ASIA BUSINESS OUTLOOK9DECEMBERSingapore and Papua New Guinea signed the carbon credits cooperation Implementation Agreement on December 8. This will help both countries achieve their climate goals. The agreement was signed by Singapore's Minister of Sustainability and Environment, Grace Fu, and Papua New Guinea's Minister of Environment, Conservation and Climate, Simo Kilepa, on the sidelines of the United Nations World Climate Change Conference 2023 (COP28).This came after the two countries signed a memorandum of understanding at COP27 last year. This is also Singapore's first implementation agreement, the Ministry of Trade and Industry (MTI), the Ministry of Environmental Protection (MSE) and the National Climate Change Secretariat (NCCS) said in a statement. The agreement establishes a legal framework and process for the international generation and transfer of carbon credits between Singapore and Papua New Guinea."This collaboration will advance both countries' climate ambition and help channel financing towards additional mitigation efforts through carbon credit projects, which would otherwise not be possible," said the MTI, MSE, and NCCS."The carbon credit projects authorized under the implementation agreement will also promote sustainable development and generate benefits for local communities, such as creating jobs, access to clean water, improved energy security, and reducing environmental pollution." Hanwha Aerospace of South Korea announced on Dec 8 that it has signed a contract with Australia to supply 129 Redback infantry fighting vehicles by 2028 for a total of 3.16 trillion won ($2.4 billion). The agreement comes after Australia selected Hanwha as a preferred bidder in July for the project worth up to A$7 billion ($4.62 billion), which the country described as the single largest investment in army capability to date."These vehicles will play an enormous role in improving the capability of our army, of our defence force," Deputy Prime Minister Richard Marles said at a news conference in Geelong, where the vehicles will be manufactured.Australia's defence ministry said in a statement the project is expected to support approximately 2,100 jobs, including 1,800 direct jobs. The new vehicles will be built at Hanwha's facilities in Geelong in the Australian state of Victoria, with the first vehicles to be delivered in 2027.Hanwha Group is a large South Korean business conglomerate (chaebol). Founded in 1952 as Korea Explosives Co., the group has grown into a large multi-profile business conglomerate with diverse holdings ranging from explosives to energy, materials, aerospace, mechatronics, finance, retail, and lifestyle services. In 1992, the company changed its name to "Hanwha" from its abbreviation. SINGAPORE & PAPUA NEW GUINEA TO JOINTLY TACKLE CLIMATE CHANGEHANHWA AEROSPACE SIGNS DEFENSE CONTRACT WITH AUSTRALIANEWSROOMASIA BUSINESS OUTLOOK9DECEMBER
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