S'pore, US to launch climate partnership, collaborate on sustainable development and low-carbon solutions

MTI said climate change is a critical global challenge and a top priority for Singapore and the US. PHOTO: ST FILE

SINGAPORE - Singapore and the United States will strengthen collaboration on climate action, environmental governance, sustainable development, and low-carbon solutions.

This will create opportunities for businesses and workers in green growth sectors, including in energy transitions, clean energy infrastructure development, sustainable transport, sustainable finance, and quality carbon credits markets, said the Ministry of Trade and Industry (MTI) on Monday (Aug 23).

Announcing a new Singapore-US climate partnership during US Vice-President Kamala Harris' visit to Singapore, MTI said climate change is a critical global challenge and a top priority for Singapore and the US.

It added that both countries support global efforts to address this key challenge, and are fully committed to implementing their commitments under the Paris Agreement and taking bold climate actions.

"We firmly believe that sustainability and economic growth can go hand in hand. By mainstreaming sustainability into the global economy, we can work together towards greater benefits and opportunities for Singapore, the US, and the region."

Four potential areas for cooperation are:

- Sustainable finance, including mobilising private capital for sustainable infrastructure, financial sector climate and environmental risk management;

- Energy transitions, including clean energy infrastructure development and sustainable transport;

- Quality carbon credit markets; and

- Expert consultations on green standards setting, mobilising high-quality green finance, and analysing, managing, and disclosing climate and environmental financial risks.

"Both countries will continue to explore opportunities to strengthen our collaboration in more areas of climate change and the green economy, in line with our mutual interests," said the ministry.

Other areas of cooperation announced on Monday included cyber security and the economy.

A key initiative is the US-Singapore Partnership for Growth and Innovation, whose initial focus will be on the digital economy, energy and environmental technologies, advanced manufacturing, and healthcare.

Both sides agreed to combat pandemics and convene a high-level dialogue on supply chains, which will bring government and industry leaders together to discuss ways to strengthen supply chain resilience.

They also welcomed two new programmes on "smart cities professional exchanges" and "smart cities green buildings".

These two programmes will facilitate closer collaboration and knowledge sharing between the US, Singapore and other Asean countries through the Asean Smart Cities Network, an initiative spearheaded by Singapore when it was the Asean chair in 2018.

The Ministry of Foreign Affairs said on Monday that this will help cities lower emissions and become more sustainable, as well as maximise green digital solutions.

Join ST's WhatsApp Channel and get the latest news and must-reads.