The Bhutanese Leading the way.
Bhutan and Singapore signed a Memorandum of Understanding (MoU) on carbon collaboration on 18 May.
The MoU signing was held online between Lyonpo Loknath Sharma, Ministry of Energy and Natural Resources and his Singaporean counterpart, Mr Gan Kim Yong, Ministry of Trade and Industry.
Lyonpo Loknath, during his address on the occasion, shared that Bhutan is looking forward to carbon trading as a financing instrument. “Going carbon positive is easier than remaining carbon negative or neutral. Bhutan has taken the most difficult path, and I hope countries will start appreciating us.”
Under the MoU, both countries will explore the development of carbon markets and work together to generate carbon credits, promoting sustainable practices and low-carbon solutions. By leveraging each other’s strengths, Bhutan and Singapore aim to raise environmental ambition, build capacity and climate resilience, and contribute to global efforts in mitigating greenhouse gas emissions.
The partnership is expected to pave the way for Bhutan to harness its abundant natural resources, particularly its vast forest cover, to generate carbon credits that can be traded on the global market. Singapore, as a global financial hub with expertise in carbon markets, will provide support and collaboration in developing sustainable mechanisms for offsetting carbon emissions.
This collaboration holds multiple benefits for both nations. It will not only contribute to the global fight against climate change, but also stimulate sustainable economic growth. By integrating sustainable approach into economic development, Bhutan and Singapore aim to create green jobs, attract green investments, and foster innovation in climate-friendly technologies.
