A FEW days ago at the ongoing COP29 in Baku, Zambia signed a Memorandum of Understanding (MoU) with Singapore towards initiating negotiations of a Bilateral Agreement between the two countries, for Article 6 Cooperative Approaches under the Paris Agreement.
In a statement issued by Ministry of Green Economy and Environment on Monday, the statement reads that Article 6 of the Paris Agreement presents an opportunity for governments and the private sector to collaborate in the implementation of mitigation actions that reduce greenhouse gas emissions.“The MoU was signed by Zambia’s Minister of Green Economy and Environment, Mike Mposha and Singapore’s Minister of Sustainability and Environment and Minister in Charge of Trade Relations, Ms. Grace Fu,’’ the statement reads in part.
Also present at the event were the Permanent Secretary of the Ministry of Sustainability and Environment in Singapore Stanley Loh, the Permanent Secretary of Green Economy and Environment in Zambia, Dr Douty Chibamba and other senior dignitaries from both Singapore and Zambia.Mr Mposha explained that over the past few years, Zambia has been preparing for Article 6 Cooperative Approaches.He stated that the Ministry of Green Economy and Environment had already put in place institutional processes and policies that would enable it to facilitate international Carbon Market participation.
Mr Mposha said the preparation has resulted in positive steps towards Zambia’s climate ambition goals, including an MoU with Singapore.This MoU marks Zambia’s third Bilateral Engagement on International Cooperation forCarbon Credit transactions with buyer countries, having previously signed two (2) Bilateral Agreements with Norway and Sweden earlier this week at COP29.“The Memorandum of Understanding that we sign with Singapore today is the first step ofour cooperation that seeks to enhance climate action towards the reduction of emissions. We have developed an Action Plan in which our next steps are to negotiate the terms ofour bilateral agreement including the identification of projects under our implementationplan,” Mr Mposha said.
Speaking at the same event, Mr Loh said, “International cooperation is vital if we are to meet the challenges posed by global climate change. This MOU signals both countries’ commitment to collaborate on areas of mutual interest, particularly in climate change mitigation,’’ he said.Mr Loh said Singapore looks forward to working with Zambia to strengthen our climate ambitions and foster sustainable development to benefit communities and the environment.
The MoU signed between Zambia and Singapore shows commitment from both countries to cooperate in global efforts to reduce emissions and support economic transformation in a manner that promotes low carbon development and green growth. Zambia hopes that through its national framework on carbon Markets, and Bilateral Engagements, it will continue to facilitate Climate Action by using Carbon Finance to accelerate its efforts in the achievement of its Nationally Determined Contributions (NDCs).
The event was supported by the Supporting Preparedness for Article 6 Cooperation (SPAR6C) Program, led by the Global Green Growth Institute (GGGI) with GFA Consulting Group and UNEP Copenhagen Climate Centre as the leading delivery partners in Zambia.
SPAR6C aims to catalyze investment in greenhouse emissions reductions by supporting its implementation countries to enable transactions of Internationally Transferred Mitigation Outcomes (ITMOs) as allowed under Article 6 of the Paris Agreement.
