29 November 2022
On 7 November 2022, the National Climate Change Secretariat (“NCCS”) issued a press release announcing that Singapore has joined the Forests and Climate Leaders’ Partnership (“FCLP”) as a member country.
By joining FCLP, Singapore commits to working with other members and partners to develop high integrity markets for forestry carbon credits, while implementing innovative and environmentally robust solutions to reduce forest loss, increase restoration and support sustainable development. Singapore’s participation also builds upon its commitments under the “Glasgow Leaders’ Declaration on Forests and Land Use” to halt and reverse deforestation and land degradation by 2030.
Singapore’s participation in FCLP is also aligned with efforts in facilitating international acceptance of high-quality forestry carbon credits. The press release notes that Singapore will explore how public-private partnerships can leverage carbon markets to unlock new revenue streams to cost effectively reduce emissions, while preserving nature and biodiversity.