Kenyan President, William Ruto on Thursday May 18, 2023, signed a Memorandum of Understanding (MoU) on Carbon Credit Collaboration with Singapore.
The MoU, which is set to be in line with Article 6 of the Paris Agreement on climate change, provides a framework for the trade of carbon credits between the two countries.
Speaking during a joint presser in Kenya, Singapore Prime Minister Lee Hsien Loong, emphasized the importance of the MoU in the fight to achieve low carbon emissions in the two states.
“The MoU allows Singapore to take advantage of carbon credits which Kenya will be able to provide,” Loong said.
The Prime Minister further expressed the need to address the Climate change crisis in the whole world terming it as a ‘very serious problem.’
“Human beings, wildlife, and cattle are threatened when the climate gets extreme,” the Prime Minister stated.
President Ruto stressed Kenya’s position on Climate change.
Calling on cooperative action by both governments, Ruto termed climate change as the greatest existential threat to the survival of mankind.
“Our Ministers have signed an MOU on Carbon Credit Collaboration, which provides a framework for the trading of carbon credits between our two countries in line with the stipulation of the Paris Agreement,” Ruto said.
Under Article 6 of the Paris Agreement, Kenya will be able to transfer carbon credits earned from the reduction of Green House Gas (GHG) emissions to help Singapore meet its Nationally Determined Contributions (NCS).
Prime Minister Loong expressed his support for the African Climate Action Summit set to be held in Nairobi as from September 4 to 6.
“The summit will cohere a common African position for COP 28 including an articulation of climate finance and climate investment solutions for climate action,” Ruto added.
