SUSTAINABLE FINANCE: Singapore and the US to launch climate partnership.

As published on pinsentmasons.com, Wednesday 1 September, 2021.

Singapore and the US have agreed to build a partnership and work on climate change, environmental governance, sustainable development and low carbon solutions.

Singapore’s Ministry of Trade and Industry (MTI) announced the new Singapore-US Climate Partnership during the visit of US vice president Kamala Harris to Singapore.

The two countries will cooperate on development of green finance standards and disclosure of climate-related financial risk. They hope this will encourage private investors to invest in sustainable infrastructure projects, and to do more to support renewable and clean energies as well as encourage companies to continue to reduce carbon emissions, according to a local report in Singapore.

The two sides will launch two programmes on Smart Cities Professional Exchanges and Smart Cities Green Buildings Programme in 2022, which will help cities become more sustainable by lowering emissions and improve knowledge sharing and collaboration between Singapore, US and other Association of Southeast Asian Nations (ASEAN) members through the ASEAN Smart Cities Network, according to a statement of Singapore’s Ministry of Foreign Affairs (MFA).

Cooperation also includes cybersecurity and the economy, with three agreements on cybersecurity cooperation finalised, said a statement of the US White House.

The countries will engage in bilateral consultations to develop standards and a medium-term work plan to launch the climate partnership.

Mark Tan of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said: “Given that climate change is being perceived as one of the most pressing issues of our time, the launching by Singapore and the US of a climate partnership is a welcome step forward in tackling this key challenge. In this regard, such bilateral collaboration will hopefully compliment and accelerate the ongoing global efforts to address this issue and help promote greater sustainability related development for both countries as well.”

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