Green Economy Framework: memorandum of understanding
Memorandum of understanding between the UK and Singapore supporting decarbonisation, enhancing energy security and leveraging investment across priority green sectors.
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This Green Economy Framework signed by Secretary of State for Energy Security and Net Zero The Rt Grant Shapps MP and Singapore’s Minister-in-charge of Trade Relations from the Singapore’s Ministry of Trade and Industry (MTI), Mr S Iswaran aims to support the decarbonisation of the 2 countries’ economies, while enhancing energy security and promoting green growth through new investment, job creation and export opportunities.
Building on the UK-Singapore Free Trade Agreement and Digital Economy Agreement, this hybrid trade and climate framework MoU is underpinned by 3 core pillars that will be reviewed and updated regularly:
1. Green transport (sustainable aviation, green maritime and zero emissions vehicles)
2. Low carbon energy technologies (hydrogen, CCUS, grid interconnection, cross-border electricity trade and system flexibility)
3. Carbon markets and sustainable finance.
The ambition of this government-to-government Framework is to facilitate greater collaboration between UK and Singapore industry and academic partners, resulting in new commercial pilot projects, trade and investments, and research and innovation. It will be implemented through different mechanisms, including:
- government policy dialogues
- business matching
- academic and research partnerships
- increasing private investment and industry workshops