Singapore and Philippines Launch Carbon Credit Transfer Framework
Singapore and the Philippines have formalized a carbon credit transfer agreement to enhance sustainability efforts. This framework facilitates the development of carbon credit projects aligned with the Paris Agreement's Article 6, promoting local community benefits.
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A legally binding framework for carbon credit generation and transfer was established between Singapore and the Philippines on April 30. Signed during Asean Climate Week in Manila, the agreement aims to advance both countries' climate goals and unlock financing for carbon mitigation projects in the Philippines.
This framework allows project developers to create high-quality carbon credits that provide benefits such as job creation, improved energy security, and reduced pollution. Further details about the authorization process for these projects will be released by the Ministry of Trade and Industry.
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