Building on the successful UK–Singapore Free Trade Agreement (FTA) and Digital Economy Agreement (DEA, the UK and Singapore have signed a Memorandum of Understanding (MoU) to establish a bilateral Green Economy Framework.
A first of its kind for the UK, and with full details available here, the UK–Singapore Green Economy Framework combines elements of climate, economic and trade policy.
It will, Secretary of State for the Department for Energy Security and Net Zero (DESNZ), Grant Shapps, said, enable both countries to achieve national decarbonisation targets in alignment with the Paris Agreement while enhancing energy security and promoting green growth through new investment, job creation and export opportunities.
It will, he explained, take place across three key pillars: green transport; low carbon energy technologies and sustainable finance and carbon markets.
British High Commissioner to Singapore, Kara Owen, said: “In action, this Framework will leverage the UK and Singapore’s strengths in areas like low carbon technology, shipping and finance to deliver long-term sustainable policy, regulation and technical solutions and projects between our private sector and academic communities.”
With significant and ever-growing investments in UK’s renewable energy sector, she concluded, the UK-Singapore Green Economy Framework will further strengthen the existing, long-term collaboration by creating new growth opportunities for both countries.
