Prime Minister Anthony Albanese has opened a new chapter in Australia-Singapore relations with the signing of a “Green Economy Agreement”.
Mr Albanese joined his Singaporean counterpart Lee Hsien Loong in Canberra on Tuesday to solve the world’s first settlement.
The agreement will see the two countries work together to transition each economy to net-zero emissions, which Australia has pledged to achieve by 2050.
“The agreement on the green economy shows a collective determination to face the challenges as we transition our economies to zero,” said Mr Albanese.
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“It will support clean energy innovation, unlock business opportunities and create jobs, and help meet our emissions targets, while positioning Australia as a renewable energy superpower.”
The agreement includes 17 joint initiatives, including the signing of a Memorandum of Understanding to boost business partnerships in “green economy sectors”.
The two countries will also deepen cooperation in science and innovation with further cooperation between the respective government agencies.
“Our agencies A*STAR on the Singapore side and the CSIRO on the Australian side have signed a Master Research Collaboration Agreement to work together in areas such as low-emission technologies, alternative proteins and advanced manufacturing,” said Mr. Lee.
“In addition to an agreement that will allow Singaporean researchers to allow Australia’s Synchrotron facilities, all of which will further deepen ties between scientists on both sides.”
Lee said the two countries will also work together on trade and investment, green and transition finance, carbon markets, clean energy, decarbonization and technology.
Australia will initially invest $19.6 million in the agreement over four years.
“My government has constantly emphasized that climate change has an impact on the environment, but it requires economic solutions,” said Mr Albanese.
“It’s a global problem that requires a global solution. And therefore trade and economic agreements like this one between Australia and Singapore.”
The two countries hope the bilateral agreement will provide a blueprint for other countries to follow in tackling climate change.
“It is the first such agreement of its kind between countries and we hope it will pave the way for other countries, in the same way to work together to tackle the global problem,” said Mr. Lee.