The Government of Mongolia and the Government of the Republic of Singapore have elevated bilateral cooperation in the field of climate change by concluding the “Cooperation Agreement on the Implementation of the Paris Agreement.”
On behalf of the Government of Mongolia, the Agreement was signed by H.E. N. Uchral, First Deputy Prime Minister and Minister of Economy and Development, and H.E. B. Batbaatar, Minister of Environment and Climate Change. On behalf of the Government of the Republic of Singapore, it was signed by H.E. Ms. Grace Fu, Minister for Sustainability and the Environment, and H.E. Mr. Gan Kim Yong, Minister for Trade and Industry.
The Agreement will broaden bilateral cooperation in the areas of environment, climate change, and investment, and establish the framework for the implementation of major projects aimed at reducing greenhouse gas emissions and advancing green and sustainable development.
Within the framework of the Agreement, projects will be undertaken with the participation of Singaporean investment in the fields of renewable energy (hydropower, wind, solar), energy-efficient technologies, waste management, reforestation, intensive agriculture, environmental rehabilitation, and sustainable infrastructure.
This cooperation will not only promote Mongolia’s green transition, but will also increase foreign currency inflows, support stable economic growth, and enhance the participation of Mongolia’s private sector and project implementers in the international carbon credit system.
Furthermore, a Joint Committee will be established to ensure and oversee the implementation of the Agreement. The Committee will be mandated to define priority areas, develop a carbon market registration mechanism, and set criteria for project applications and evaluations.
