The Governments of Papua New Guinea and Singapore jointly signed a groundbreaking Implementation Agreement for cooperation under Article 6 of the Paris Agreement on climate change at the margins of COP28 yesterday.
PNG’s Minister for Environment Conservation and Climate Change, Simon Kilepa expressed gratitude on behalf of the PNG government at the signing, emphasizing the Agreement’s importance in strengthening bilateral relations between PNG and Singapore.
He also highlighted the Agreement’s role in fostering constructive dialogue and cooperation in areas of mutual interest, including climate change, trade, and investment.
Singapore’s Minister Grace Fu, shared great pleasure in joining Minister Kilepa to sign Singapore’s first-ever Implementation Agreement.
“This agreement holds particular significance as it solidifies a partnership with Papua New Guinea, a fellow member of the Alliance of Small Island States (AOSIS).”
“The imperative of high-integrity carbon markets, emphasizing the environmental integrity of carbon credits under this Implementation Agreement meets internationally recognized standards,” Minister Fu said.
Both ministers acknowledged the critical role of Article 6 as a mechanism in enabling countries to voluntarily cooperate in achieving climate targets, including Nationally Determined Contributions (NDCs), while advancing global climate action and ambition.
Key components of the Agreement include a requirement for project developers to cancel 2% of authorized carbon credits at issuance, ensuring an overall mitigation of global emissions.
Project developers will contribute an equivalent of 5% share of proceeds towards adaptation action in Papua New Guinea, advancing both mitigation and adaptation actions in line with the Paris Agreement goals.
Minister Kilepa said “the partnership is a milestone for PNG, and I thank the technical officials from both countries for their tireless efforts in ensuring the Agreement’s successful conclusion and signing.”
