Representatives from Australia and Singapore signed the Singapore-Australia Green Economy Agreement (GEA) on Tuesday to drive economic growth and reduce carbon emissions.
The Singapore-Australia GEA will establish the foundations necessary for a cross-border economy, including facilitating flows of environmental goods and services, green and transition finance, and clean energy.
To implement GEA, both countries will work closely with businesses, investors, organisations, and other stakeholders to support the economic transition to net zero emissions.
Australia’s initial work under the GEA spans seven key areas, which are: trade and investment; standards and conformance assessments; green and transition finance; carbon markets; clean energy, decarbonisation, and technology; skills and capabilities; and engagements and partnerships.
Singapore and Australia will also deploy 17 practical initiatives, which are expected to deliver tangible outcomes that benefit businesses and consumers.
The GEA will be updated regularly and new and additional activities are slated to be added over time, the Australian Department of Foreign Affairs and Trade said in a statement.
The new Singapore-Australia GEA builds on Australia’s substantial bilateral relationship with Singapore and existing areas of cooperation, such as the Singapore-Australia Free Trade Agreement, Low Emissions Solutions Memorandum of Understanding and 2021 Australia-Singapore Partnership on Hydrogen for Maritime Use.
Singapore and Australia’s joint vision for the latest agreement was announced on 11 Oct 2021 and saw 13 negotiation rounds over a 12-month period from 22 September 2021.
