Anthony Albanese signs Green Economy Agreement with Singaporean counterpart

Australia and Singapore have sealed a massive international agreement, hailed by the leaders of both countries as a world first.

A bilateral agreement between Australia and Singapore set to guide each country’s transition to net-zero carbon emissions has been hailed as the first of its kind.

Australian Prime Minister Anthony Albanese and his Singaporean counterpart Lee Hsien Loong announced a Green Economy Agreement had been signed between the two countries in Canberra on Tuesday, with Mr Lee celebrating the “reservoir of trust and history” each country shares.

The Singaporean Prime Minister said the agreement covered trade and investment, carbon markets, business engagements and partnerships, as well as containing seven primary joint initiatives. He said that agreements of this kind were “important if mankind is going to have any hope in making progress on climate change”.

Singaporean Prime Minister Lee Hsieng Loong and Anthony Albanese announced the signing of the Green Economy Agreement in Canberra on Tuesday. Picture: Lukas Coch / Pool / AFP

The agreement between the two countries was formally signed on Tuesday.

Mr Lee said “in a troubled world” it was “important for like-minded countries to work together”. He confirmed the agreement would ensure greater collaboration between the CSIRO and Singapore’s Agency for Science, Technology and Research and strengthen supply chains of critical resources between the countries during “times of crisis”.

Mr Albanese celebrated the agreement between “two great friends” as an “important example to the world”.

He said the agreement with Singapore, which he described as a “great trading nation”, would pave the way for projects, such as Australian renewable energy company Sun Cable’s ambitious plan to export green energy to Singapore, to come to fruition.

Mr Albanese praised Singapore as one of the “most innovative economies in the world” and cited the country’s success with commercialising scientific breakthroughs.

He said Singapore played a vital role in facilitating the transfer of critical resources to Australia during the Covid-19 pandemic.