Sri Lanka signs MoU with Singapore to collaborate on carbon credits

Sri Lanka today (22 Aug) signed a Memorandum of Understanding (MoU) with Singapore to collaborate on carbon credits within the framework of Article 6 of the Paris Agreement.

Under the provisions of Article 6 of the Paris Agreement, countries have the opportunity to collaborate effectively with the objective of reducing global greenhouse gas emissions through international carbon trading. 

Accordingly, a cooperative understanding concerning carbon neutrality within the framework of the Paris Agreement was established between the governments of Sri Lanka and Singapore this afternoon.

The President’s Media Division (PMD) said this strategic partnership not only showcases the commitment of both nations to environmental responsibility but also sets the stage for further collaboration in various sectors, paving the way for a prosperous and sustainable future.

The MoU was inked by the High Commissioner of Sri Lanka to Singapore, Shashikala Premawardhane and the Permanent Secretary (Development) to Singapore’s Trade & Industry Ministry, Beh Swan Gin, in the presence of President Ranil Wickremesinghe and the Prime Minister of Singapore Lee Hsien Loong.

The agreement was formalized after a significant meeting between the Sri Lankan president and Singaporean prime minister earlier today, during which the reinforcement of collaborative efforts between the two nations and the importance of sustained cooperation were discussed.

The two leaders also explored avenues for increased economic involvement.

President Wickremesinghe left for Singapore on Monday (21 Aug) for a two-day official visit.