Ghana Day @ COP27 - Ms Grace Fu

Speech by Ms Grace Fu, Minister for Sustainability and the Environment, at Ghana Day @ COP27

Your Excellency, Dr Kwaku Afriyie Minister of Environment, Science, Technology and Innovation Ghana

Distinguished Colleagues, Ladies and Gentlemen,

1 Thank you for the opportunity to join you at the launch of Ghana Market Framework.

2 I want to congratulate Ghana for being amongst the first countries to put in place a national framework for carbon market that operationalises the Article 6 rulebook, which was concluded at COP-26 last year. This announcement is timely as we are at COP-27, which has been billed the Implementation COP. Operationalisation of the Article 6 rule book will enable a high-integrity carbon market that support the achievement of the Paris Agreement goals, by directing investments to deploy additional mitigation actions, low-carbon technologies and nature-based climate solutions worldwide.

3 Singapore has been working closely with Ghana, as well as other like-minded countries and partners, to operationalise the Article 6 rulebook. I am happy to share that Singapore and Ghana have substantively concluded our negotiations on an Implementation Agreement on carbon credits cooperation. This will put in place a governance framework to enable the bilateral transfer of carbon credits, aligned with Article 6 of the Paris Agreement. We look forward to signing the Implementation Agreement in early next year.

4 In our collaboration with Ghana and other partner countries, Singapore is committed to ensure the integrity, quality and transparency of carbon markets. This includes robust and independent accounting, and the avoidance of double counting of mitigation outcomes, including requirement for corresponding adjustments. I would like to highlight two initiatives, which would support these objectives:
a. Singapore launched the Carbon Integrity SG project with the Centre for Nature-based Climate Solutions in the National University of Singapore last week, to improve the science around nature-based solutions. This will go a long way to improve credibility and environmental robustness of nature-based carbon credit projects, which Ghana has much potential in.
b. Together with World Bank and International Emissions Trading Association (IETA), Singapore is also supporting the Climate Action Data Trust (CAD Trust), which is an independent global market infrastructure that aims to reduce the risk of double-counting and foster transparency and confidence in carbon markets.

5 We look forward to collaborating with Ghana on mutually beneficial projects that prioritise sustainable development benefits to the local communities and economy. It is important for us that carbon credit projects undertaken would help both countries achieve our climate targets. These projects will also crowd in private sector investment to unlock further mitigation potential and implement adaptation measures. Singapore also intends to align the 5% contributions towards adaptation and ensuring overall mitigation of global emissions of 2% with Article 6.4 of the Paris Agreement for our collaborations under Article 6.2. This is another important avenue for higher ambition for mitigation and adaptation.

6 Singapore is committed to do our part to advance global climate action through effective international cooperation. The conclusion of substantive negotiations on the Implementation Agreement is a positive step in this direction. We look forward to build on the Implementation Agreement to further collaboration with Ghana on carbon markets.

7 Thank you.