Australia and Singapore signed the Singapore-Australia Green Economy Agreement (GEA) on 18 October 2022. The GEA lays the foundations for greater collaboration between our two countries to drive growth while reducing emissions. It is a new type of agreement, which combines trade, economic and climate objectives. Our joint efforts focus on promoting economic cooperation, boosting trade, creating business opportunities and decarbonising key industrial sectors.
In October 2023, Minister for Trade and Tourism, Senator the Hon Don Farrell and Singaporean Minister for Trade and Industry, Mr Gan Kim Yong, commemorated the first year anniversary of signing the GEA and released their respective messages in a video.
Under the GEA, Australia and Singapore are collaborating by:
- promoting trade in environmental goods and services
- decarbonising the shipping and maritime industry, including a commitment to establish a Green and Digital Shipping Corridor by 2025, and aim to develop joint supply chains for low-carbon fuels, support training programs for fuel handling, and leverage digital technologies to optimise port activities
- fostering business collaboration, including through the Go-Green Co-Innovation grants Program to encourage Australian and Singaporean SMEs to co-innovate and develop products and services that drive growth in green sectors
- promoting sustainable finance and green investment
- sharing insights into policies and programs that build green skills and workforce; and
- guiding the development of the architecture that will support cross-border electricity trade.
The GEA builds on our substantial bilateral relationship with Singapore and existing areas of cooperation, including the: Singapore-Australia Free Trade Agreement, Low Emissions Solutions Memorandum of Understanding and 2021 Australia-Singapore Partnership on Hydrogen for Maritime Use.
Our initial work under the GEA spans seven key areas: (i) trade and investment; (ii) standards and conformance; (iii) green and transition finance; (iv) carbon markets; (v) clean energy, decarbonisation, and technology; (vi) skills and capabilities for green growth; and (vii) engagements and partnerships.
Under the GEA Australia and Singapore are jointly implementing 17 practical initiatives. Highlighted in the GEA Annexes, these initiatives seek to deliver tangible outcomes to benefit businesses, consumers and the community more broadly. Implementation is well underway, as conveyed in the March 2024 edition of GEA Progress on Implementation. Businesses, investors, organisations, and other stakeholders supporting our economic transition to net zero emissions are actively involved in this work.
The GEA is being promoted as a model for cooperation with other partners to support the regional transition to net zero emissions economies.
A GEA Snapshot, Fact Sheet and Summary of Key Outcomes are available. The GEA delivers in priority areas identified in submissions to the public consultations process that informed the GEA negotiations.
The joint vision for the GEA was announced on 11 October 2021 by Trade Ministers. There were 13 negotiating rounds over 12 months from 22 September 2021.
We want to hear from you
We welcome your feedback on further potential areas of cooperation with Singapore on green economy issues.
If you have any questions, please contact the DFAT Green Economy Branch at: AustSingGEA@dfat.gov.au
Resources
- Singapore-Australia Green Economy Agreement Progress on Implementation: March 2024
- Singapore and Australia Green and Digital Shipping Corridor
- Singapore-Australia Go-Green Co-Innovation Program
- Ten principles to guide the development of cross-border electricity trade
- Singapore-Australia Go-Green Co-Innovation Program
- Singapore-Australia Green Economy Agreement official text
- Singapore-Australia Green Economy Agreement Annexes
- Singapore-Australia Green Economy Agreement Snapshot
- Singapore-Australia Green Economy Agreement Facts Sheet
- Singapore-Australia Green Economy Agreement Summary of Key Outcomes
- Singapore-Australia Green Economy Agreement Public Submissions
- Singapore-Australia Green Economy Agreement: Joint Vision Statement: 21 October 2021
- Singapore-Australia Free Trade Agreement
- Low Emissions Solutions Memorandum of Understanding
- 2021 Australia-Singapore Partnership on Hydrogen for Maritime Use
- Singapore-Australia Green Economy Agreement – Promotion at COP26