(Reuters) – Singapore has signed its first carbon credits implementation agreement with Papua New Guinea, setting out a legally binding framework and processes for generating and transferring the credits, the city-state’s trade ministry said on Friday.
“This collaboration will advance both countries’ climate ambition and help to channel financing towards additional mitigation efforts through carbon credit projects which would otherwise not be possible,” it said in a statement, issued during the United Nations Climate Change Conference (COP28).
(Reporting by Martin Petty; Editing by Edmund Klamann)
