Singapore and Laos inked a carbon credits deal, paving the way for bilateral trade in this emerging area. Singapore’s Prime Minister Lawrence Wong described the new agreement as opening “yet another new frontier of cooperation” during a lunch hosted for Lao Prime Minister Sonexay Siphandone, who was on his first official visit to Singapore since taking office in December 2022.
PM Wong expressed Singapore’s eagerness to work closely with Laos to finalise the legally binding Implementation Agreement on carbon credits collaboration, which aims to connect the two countries in mutually beneficial ways.
The agreement establishes a bilateral framework for the international transfer of correspondingly adjusted carbon credits and facilitates the exchange of best practices and knowledge on carbon market mechanisms, according to the Singapore Ministry of Trade and Industry. PM Wong highlighted the deal’s benefits, including helping achieve climate targets, facilitating investments, creating jobs, promoting sustainable development, and encouraging the deployment of clean technology.