Md. Shahidul Haque
Anralya, Turkuye.

Bangladesh and Singapore have signed a Memorandum of Understanding (MoU) to strengthen cooperation in international carbon markets under Article 6 of the Paris Agreement, create new opportunities for climate finance, and promote joint initiatives to reduce greenhouse gas emissions.

The MoU was signed on Saturday morning (14 November) at the Singapore Pavilion during the 31st United Nations Climate Change Conference (COP31) in Antalya, Turkiye. Sheikh Faridul Islam, State Minister for Environment, Forest and Climate Change, signed the MoU on behalf of Bangladesh, while Melvin Ong, Secretary of Singapore's Ministry of Sustainability and the Environment, signed on behalf of Singapore.

The MoU marks a significant milestone in facilitating Bangladesh's effective participation in international carbon markets, expanding opportunities for carbon financing and environmentally sustainable investments, and supporting the implementation of the country's Nationally Determined Contributions (NDC 3.0).

Speaking at the signing ceremony, State Minister Sheikh Faridul Islam said, Bangladesh warmly welcomes this important partnership with Singapore under the Paris Agreement. This cooperation will play a significant role in unlocking new opportunities for carbon finance, developing high-quality and transparent carbon markets, and supporting the implementation of Bangladesh's NDC 3.0. Bangladesh is committed to working closely with Singapore to advance sustainable development, achieve ambitious climate goals, and strengthen effective global climate action.

Under the MoU, the two countries have agreed to exchange information, knowledge, and experience related to carbon credits and strengthen future cooperation on carbon emission reduction projects based on mutual interests and benefits. This collaboration will help accelerate climate change mitigation efforts by leveraging opportunities for international cooperation under Article 6 of the Paris Agreement.

The initiative is expected to support the development of internationally recognized carbon markets in Bangladesh, facilitate the transfer of climate-friendly technologies, attract greater private sector investment, and create new opportunities for international climate finance. It will also contribute to advancing the country's sustainable and low-carbon development initiatives and achieving its national climate targets.

As a follow-up to the MoU, Bangladesh and Singapore are expected to sign an Implementation Agreement at COP32, scheduled to be held in Ethiopia next year. The agreement is expected to further strengthen the effectiveness, institutional framework, and practical implementation of bilateral cooperation under Article 6 of the Paris Agreement.