Singapore and UK Sign MOU on Green Economy Framework

On 1 March 2023, Singapore and the United Kingdom (“UK“) entered a Memorandum of Understanding (“MOU“) on the UK-Singapore Green Economy Framework (“UKSGEF“). The MOU outlines key areas of green economy cooperation that both countries will work on to create green growth opportunities while promoting decarbonisation. The main aims of the UKSGEF are to:

(a)      Support both countries’ energy security and net zero by 2050 goals;

(b)      Facilitate academic and industry partnerships that will catalyse the net zero transition; and

(c)      Promote more sustainable investment and trade between Singapore and the UK.

The UKSGEF covers three main Pillars: (i) Green Transport; (ii) Low Carbon Energy and Technologies; and (iii) Carbon Markets and Sustainable Finance.  The key areas of cooperation under each Pillar include: 

Pillar 1: Green Transport

(a)      Decarbonisation measures in maritime transport and air transport.  Maritime transport decarbonisation measures include green and digital shipping corridors, which are priorities embraced by agencies such as the Maritime and Port Authority of Singapore and the key industry players in our world-leading marine fuel trading hub here. Air transport decarbonisation measures include sustainable aviation fuels, improvement in air traffic management, carbon credits, and green airport initiatives.

(b)      Continued bilateral and multilateral cooperation in international fora and negotiations to attain targets for decarbonisation.

(c)      Strategies and legal frameworks for zero emission vehicles and charging infrastructure. 

Pillar 2: Low Carbon Energy and Technologies

(a)      Development of low-carbon hydrogen technologies, as well as standards and wider regulations to facilitate the growth of the hydrogen economy.

(b)      Policy, regulatory and technical aspects of carbon capture, utilisation and storage (CCUS), grid interconnection, cross-border electricity trade and solutions to enhance system resiliency and flexibility. 

Pillar 3: Carbon Markets and Sustainable Finance

(a)      Increase transparency in carbon markets and advance climate action and ambition through high-integrity international carbon markets. This will be done through bilateral cooperation and multilateral initiatives.

(b)      Cooperation on sustainable finance under the annual UK-Singapore Financial Dialogue, co-chaired by the Monetary Authority of Singapore (MAS) and the HM Treasury.

The UKSGEF will also promote collaborations between both countries’ governments, academia and business communities towards green economy objectives.

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