Singapore and Tanzania have signed a memorandum of understanding (MOU) on carbon credits collaboration under Article 6 of the Paris Agreement on Tuesday.

The Ministry of Trade and Industry Singapore said in a statement that the MOU was during President Tharman Shanmugaratnam’s State Visit to Tanzania.

Under the MOU, both countries will explore bilateral cooperation on carbon markets to mobilize finance towards climate action and sustainable development.

Singapore and Tanzania will work towards signing a legally binding Implementation Agreement for the authorization and international transfer of correspondingly adjusted carbon credits.

Both countries will also collaborate to identify potential Article 6-compliant mitigation projects that will support the achievement of their respective nationally determined contributions (NDCs), while promoting sustainable development and upholding environmental integrity.

“The MOU underscores Singapore and Tanzania’s shared
commitment to effective global climate action,

“Our countries’ collaboration on high integrity carbon markets will catalyze investments in mitigation projects and create new opportunities in the green transition, while advancing our respective climate goals,” said Alvin
Tan, Minister of State for Trade and Industry and National Development of Singapore.

The MOU was signed by Tan and Tanzania’s Minister of State, Vice President’s Office (Union Affairs and Environment) Hamad Yussuf Masauni. It was witnessed by President Tharman
and Tanzania’s President Samia Suluhu Hassan.

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