PH, Singapore boost climate action cooperation

The Philippines and Singapore are strengthening their cooperation on climate action through a high-level forum focused on carbon markets and renewable energy.

Organized by the Makati Business Club and the Philippines-Singapore Business Council, the forum brought together key figures from both countries' private and public sectors.

Discussions centered on the current state of their collaboration and shared goals under the Paris Agreement, aiming to limit global temperature rise.

Carbon credits, which incentivize companies to reduce emissions, are a key component of this international cooperation, as outlined in Article 6 of the Paris Agreement.

A formal memorandum of understanding signed in August 2024 established a framework for the bilateral exchange of carbon credits and potential sustainable development projects between the two nations.