The Governments of Papua New Guinea and the Government of Singapore jointly signed a groundbreaking Implementation Agreement for cooperation under Article 6 of the Paris Agreement on climate change at the margins of COP28 recently.
The ceremony was officiated by Minister for Environment, Conservation and Climate Change, Simon Kilepa and Singapore’s Minister for Sustainability and the Environment, Ms. Grace Fu.
The joint agreement marks a significant leap forward in international collaboration to address climate challenges.
Minister Kilepa expressed his gratitude on behalf of the Government of Papua New Guinea at the signing ceremony, emphasizing the Agreement’s importance in strengthening the cordial bilateral relations between Papua New Guinea and Singapore.
Minister Kilepa highlighted that the Agreement’s role is to foster constructive dialogue and cooperation in areas of mutual interest, including climate change, trade, and investment.
Minister Fu also shared her expressed her gratitude in joining Minister Kilepa to sign Singapore’s first-ever Implementation Agreement.
This agreement holds particular significance as it solidifies Singapore’s partnership with Papua New Guinea, who is a fellow member of the Alliance of Small Island States (AOSIS).
Both ministers acknowledged the critical role of Article 6 as a mechanism in enabling countries to voluntarily cooperate in achieving climate targets, including Nationally Determined Contributions (NDCs), while advancing global climate action and ambition.
The Implementation Agreement sets up a bilateral framework for the transfer of carbon credits with corresponding adjustments aligned with Article 6, providing a pathway for financing meaningful climate mitigation projects in Papua New Guinea.
Key components of the Agreement include a requirement for project developers to cancel 2% of authorized carbon credits at issuance, ensuring an overall mitigation of global emissions.
Additionally, project developers will contribute an equivalent of 5% share of proceeds towards adaptation action in Papua New Guinea, advancing both mitigation and adaptation actions in line with the Paris Agreement goals.
Minister Kilepa applauded the partnership as a milestone for Papua New Guinea and thanked the technical officials from both countries for their tireless efforts in ensuring the Agreement’s successful conclusion and signing.
Minister Fu stressed the imperative of high-integrity carbon markets, emphasizing that the environmental integrity of carbon credits under this Implementation Agreement meets internationally recognized standards.
Both ministers anticipate the collaborative identification of mutually beneficial compliant carbon credit projects that contribute to achieving the NDCs of both countries, solidifying a commitment to sustainable development and climate resilience.