Singapore's GenZero Partners with Rwanda on Carbon Offset Projects
Singapore's state-backed low-carbon investment firm, GenZero, has signed an agreement with the Rwanda Green Fund and Gold Standard to develop carbon credits aimed at offsetting emissions.
This partnership operates under Article 6 of the Paris Agreement on climate change, which allows countries to meet climate targets through low-carbon projects in other nations.
The initiative will explore potential nature-based and technology-based projects, such as nature restoration, enhanced waste management and renewable energy initiatives in Rwanda.
Singapore, unlike countries like Australia and Britain, continues to rely on offsets due to limited space for large-scale renewable energy projects.
Though Article 6 negotiations are ongoing, a similar carbon credit agreement was signed between Singapore and Ghana in May.
Singapore has also signed MOUs with other non-African countries like Laos, Philippines, and Papua New Guinea, and completed deals with Bhutan, Paraguay, and Vietnam to collaborate on carbon credit projects.
The COP29 climate talks in Azerbaijan this November will prioritize finalizing Article 6 negotiations, which has been a subject of ongoing negotiations.
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3moThis is an insightful article. Additionally, Nigeria could adopt advancements in carbon capture and storage (CCS) technologies, such as direct air capture (DAC) and enhanced oil recovery (EOR), to significantly reduce emissions from its gas sector. DAC involves pulling carbon dioxide directly from the air, which could be particularly beneficial in regions where traditional capture methods are less feasible or economically viable. Similarly, enhanced oil recovery (EOR) techniques, which involve injecting CO2 into depleted oil fields to recover additional oil while permanently storing CO2 underground, offer dual benefits. it not only enhances oil production but also facilitates large-scale carbon sequestration.