In a major step towards regional climate collaboration, Singapore and Thailand have signed their first bilateral Implementation Agreement on carbon credits under Article 6 of the Paris Agreement, local media has reported.
The deal was formalized by Singapore’s Minister for Manpower and Minister-in-charge of Energy and Science & Technology, Dr Tan See Leng, and Thailand’s Minister of Natural Resources and Environment, Mr Chalermchai Sri-on.
The signing took place on the sidelines of the 9th Singapore Regional Business Forum, held on August 19 in Bangkok.
This legally binding agreement is Singapore’s first such pact with a member state of the Association of Southeast Asian Nations (ASEAN) and is expected to significantly advance climate action efforts in the region.
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It allows for the generation and transfer of high-integrity carbon credits from Thailand to Singapore, in line with international standards.
Dr Tan emphasized the broader significance of the partnership, stating that it reflects Singapore and Thailand’s shared commitment to addressing global challenges.
He also noted that the agreement coincides with the 60th anniversary of diplomatic relations between the two countries.
Under the agreement, financing will be channelled to Thai projects that offer both environmental and socio-economic benefits, including initiatives in clean energy, forestry, zero-emission transport, and waste management.
The collaboration is also designed to enhance climate adaptation in Thailand, with Singapore agreeing to allocate a portion of the proceeds from carbon credits to local efforts like flood resilience and sustainable forest management.
Mr Chalermchai welcomed the partnership, stating that the collaboration sends a clear signal of ASEAN’s ability to drive credible greenhouse gas mitigation.
He also highlighted Thailand’s ambition to become a regional hub for carbon credit initiatives.
The agreement is seen as a significant step toward unlocking climate finance and building a trusted carbon market in Southeast Asia.
