Australia, Singapore on pact to achieve net-zero

Australian and Singaporean leaders announced on Tuesday what they described as a world-first agreement to cooperate in transitioning their economies to net-zero greenhouse gas emissions.

Singapore's Prime Minister Lee Hsien Loong and Australia's Prime Minister Anthony Albanese outlined their so-called Green Economy Agreement between the two countries after an annual meeting in the Australian Parliament House.

The agreement has 17 components that cover facilitating trade and investment in green services, harmonizing standards and building green growth sectors through collaboration between business.

Australia has committed to reducing its emissions to net-zero by 2050 and Singapore is considering adopting the same target.