Singapore seals carbon credit deal with Mongolia

The home to some of the world’s largest temperate grasslands has become the latest country to seala carbon trading deal with Singapore.

- Ang Qing Correspondent

Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu and Mongolian Minister of Environment and Climate Change Batbaatar Bat signed a carbon trading agreement on Oct 6. PHOTO: MTI

(PHOTO: MTI)

This pact with Mongolia marks the 10th such agreement that the Republic has finalised since end-2023.

The bilateral agreement allows the Singapore Government and carbon tax-liable firms here to buy eligible carbon credits from Mongolia to offset a fraction of their planet-warming emissions.

The deal, dubbed an implementation agreement, was signed on Oct 6 by Minister for Sustainability and the Environment Grace Fu and Mongolian Minister of Environment and Climate Change Batbaatar Bat.

Ms Fu, who is also Minister-in-charge of Trade Relations, said the signing of the agreement marked the 55th anniversary of the establishment of diplomatic relations between Singapore and Mongolia.

“It reflects our shared ambition to build a sustainable, low-carbon future, and signals our commitment to work together to drive meaningful climate action and open up pathways towards sustainable development,” she added.