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Singapore is now a member country of the Forest and Climate Leaders' Partnership (FCLP), a joint statement between the National Climate Change Secretariat (NCCS), Ministry of Sustainability and the Environment (MSE) and Ministry of Trade and Industry (MTI) announced on Monday (Nov. 7).

The country's membership was announced at the Forest and Climate Leaders' Summit on Monday (Nov. 7) during the ongoing COP27 in Sharm El-Sheikh in Egypt.

Speaking on Singapore's membership, Minister for Sustainability and the Environment Grace Fu noted that the Partnership will help "scale up and support the development of high integrity markets for forestry carbon credits".

"Singapore is delighted to be part of the Forest and Climate Leaders’ Partnership, to work with likeminded partners on innovative and environmentally robust solutions that would unlock the potential of the forestry sector for climate action, while reducing the loss of forests worldwide", Fu said.

Members must commit to at least one action area

The FCLP builds on the Glasgow Leaders' Declaration on Forests and Land Use made during COP26 last year which set 2030 as the target year to end and reverse deforestation.

Singapore joined in on the declaration along with more than 140 other countries.

Following Singapore's membership announcement, the Partnership currently has 28 member countries and is chaired by the U.S. and Ghana.

The Partnership's members covers 60 per cent of global GDP and 33 per cent of the world's forest.

The FCLP will hold annual meetings to encourage accountability, and will begin publishing a global progress report annually from 2023 onwards.

Each member of the partnership must commit to leading on at least one area of the FCLP action areas.

These action areas include:

• International collaboration on the sustainable land use economy
• Mobilising public and donor finance to support implementation
• Shifting the private finance system
• Supporting Indigenous Peoples’ and local communities’ initiatives
• Strengthening and scaling carbon markets for forests
• Partnerships and incentives for preserving high-integrity forests

Singapore "will explore how public-private partnerships can leverage carbon markets to unlock new revenue streams to cost effectively reduce emissions, while preserving nature and biodiversity", according to the joint statement.

The first meeting of the FCLP will be held on Nov. 12 at COP27.

Top image via NParks/Facebook