US$15m) to the Global Green Growth Institute’s Carbon Transaction Facility, as part of its broader push to advance Article 6 carbon market development and strengthen international carbon trading mechanisms.

The contribution positions Singapore as the first Asian country to participate in the facility, alongside the UK, New Zealand, Norway, and Sweden, according to earlier announcements.

A NOTE FROM SINGAPORE BUSINESS REVIEW

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia