ECONOMYNEXT – Sri Lanka and Singapore have signed an agreement on a joint venture on carbon credits under a provision of the Paris Climate Accords following a meeting between President Ranil Wickremesinghe and Prime Minister Lee Hsien Loong.
Wickremesinghe met Loong Tuesday August 22 morning during an official visit to the city state. A statement from the President’s Media Division said the focal point of his talks with the Singapore prime minister was the reinforcement of collaborative efforts between the two nations. The two leaders have discussed the importance of sustained cooperation and exploring avenues for increased economic involvement.
A Memorandum of Understanding (MoU) was signed around a joint venture on carbon credits, falling under Article 6 of the Paris Agreement, a pivotal framework for global environmental stewardship, the PMD said.
The deal was signed by High Commissioner of Sri Lanka to Singapore Sashikala Premawardhane and Permanent Secretary (Development), Ministry of Trade and Industr Beh Swan Gin.
“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 PMD said.
Since coming into office, President Wickremesinghe has expressed a commitment to addressing climate change.
In October, he appointed Norwegian diplomat Erik Solheim, who once served as peace envoy mediating talks between the government and the separatist Tamil Tigers, as his International Climate Advisor.
That same month, Sri Lanka and Japan signed a memorandum of cooperation on Japan’s Joint Crediting Mechanism (JCM) for a low carbon growth partnership.
In February, Sri Lanka inked an agreement with Global Green Growth Institute (GGGI) headed by former UN chief Ban Ki-Moon. Sri Lanka had joined GGGI as a Member in 2019 and was Sri Lanka was elected as Vice President of the Assembly and Vice Chair of the Council of GGGI in October 2022.
More recently, Wickremesinghe called for a comprehensive review of the country’s national security strategy that is “poised to adopt a forward-looking perspective, intricately tied to emerging economic trends and the pressing issue of climate change”.
Sri Lanka ratified the Paris Agreement on Climate Change in September 2016 and has also submitted its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). (Colombo/Aug22/2023)