Singapore and UK sign MOU on Green Economy Framework
30 March 2023
On 1 March 2023, Singapore and the United Kingdom (“UK”) signed a Memorandum of Understanding (MOU) on the UK-Singapore Green Economy Framework (“UKSGEF”) with the aim of promoting bilateral cooperation in the green economy, supporting economic growth and creating jobs in green sectors, while encouraging the decarbonisation of economic activities.
The areas of areas of cooperation are organised under three Pillars: (1) green transport, (2) low carbon energy and technologies, and (3) carbon markets and sustainable finance. Highlights of these cooperation areas are set out below.
Pillar 1: Green transport
- Maritime transport decarbonisation measures, including green and digital shipping corridors.
- Air transport decarbonisation measures, including sustainable aviation fuels, improving air traffic management, carbon credits, and green airport initiatives.
- Continued bilateral and multilateral cooperation in international fora and negotiations, such as through the International Civil Aviation Organization (ICAO) and the International Maritime Organization (IMO), on achieving targets for decarbonisation.
- Strategies and legal frameworks for zero emission vehicles and charging infrastructure.
Pillar 2: Low carbon energy and technologies
- Advancement of low-carbon hydrogen technologies and the development of certification, standards and wider regulations to support the growth of the hydrogen economy.
- Policy, regulatory and technical aspects of carbon capture, utilisation and storage (CCUS), sharing of best practices, and identification of areas of mutual interests on which to further discussions and cooperation.
- Policy, regulatory and technical aspects of grid interconnection, cross-border electricity trade, and solutions to improve system resiliency and flexibility, such as energy storage systems and smart grid technologies.
Pillar 3: Carbon markets and sustainable finance
- Cooperation bilaterally and through multilateral initiatives, which may include capacity building programmes, to increase transparency in carbon markets, and advance climate action and ambition through high-integrity international carbon markets.
- Cooperation on sustainable finance under the annual UK-Singapore Financial Dialogue, which is co-chaired by the Monetary Authority of Singapore and the HM Treasury.
The two countries will also undertake joint activities to support collaboration between governments, academia, and the business community towards green economy objectives. These activities could include information exchanges, collaborations on standards development and adoption of internationally recognised standards, enterprise matching for business and co-innovation, green capability development for small and medium sized enterprises, as well as academic and research partnerships.
Please click here for the press release from the Ministry of Trade and Industry website www.mti.gov.sg.