SINGAPORE, Sept. 4 (Xinhua) -- Singapore and Laos signed an implementation agreement to collaborate on carbon credits under Article 6 of the Paris Agreement on Friday.
The agreement establishes a legally binding framework for the generation and transfer of carbon credits, Singapore's Ministry of Trade and Industry said in a statement.
The framework will enable project developers to undertake high-quality carbon mitigation projects that are aligned with Article 6 rules.
The collaboration is expected to advance both countries' climate goals by directing financing towards unlocking additional emissions reduction opportunities in Laos, the statement said. ■