MercoPress. South Atlantic News Agency

Paraguay and Singapore sign key carbon credit agreement

Peña is due back in Asunción on May 27

Paraguay and Singapore signed a historic Implementation Agreement for carbon credit cooperation under Article 6 of the Paris Agreement, it was announced Friday. Signing the documents were Paraguay's Environment Minister Rolando de Barros Barreto and Singapore’s Minister of Sustainability, Grace Fu, during President Santiago Peña’s visit to the Asian country.

De Barros Barreto said that, with the signing of the agreement, the Paraguayan government reaffirms its commitment to environmental integrity and international cooperation, moving towards a low-emission economy.

This understanding positions Paraguay as a key player in international carbon markets, promoting sustainable development through mitigation projects that benefit local communities with job creation, improved waste management, energy efficiency, and pollution reduction. It aligns with Paraguay’s commitment to a low-emission economy and enhances climate finance opportunities.

Additionally, President Peña announced the opening of Singapore’s market to Paraguayan beef, pork, and poultry, boosting exports and economic opportunities. “I am proud to announce that Paraguay conquers new Asian markets and reaches Singapore! With our beef, pork, and poultry,” Peña stressed.

This accomplishment highlights Paraguay's ability to expand exports, generate employment, and drive development through collaboration. Beyond boosting foreign exchange earnings, this new market opens opportunities for thousands of families relying on the production chain, further reinforcing Paraguay’s reputation for excellence in production.

Peña is due back in Asunción on May 27. During his Asian trip, he has also upped his country's partnership with Japan to a “strategic” level.