Singapore, February 28 (AseanAll)  — Singapore and Bhutan signed an Implementation Agreement on carbon credits cooperation under Article 6 of the Paris Agreement on February 28,2025. 

The Implementation Agreement was signed between Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu and Bhutan’s Minister of Energy and Natural Resources Gem Tshering, during the latter’s visit to Singapore. This marks Singapore’s first Implementation Agreement with a carbon-negative country , reinforcing both nations’ commitment to global climate action.

The Implementation Agreement establishes a framework for the transfer of carbon credits generated from carbon mitigation projects aligned with Article 6 of the Paris Agreement. Project developers can leverage this framework to develop high-quality carbon credit projects that are aligned with the Article 6 rulebook.

This collaboration will advance both countries’ climate ambitions by directing financing towards additional mitigation efforts. The carbon mitigation projects authorised under the Implementation Agreement will promote sustainable development and deliver tangible benefits to local communities, such as creation of jobs, improved access to clean water, enhanced energy security, and reduction of environmental pollution.

Project developers can leverage this framework to develop high-quality carbon credit projects that are aligned with the Article 6 rulebook. Information on the process for authorisation and eligible carbon crediting methodologies under the IA will be published in due course.

Grace Fu said, “Singapore is pleased to partner with Bhutan, a carbonnegative country and a leader in environmental stewardship, to accelerate climate action through this Implementation Agreement. By working together on high-integrity carbon markets, we can drive sustainable growth, mobilise climate finance, and reduce global carbon levels. This collaboration strengthens our shared vision for a greener and more sustainable future, and accelerate the global green transition.”

Gem Tshering said, “Bhutan has placed environmental conservation at the heart of our national identity, guided by our deep reverence for nature. As a carbon-negative country, we remain steadfast in our commitment to balancing economic progress with environmental integrity. Our Implementation Agreement with Singapore sends a powerful message on the importance of international collaboration on high-integrity carbon markets to address climate change. We are pleased that our cooperation will reinforce Bhutan’s long-standing vision of sustainable development – one that conserves our forests, supports our communities, and ensures our planet continues to thrive for generations to come.”

This Implementation Agreement with Bhutan is Singapore’s third such agreement, following agreements with Ghana and Papua New Guinea.