On March 1st, 2023, the Secretary of State for the UK’s Department of Energy Security and Net Zero (DESNZ), The Rt Grant Shapps MP, and Singapore’s Minister-in-charge of Trade Relations from the Ministry of Trade and Industry (MTI), Mr. S Iswaran, held a virtual call to sign a Memorandum of Understanding (MoU) establishing a bilateral Green Economy Framework. This historic agreement aims to strengthen collaboration between the governments of the UK and Republic of Singapore.
The Green Economy Framework builds upon the existing UK-Singapore free trade agreement and digital economy agreement, encompassing elements of economic, trade, and climate policy. By aligning with the Paris Agreement, this deal will facilitate national decarbonisation targets, while enhancing energy security and fostering sustainable development through investment, employment generation, and export opportunities.
To achieve this goal, the agreement will be implemented through various mechanisms, including government policy dialogues, industry workshops, business matchmaking, and research partnerships. The overarching aim of the agreement is to foster greater collaboration between industry and academic partners in the UK and Singapore. This will lead to the development of new commercial pilot projects, increased trade and investments, and further research and innovation.
In a press release published on GOV.UK, on 1 March, 2023, Secretary of State for the Department for Energy Security & Net Zero, Grant Shapps said: “Today’s agreement with Singapore – the first of its kind in the UK – will make the most of the expertise and innovation of both our countries. It will help us move towards greener, home-grown alternatives to fossil fuels like renewables, creating high tech jobs and businesses of the future and, ultimately, bringing down costs for consumers”.
The signing of the MoU between the UK and Singapore marks a significant step towards achieving a green economy and mitigating climate change. This historic agreement is a positive sign that countries can work together towards a sustainable future and pave the way for more international collaborations in addressing the challenges of climate change.