Sri Lankan President Ranil Wickremesinghe met Singapore Prime Minister Lee Hsien Loong at the Istana on Tuesday, 22nd August 2023, and they witnessed the signing of a memorandum of understanding (MOU) in to collaborate on carbon credits according to the Paris Agreement,.
In a statement on Tuesday, the Ministry of Trade and Industry (MTI) said the partnership will allow the two countries to exchange best practices on carbon credits such as national regulatory frameworks and policies governing the development and management of greenhouse gas mitigation activities and resources.
Under the MOU, Singapore and Sri Lanka will collaborate on a legally binding implementation agreement to develop a bilateral framework for the global transfer of correspondingly adjusted carbon credits in accordance with Article 6.2 of the Paris Agreement.
The Ministry of Trade and Industry said the agreement will include the criteria and processes for carbon credits aligned with the Paris Agreement. When completed, this will allow companies in Singapore that are carbon tax liable to offset up to 5% of their taxable emissions by purchasing carbon credits from eligible projects. Singapore and Sri Lanka will also identify mutually beneficial projects and explore potential opportunities to collaborate with carbon markets with third world countries.
Dr Beh stated that the cooperation of Singapore and Sri Lanka on carbon credits aims to advance climate action. This Memorandum of Understanding makes it possible for both countries to make progress on our respective climate targets while enabling mutually beneficial outcomes, like creating new jobs in the green economy and enhancing biodiversity protection.
The MOU was signed by Beh Swan Gin, permanent secretary of MTI for development and Sashikala Premawardhane, Sri Lanka’s High Commissioner to Singapore. Singapore has signed similar MOUs or letters of intent with 12 other countries, including Bhutan, Cambodia and Vietnam.
PM Lee posted on his Facebook page that he had a productive discussion with Mr Wickremesinghe during their meeting, and that the pair exchanged views on global developments.
He said that the visit of President Wickremesinghe visit demonstrates the warm and increasing relations between Singapore and Sri Lanka, which is underpinned by strong people-to-people ties.
He went on to say that they had a comprehensive discussion on their broad-based bilateral cooperation, including ways to deepen ties between the two countries in the areas of trade, food security and green energy. He said that he looked forward to working with President Wickremesinghe to strengthen their bilateral relations.
On Monday, Mr. Wickremasinghe met President Halimah Yacob at the Istana, and Minister for Defence Ng Eng Hen. He also met Ms Grace FU Hai Yien, Minister for Sustainability and Environment of Singapore and engaged in bilateral discussions
Mr Wickremesinghe was hosted to lunch on Tuesday by Minister for Home Affairs and Law K. Shanmugam, and joined by Minister for Foreign Affairs Vivian Balakrishnan and Minister for Manpower and Second Minister for Trade and Industry Tan See Leng.
Meanwhile, in a significant step towards reinforcing bilateral ties, Singapore’s Minister for Defense, Dr. Ng Eng Hen, called on President Ranil Wickremesinghe yesterday during his two-day official visit to Singapore.
The focus of the meeting was amplifying security and defense collaboration between the two countries.
The discussions between Mr Wickremesinghe and Minister Ng Eng Hen highlighted the vital significance of strengthening security partnerships in the South Asian region.
Dr. Ng Eng Hen, Singapore’s Defense Minister and President Wickremesinghe highlighted the necessity for unswerving communication and coordination to successfully address common security concerns.
Both Singapore and Sri Lanka are set to harness their respective strengths to create a synergistic partnership that enhances the security landscape in the region.
The Ministry of Foreign Affairs said that Mr Wickremesinghe was on a two-day working visit and will depart Singapore on Tuesday evening.
