Tuesday 18 October 2022

Singapore and Australia agree net zero deal

Singapore and Australia believe they’ve struck the world’s first agreement to hit net zero together through cooperation.

The Green Economy Agreement has been signed by both Prime Ministers Lee Hsien Loong and Anthony Albanese – and has 17 components that they believe will help both nations reach net zero.

Australia has committed to net zero by 2050 and Singapore has stated its desire to strive for the same date.

Trade and investment in green services, growing green sectors and ensuring their environmental standards align are some of the key decisions agreed upon by the countries.

Australia can become a “renewable energy superpower” Albanese said, given the country’s small population related to the size.

He called Singapore “one of the most innovative economies in the world,” stating the agreement “will support clean energy innovation, unlock business opportunities and create jobs, and help deliver our mission’s targets while positioning Australia as a renewable energy superpower.”

Lee added his hope that the agreement “will encourage other countries to look at what we have been able to do and to ask whether some of this may not make sense to them to do with Singapore or to do with each other.”

As part of the deal, Singapore is set to use solar energy from northern Australia, transmitted through a submarine cable.