Singapore-Australia Green Economy Agreement
On 10 June 2021, Prime Minister Morrison and Singaporean Prime Minister Lee agreed to explore a Green Economy Agreement (GEA) between the two countries. The GEA would facilitate trade and investment in environmental goods and services, strengthen environmental governance, and contribute efforts to build global capacity to address climate change.
The GEA has the potential to unlock exciting new opportunities for Australia’s clean energy export sector and to enhance investment and trade in environmental goods and services. It can help build new capacities to address climate change, whilst supporting economic growth and job creation in green sectors. The GEA will support our transition to a new energy economy and drive new investments, including in hydrogen.
Australia and Singapore are like-minded countries that strongly support a rules-based system in promoting open markets and free trade, which continue to be critical at a time of increasing economic uncertainty. We envisage that the GEA will be practical, ambitious, and innovative, reduce barriers to trade and enable technologies to catalyse business and commercial opportunities.
During the 12th meeting of the Singapore-Australia Joint Ministerial Committee on 27 August 2021, Ministers agreed to establish a Joint GEA Working Group with a view to launching formal GEA negotiations by 1 October 2021. Negotiations between Australia and Singapore on the GEA commenced on 22 September 2021.
Australia’s Minister for Trade, Tourism and Investment Dan Tehan and Singapore’s Minister for Trade and Industry Gan Kim Yong met on 11 October 2021 to take stock of negotiations on the GEA. They released a joint Vision Statement which outlines a shared ambition for the GEA.
The GEA was promoted at the Australian pavilion at the 26th UN Climate Change Conference (COP26) in November 2021, the video below provides further information.
To assist the Australian Government in negotiations with Singapore on the GEA, we would be interested to hear from stakeholders including industry organisations, businesses and community organisations. We will be undertaking targeted consultations but also welcome written submissions from any interested stakeholders — which can be sent to AustSingGEA@dfat.gov.au.
In particular we would be interested to hear from you regarding:
- How a GEA could boost Australian two-way trade and investment in clean energy, and environmental goods and services exports.
- Any trade and investment barriers (especially Non-Tariff Barriers) that are impacting the ability to undertake trade of environmental goods and services with Singapore.
- Any suggested changes to, or opportunities for, policy or regulatory settings that could encourage improved collaboration in the clean energy, and green economy sectors.
- How a GEA with Singapore could assist Australia’s low emissions technology pathway including for priority technologies (clean hydrogen, low emissions steel and aluminium, energy storage, carbon capture and storage and soil carbon measurement), and in enabling technologies and associated services.
- Opportunities and challenges to access, or improve access, to green or sustainable finance, or to identify and advance finance options and investor partnerships with Singapore.
- Opportunities and challenges in advancing cooperation on voluntary carbon markets with Singapore and for the South East Asian region.
Submissions will be treated as public and may be published on this website, unless the author specifically requests that the submission, or part thereof, be handled in confidence.
The closing date for submissions is 20 December 2021.
Other Singapore - Australia Agreements
The Green Economy Agreement builds on existing agreements and memorandums of understanding between Australia and Singapore including: