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Singapore signs agreement with Papua New Guinea (PNG) to cooperate on carbon credits https://lnkd.in/dAszMaS9 Exciting news coming out of #COP28 as the two nations prepare to - set out a legally binding framework and processes for the generation and international transfer of carbon credits between Singapore and PNG, - offer more rigorous and formalized guidance for businesses in Singapore to purchase PNG carbon credits to help offset part of their carbon tax liabilities, and - promote sustainable development and generate benefits for local communities, including in the creation of jobs, access to clean water, improved energy security, and reduction of environmental pollution. With requirements for project developers to channel 5% of the share of proceeds towards climate change adaptation in PNG, the deal represents a concerted effort to advance critical mitigation and adaptation actions required to deliver Paris Agreement goals, not only in Singapore and PNG, but with impacts on global sustainability. The deal is of particular importance to us at noco-noco as we continue to develop over 30 contracted carbon abatement projects across PNG as secured by our subsidiary, noco-noco Australia. Being developed over 5.3 million hectares of land, these REDD+ deforestation avoidance projects are estimated to produce almost 159 million carbon credits annually. Earlier this year, the PNG Government expressed support for two such projects submitted to its Climate Change and Development Authority in preparation for the lifting of the current national moratorium on the country’s national registry ( 👉 https://lnkd.in/d3-DbUgE) When ready, these credits will be eligible for voluntary and mandatory carbon markets – a move we have begun preparing for with our first potential off-taker based in Singapore (👉https://lnkd.in/dCA5Zynp) noco-noco heartily welcomes this new Singapore-PNG bilateral carbon trading deal and hope to accelerate our eligibility towards this in the near future, pending further details forthcoming from the national authorities involved. Stay abreast of noco-noco's latest developments and announcements at https://lnkd.in/dVndbkUS My heartiest congratulations to Singapore Minister Grace Fu and PNG Minister Simo Kilepa on this momentous milestone. #sustainabilitysimplified #carboncredits #impactinvesting Ministry of Trade and Industry (Singapore) | Ministry of Sustainability and the Environment, Singapore | National Climate Change Secretariat, Singapore