The US and Singaporean governments have entered into a new cooperation agreement to partner in the key areas of cybersecurity, the economy and the climate.
According to Regulation Asia, the partnership will focus on building stronger collaboration on sustainable finance, standard-setting, climate risk disclosures and carbon markets.
The news was revealed during a joint press conference between Singapore’s Prime Minister Lee Hsien Loong and US Vice President Kamala Harris, with the latter currently in Singapore to deepen ties between the two countries.
Lee claims that the two countries concluded three separate agreements between their cybersecurity, defence and finance agencies. These agreements will involve bolstering critical technology cooperation, critical infrastructure protection, data security and sharing best practices.
The US and Singapore will collaborate on regional cyber-capacity building as well as as international cyber policy discussions to support a ‘rules-based multilateral order’ in cyberspace.
Both countries will also launch a climate partnership and a Smart City building initiative, which are expected to grow business opportunities in the green growth sectors. The climate partnership will focus on more collaboration on sustainable finance, such as using private capital for sustainable infrastructure as well as financial sector climate and environmental risk management.
The collaboration will also involve consultations on setting green standards, the utilisation of high-quality sustainable finance and the analysis, management and disclosure of climate and environmental financial risks.
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