The landlocked East African nation of Rwanda has become the latest country to finalise a carbon tradingagreement with Singapore – the sixth such pact that the Republic has inked since end-2023.
The implementation agreement was signed on 6 May by Minister for Sustainability and the EnvironmentGrace Fu and Rwanda’s Minister of Environment, Dr Valentine Uwamariya, during her visit to Singapore.
Ms Fu – who is also Minister-in-Charge of Trade Relations – noted that the carbon trading pactadds to Singapore and Rwanda’s “strengthened cooperation in forward-looking areas such asdigital economy and FinTech”.
Dr Uwamariya said: “Through this agreement, we aim to promote high-integrity carbon markets, achievetangible emissions reductions, and support sustainable development for our communities.”
Singapore has also inked implementation agreements with Papua New Guinea, Ghana, Bhutan, Peru,and Chile.
These bilateral pacts will allow Singapore to buy carbon credits to offset some of its greenhouse gasemissions, enabling the country to meet its climate targets under the Paris Agreement. Under theclimate pact, countries can buy carbon credits generated in other nations or regions to meet domesticclimate targets.