Opinion by Mathew Carr
Aug. 24, 2021 — The planned Singapore-U.S. climate partnership increases the chance of a global carbon market following climate talks in November.
Like London in the U.K. and Latin America, Singapore sees itself as an emissions-trading hub under the Paris climate deal.
Yesterday’s deal in the wake of the U.S. pulling out of Afghanistan (see note 3) shows there’s hope yet for economically efficient global carbon trading.
While U.S. Vice President Kamala Harris, visiting Singapore, didn’t talk publicly about carbon markets specifically, she said discussions on climate protection were extensive … and also the talks ran over time. (I might have missed something.)
She said the region was crucial when determining how the world will end up:
“As we move forward and think about where we go in the 21st century, South East Asia and the Indo Pacific will in large part, I believe, dictate the future of our world.” — See note 2
TEXT: Launching the U.S.-Singapore Climate Partnership:
The United States and Singapore will launch a U.S.-Singapore Climate Partnership, through which both countries intend to work together to:
- develop high-quality climate standards;
- and increase regional ambition on sustainable finance;
- collaborate on financial sector climate and environmental risk management;
- support climate technology R&D and regional clean energy infrastructure development;
- improve sustainability of ports and shipping;
- and mobilize private climate capital for climate mitigation and adaptation.
To launch the Climate Partnership, experts from the Departments of Commerce, Energy, Transportation, and Treasury will undertake bilateral consultations with their counterparts in Singapore to develop standards and a medium-term program of work.