The Philippines and Singapore have signed a formal agreement under Article 6.2 of the Paris Agreement to enable the transfer of carbon credits. This framework creates a structured pathway for trading Internationally Transferred Mitigation Outcomes, aiming to increase investment in emissions reduction projects. The partnership focuses on channeling climate finance into renewable energy, waste management, and nature based solutions. A joint committee will oversee the governance and transparency of these carbon transfers to ensure they meet international climate standards.
