Business Envoy February 2022
Australia and Singapore are partnering to create business and investment opportunities through a Green Economy Agreement. The agreement will facilitate trade and investment in environmental goods and services, including in clean energy, while seeking to address climate change. It will take our strong bilateral trade and investment relationship to a new level of ambition.
As then Prime Minister Scott Morrison and Singapore's Prime Minister Lee Hsien Loong announced in June 2021, the agreement will support Australia and Singapore's transition to new energy economies and drive investments in green sectors. It also has the potential to become a template for other countries to adopt.
The agreement was showcased in the Australian pavilion at the 26th UN Climate Change Conference in November 2021 in Glasgow, UK. Delegates heard from the then Minister for Trade, Tourism and Investment, Dan Tehan, Singapore's Trade and Industry Minister, Mr Gan Kim Yong, and directly from business. Macquarie Group chief executive, Shemara Wikramanayake, described government partnerships as important to “help nascent industries mature, set clear frameworks and facilitate collaboration”, while addressing climate change.
As we drive decarbonisation, we need to do it in partnership, driving down tariffs on environmental goods, making sure that we can freely exchange environmental services, drive environmental investment [and] look [at] what we can do together with regards to carbon offsets.
Dan Tehan, then Minister for Trade, Tourism, and Investment
DFAT is working across government to ensure the agreement is practical and delivers for Australian business, workers, and the environment. Consultations with Australian industry on its views and preferences for the agreement commenced in October 2021 and are ongoing.
