Singapore (VNA) - Singapore andIndonesia have signed a memorandum of understanding (MoU) on cooperation incarbon pricing, climate change, and sustainability, Singapore’s National ClimateChange Secretariat (NCCS) announced on March 21.
Singaporean Senior Minister andCoordinating Minister for National Security Teo Chee Hean and Indonesia'sCoordinating Minister for Maritime Affairs and Investment Luhut BinsarPandjaitan inked the MOU on March 21 to commence various collaborations onsustainability and climate change.
The agreement was developed following the Singapore-Indonesia Leaders' Retreat in January 2022.
Annual high-level ministerial meetings and an inter-agency working groupinvolving senior government officials from both countries will commit toadvancing the agreement's objectives.
A work plan, including pilot projects, research collaborations andtechnical exchanges, between both countries will be developed.
Both countries will also explore financing solutions in areas such ascarbon credit projects, carbon capture and storage, and the development ofrenewable energy solutions to support regional decarbonisation.
Speaking on the sidelines of the signing, Teo said the MOU will createdevelopment opportunities and jobs.
Singapore will continue to seek opportunities to collaborate withlike-minded regional and international partners to create new solutions for adecarbonised and sustainable future, he said.
"Such partnerships will enable Singapore to achieve our net-zero goalby or around mid-century, as we create and seize new green growth and jobopportunities," added Teo, who also chairs the Inter-Ministerial Committeeon Climate Change.
Meanwhile, Luhut said Indonesia will establish a Blended Finance Allianceunder the Group of 20 (G-20) framework. The alliance will be a multilateral andinternational institution to pool funds and projects related to climate changeand the United Nations' sustainable development goals./.
