Singapore’s Senior Minister and Coordinating Minister for National Security, Teo Chee Hean, and Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, signed a Memorandum to work on sustainability and climate change.
Both nations will collaborate in areas such as carbon pricing and markets, nature-based solutions and the ecosystem approach, clean technologies and solutions, and green and blended finance.
They can also develop projects related to Article 6 of the Paris Agreement, which outlines the creation of an international carbon market to help countries meet emission reduction targets.
Singapore’s National Climate Change Secretariat and Indonesia’s Coordinating Ministry for Maritime Affairs and Investment issued a joint statement pledging to promote the goals of the agreement.
According to the source, a work plan, comprising pilot projects, research collaborations and technical exchanges between the two countries, will be developed.
They will also explore financing solutions in areas such as carbon credit projects, carbon capture and storage, and the development of renewable energy solutions to support regional decarbonization.
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