Prime Minister: Joint Statement for the 8th Singapore-Australia Annual Leaders’ meeting

The Leaders acknowledged the swift implementation of the landmark Green Economy Agreement (GEA) since its signing during the last Annual Leaders’ Meeting in October 2022 and noted the good progress made on key initiatives. Under the GEA, the Leaders:

a) Launched the joint A$20 million Go-Green Co-Innovation Program, to provide grants over a four-year period to drive co-innovation between Singaporean and Australian small and medium enterprises to develop green products and services, and noted the program’s commencement with business matching activities in the lead up to grant applications opening later in 2023;

b) Agreed to establish a Green and Digital Shipping Corridor (GDSC) by the end of 2025 to help decarbonise and digitalise the port and shipping industry, including through establishing low and zero-carbon fuel supply chains and digital solutions to facilitate paperless handling between the ports of Singapore and Australia. Arrangements overseeing the establishment of the GDSC will be outlined by our lead authorities in a separate Memorandum of Understanding;

c) Announced the launch of the S$5 million Convergence Asia Climate Solutions Design Grant, to support the design and launch of innovative blended finance solutions that mobilise private capital to sectors critical for climate transition and resilience in Asia, such as clean energy, sustainable cities and infrastructure, and nature-based solutions. The grant has secured funding commitments from the Monetary Authority of Singapore, Australian Department of Foreign Affairs and Trade, The Olayan Group, and UBS Optimus Foundation; and

d) Welcomed progress across other GEA areas of cooperation including work to develop skills and capabilities in the green economy workforce, build the architecture to support cross border electricity trade and promote eco-labelling.