UK and Singapore sign new Green Economy plan

The United Kingdom and the Republic of Singapore have signed a Memorandum of Understanding (MoU) to establish a bilateral Green Economy Framework, combining elements of climate, economic, and trade policy. The agreement was signed during a virtual call between the Department of Energy Security and Net Zero’s (DESNZ) Secretary of State, The Rt Grant Shapps MP, and Singapore’s Minister-in-charge of Trade Relations from the Singapore’s Ministry of Trade and Industry (MTI), Mr S Iswaran, on 1 March 2023. This is a first-of-its-kind agreement for the UK.

This collaboration aims to enable both countries to achieve national decarbonisation targets aligned with the Paris Agreement while enhancing energy security and promoting green growth through new investment, job creation and export opportunities. The UK-Singapore Green Economy Framework will be implemented through various mechanisms, including government policy dialogues, business matchmaking, industry workshops, and research partnerships. The Framework’s three key pillars are green transport, low-carbon energy technologies, and sustainable finance and carbon markets.

The MoU builds on the UK-Singapore Free Trade Agreement and Digital Economy Agreement, expanding on the UK’s legacy of a successful COP26 Presidency and Singapore’s COP-honed expertise in facilitating negotiations on international rules for carbon trading. The ambition of this government-to-government agreement is to facilitate more collaboration between UK and Singapore industry and academic partners, resulting in new commercial pilot projects, trade and investments, and research and innovation.

According to the Secretary of State for the Department for Energy Security & Net Zero Grant Shapps, “Today’s agreement with Singapore – the first of its kind in the UK – will help us move towards greener, home-grown alternatives to fossil fuels like renewables, creating high tech jobs and businesses of the future and, ultimately, bringing down costs for consumers.” Singapore is an important partner to the UK in working towards a sustainable and net-zero future, and the UK-Singapore Green Economy Framework will further strengthen their existing, long-term collaboration by creating new growth opportunities for both countries.