Philippines-Singapore Emissions Reduction Collaboration Serves as Example in ASEAN
Jakarta (ANTARA) - The joint implementation agreement between the Philippines and Singapore on high-integrity climate cooperation and the transfer of Internationally Transferred Mitigation Outcomes (ITMO) is regarded as a good example that can be emulated by all ASEAN member countries.
Philippines’ Minister of Environment and Natural Resources, Juan Miguel T. Cuna, stated that the joint implementation between the Philippines and Singapore opens up new investment opportunities in the renewable energy sector, waste management, methane reduction, and smart agriculture amid efforts to mitigate climate change.
“The agreement reflects the strength of the partnership built on mutual trust, transparency, and shared ambition,” said Minister Cuna in a statement received in Jakarta on Sunday.
In agreement with the Philippine minister, Singapore’s Minister for Sustainability and the Environment, Grace Fu, stated that the collaboration will channel climate funding to impactful projects in the Philippines and open opportunities in the carbon market for local communities in the Philippines.
The agreement, added Minister Fu, also paves the way for ASEAN in building a low-carbon future that brings real benefits to the region.
The agreement was signed by the environment ministers of both countries on the sidelines of the ASEAN Climate Week in the Philippines on Thursday (30/4).
The bilateral agreement was drafted by referring to Article 6.2 of the 2015 Paris Agreement, which allows countries to transfer emission reduction outcomes in a bilateral mechanism to achieve national climate contribution targets.
With the Philippines-Singapore joint implementation, both countries can now coordinate joint mitigation steps, transfer ITMOs, and develop governance systems in accordance with the Paris Agreement and the Sustainable Development Goals (SDGs).
Such agreements are seen as indicating readiness to participate in high-integrity carbon markets to attract green investments and enhance competitiveness in the carbon investment sector in Southeast Asia.
In addition, revenues from ITMO transfers can support reforestation efforts, forest protection, sustainable energy development, and sustainable initiatives for communities, particularly those affected by climate change.