The UK and Singapore have signed an announcement of Understanding, establishing a bilateral Green Economy Framework.

On 1 March 2023, the Secretary of State, Grant Shapps MP, and Singapore’s Minister for Trade Relations, Mr S Iswaran, signed this agreement, the first of its kind for the UK.

The innovative UK-Singapore Green Economy Framework combines aspects of climate, economic, and trade policy, building on the success of the UK-Singapore Free Trade Agreement and the Digital Economy Agreement. This will allow both nations to meet their national decarbonisation goals through the Paris Agreement, enhancing energy security and promoting green growth via new investment, job creation, and export opportunities.

This collaboration will focus on green transportation, low-carbon energy technologies and carbon markets.

This government-to-government agreement aims to facilitate greater collaboration between UK and Singapore by building on the UK’s legacy. This will lead to the development of new commercial pilot projects, trade and investments, as well as research and innovation.

The framework will be implemented via various mechanisms, such as government policy dialogues, business matchmaking, industry workshops, and research partnerships. Grant Shapps stated that the conflict in Ukraine had demonstrated the critical importance of bolstering our energy security and moving towards greater energy independence.

This agreement, which is the first of its kind in the UK, will capitalise on the expertise and innovation of both nations. 

It will help us transition to greener, domestic alternatives to fossil fuels, such as renewables, thereby creating high-tech jobs and businesses of the future and reducing consumer costs.

The British High Commissioner, Kara Owen, stated that signing the UK-Singapore Green Economy Framework marks a significant milestone for the UK-Singapore partnership. The framework will assist both the UK and Singapore achieve their ambitious net-zero goals and contribute to developing a thriving private sector ecosystem for the green economy that will impact beyond our borders.

In practice, this framework will leverage the strengths of the UK and Singapore in areas such as low-carbon technology, shipping, and technical solutions.

Singapore is a vital partner for the UK in pursuing a sustainable and net-zero future. 

The UK-Singapore Green Economy Framework will strengthen our existing, long-term partnership by creating new growth opportunities for both countries due to substantial and growing investments in the UK’s renewable energy sector.