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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">COP29: Singapore and Zambia ink carbon credit deal</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">This will pave the way for both sides to trade carbon credits aligned with Article 6 of the Paris Agreement</p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex flex-row items-start justify-start gap-2" data-testid="byline-component"><div class="flex flex-shrink-0 flex-row items-center justify-start"><img class="rounded-full" src="https://cassette.sphdigital.com.sg/image/businesstimes/ba1d64a8968e8ddad3d33ac2016dbe8491a300acd478c3a1db366374776ab158" alt="Janice Lim" width="50" height="50"/></div><div class="flex flex-col flex-wrap pl-2"><div class="flex flex-wrap gap-x-1.5"><h4 class="align-middle font-poppins font-semibold text-gray-850 word-break text-base" data-testid="byline-name-component"><a class="!text-gray-850 hover:underline" href="/authors/janice-lim" target="_blank">Janice Lim<!-- --> </a></h4></div><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Tue, Nov 19, 2024 · 02:00 PM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/carbon-credits">Carbon credits</a><button data-size="md" type="button" aria-label="Follow tag" class="ml-auto flex aspect-square cursor-pointer items-center justify-center whitespace-nowrap rounded-full !border !border-solid !border-gray-175 px-3 text-center !font-poppins text-xs font-semibold tracking-[0.02em] text-gray-850 !outline-none transition-all duration-150 focus-within:outline-none hover:!border-gray-850 focus:outline-none data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] md:aspect-auto md:px-6" data-rac="" id="react-aria-:R2aldcscu5:"><div class="md:min-w-16"><p class="m-0 hidden md:block">Follow</p><div class="flex items-center md:hidden"><svg aria-hidden="true" focusable="false" data-prefix="fas" data-icon="plus" class="svg-inline--fa fa-plus fa-sm " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512" color="text-gray-850"><path fill="currentColor" d="M256 80c0-17.7-14.3-32-32-32s-32 14.3-32 32l0 144L48 224c-17.7 0-32 14.3-32 32s14.3 32 32 32l144 0 0 144c0 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justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M11.354%201.646a.5.5%200%200%201%200%20.708L5.707%208l5.647%205.646a.5.5%200%200%201-.708.708l-6-6a.5.5%200%200%201%200-.708l6-6a.5.5%200%200%201%20.708%200z'/%3e%3c/svg%3e" width="18" height="18"/></div></button><button class="splide__arrow splide__arrow--next flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Participants at the signing ceremony were (from left) permanent secretary at Singapore's Ministry of Sustainability and Environment Stanley Loh, Sustainability and Environment minister Grace Fu, Zambia's Green Economy and Environment minister Mike Mposha, and his ministry's permanent secretary Douty Chibamba. PHOTO: COP29 SINGAPORE PAVILION</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">SINGAPORE and Zambia have inked a preliminary carbon credit deal on the sidelines of the annual United Nations climate change conference currently taking place in Baku, Azerbaijan.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The memorandum of understanding (MOU), signed on Tuesday (Nov 19) at the Singapore Pavilion at the COP29 summit, will pave the way for both countries to trade carbon credits aligned with Article 6 of the Paris Agreement. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">These credits come with corresponding adjustments, which means that the emissions being offset are counted only once by the country that bought the credits, while the country that produced them gives up the right to use the credits to meet its own national climate targets.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This is to avoid the double-counting of underlying emissions reductions or removals when carbon credits are traded.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Under the MOU, both countries will work towards a legally binding carbon credit transfer agreement aligned with Article 6.2 of the Paris Agreement, which governs bilateral trading of carbon credits. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">It is only when an implementation agreement has been signed that both countries can start trading carbon credits. Singapore has signed implementation agreements with Papua New Guinea and Ghana thus far. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="specific-newsletter"><h5 class="mb-6 border-b border-gray-850 py-2 !font-poppins text-base font-semibold uppercase tracking-5% md:text-lg">A NEWSLETTER FOR YOU</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/newsletter_esg-BltNROj8.png"/><div class="min-[321px]:pl-4 md:pl-6"><p class="mb-1 font-poppins text-4xs font-light uppercase tracking-[1px] text-gray-850">Friday, 12.30 pm</p><h5 role="name" class="!font-poppins text-xl font-medium text-gray-850">ESG Insights</h5><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg ">An exclusive weekly report on the latest environmental, social and governance issues.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rb55moodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rblmoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">For now, the MOU between Singapore and Zambia will facilitate the exchange of best practices and knowledge on carbon credit mechanisms, said the Ministry of Trade and Industry (MTI) in a statement on the same day.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Both countries will also work together to identify potential carbon mitigation projects that are compliant with Article 6, and develop the necessary infrastructure and capabilities to enable these projects to generate such credits. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This can support both countries in achieving their respective national climate targets, while promoting sustainable development and upholding environmental integrity, said MTI. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5359330" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/esg/cop29-more-policy-alignment-needed-s-e-asia-unlock-potential-new-carbon-trading-rules" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/d4569b1795d45695b7bfb60b75b9e1ccc213b10aeb87b7f8d07937c3bd6326c0?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/d4569b1795d45695b7bfb60b75b9e1ccc213b10aeb87b7f8d07937c3bd6326c0?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/d4569b1795d45695b7bfb60b75b9e1ccc213b10aeb87b7f8d07937c3bd6326c0?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/d4569b1795d45695b7bfb60b75b9e1ccc213b10aeb87b7f8d07937c3bd6326c0?q=20&w=3&h=2&f=webp" loading="lazy" alt="Observers see South-east Asia as a prime landscape for the new global carbon crediting regime to operate." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5359330"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="COP29: More policy alignment needed in S-E Asia to unlock potential from new carbon trading rules" href="/esg/cop29-more-policy-alignment-needed-s-e-asia-unlock-potential-new-carbon-trading-rules" target="_blank">COP29: More policy alignment needed in S-E Asia to unlock potential from new carbon trading rules</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5347978" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/esg/issue-125-cop29-carbon-deal-potential-win-asia-singapores-us500-million-blended-finance-signal" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/7d1746d1299047405687133c8731574d654ea25bbcf078dc51f8779b1a582fae?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/7d1746d1299047405687133c8731574d654ea25bbcf078dc51f8779b1a582fae?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/7d1746d1299047405687133c8731574d654ea25bbcf078dc51f8779b1a582fae?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/7d1746d1299047405687133c8731574d654ea25bbcf078dc51f8779b1a582fae?q=20&w=3&h=2&f=webp" loading="lazy" alt="Asia was the most active market by volume for voluntary carbon credits in 2023, says Ecosystem Marketplace." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5347978"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Issue 125: COP29 carbon deal a potential win for Asia; Singapore’s US$500 million blended finance signal" href="/esg/issue-125-cop29-carbon-deal-potential-win-asia-singapores-us500-million-blended-finance-signal" target="_blank">Issue 125: COP29 carbon deal a potential win for Asia; Singapore’s US$500 million blended finance signal</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5335222" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/esg/cop29-edb-launches-grant-support-early-stage-carbon-projects" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/ef038213dca171e78aa323585ec3fa9da8c66cd76d58412dfc0e201e48750c8e?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/ef038213dca171e78aa323585ec3fa9da8c66cd76d58412dfc0e201e48750c8e?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/ef038213dca171e78aa323585ec3fa9da8c66cd76d58412dfc0e201e48750c8e?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/ef038213dca171e78aa323585ec3fa9da8c66cd76d58412dfc0e201e48750c8e?q=20&w=3&h=2&f=webp" loading="lazy" alt="Established carbon project developers that have had success in developing high-quality carbon projects are eligible to apply for the grant, says the Economic Development Board." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5335222"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="COP29: EDB launches grant to support early-stage carbon projects " href="/esg/cop29-edb-launches-grant-support-early-stage-carbon-projects" target="_blank">COP29: EDB launches grant to support early-stage carbon projects </a></h3></div></div></div></div><div data-testid="section-related-stories" class="overflow-hidden transition-all duration-300" style="height:0"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5327652" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/esg/temasek-backed-genzero-and-trafigura-invest-us100-million-colombian-carbon-project" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/25bc1b3013af22cf45d3ad038fd3af4a8f754d0c95b72cf265a83a3d2eb5c932?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/25bc1b3013af22cf45d3ad038fd3af4a8f754d0c95b72cf265a83a3d2eb5c932?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/25bc1b3013af22cf45d3ad038fd3af4a8f754d0c95b72cf265a83a3d2eb5c932?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/25bc1b3013af22cf45d3ad038fd3af4a8f754d0c95b72cf265a83a3d2eb5c932?q=20&w=3&h=2&f=webp" loading="lazy" alt="Restored section of Brujula Verde project in Colombia" class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5327652"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Temasek-backed GenZero and Trafigura to invest US$100 million in Colombian carbon project" href="/esg/temasek-backed-genzero-and-trafigura-invest-us100-million-colombian-carbon-project" target="_blank">Temasek-backed GenZero and Trafigura to invest US$100 million in Colombian carbon project</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5291690" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/opinion-features/features/money-money-money-and-trump-whats-stake-cop29" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/70fa24854aae83cba2d8cedd3585fc10bd29101ce0688284fa245a4610e3b4b4?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/70fa24854aae83cba2d8cedd3585fc10bd29101ce0688284fa245a4610e3b4b4?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/70fa24854aae83cba2d8cedd3585fc10bd29101ce0688284fa245a4610e3b4b4?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/70fa24854aae83cba2d8cedd3585fc10bd29101ce0688284fa245a4610e3b4b4?q=20&w=3&h=2&f=webp" loading="lazy" alt="This year’s climate summit in Baku, Azerbaijan, has been dubbed the "finance COP"." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5291690"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Money, money, money... and Trump: What’s at stake at COP29 " href="/opinion-features/features/money-money-money-and-trump-whats-stake-cop29" target="_blank">Money, money, money... and Trump: What’s at stake at COP29 </a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="4923163" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/esg/global-carbon-price-needed-accelerate-decarbonisation-chee-hong-tat" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/335a151fbb9bc200e1d9d3a290fe0e116afdb2cb24163b905132ac5eb34f7b24?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/335a151fbb9bc200e1d9d3a290fe0e116afdb2cb24163b905132ac5eb34f7b24?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/335a151fbb9bc200e1d9d3a290fe0e116afdb2cb24163b905132ac5eb34f7b24?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/335a151fbb9bc200e1d9d3a290fe0e116afdb2cb24163b905132ac5eb34f7b24?q=20&w=3&h=2&f=webp" loading="lazy" alt="Transport Minister Chee Hong Tat at a conference organised by United Nations Global Compact Network Singapore on Thursday (Oct 3). " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_4923163"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Global carbon price needed to accelerate decarbonisation: Chee Hong Tat" href="/esg/global-carbon-price-needed-accelerate-decarbonisation-chee-hong-tat" target="_blank">Global carbon price needed to accelerate decarbonisation: Chee Hong Tat</a></h3></div></div></div></div><div class="w-full"><div class="cursor-pointer place-self-center border-t border-gray-175 pt-3 text-right !font-poppins text-base font-semibold capitalize tracking-normal !text-gray-850 [@media(hover:hover)]:hover:underline">More</div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Given that rules surrounding the global trading of carbon credits – covered under Article 6.4 of the Paris Agreement – had been adopted only on the first day of the COP29 talks, the city-state has been working with individual countries to come up with bilateral trading agreements over the last few years. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This is the first bilateral carbon credit deal Singapore has inked at COP29. The signing was witnessed by Sustainability and Environment Minister Grace Fu and her Zambian counterpart Mike Mposha. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">She said at the signing: “We hope to conclude and sign (the Implementation Agreement) as soon as feasible, to bring concrete climate benefits. I hope that our cooperation will demonstrate how high-quality carbon credits can credibly raise global climate ambition, and bring about tangible benefits such as environmental protection, sustainable development, the creation of good jobs and enhanced biodiversity. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">“These are especially important for countries like Singapore and Zambia, who are vulnerable to the effects of climate change,” she added. </p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Copyright The Business Times. 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