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Market promoters see more carbon trading in Asia



 

SINGAPORE – While intensifying weather disturbances due to climate change hound various parts of Asia, carbon market promoters here see escalated carbon trading in the region to boost global undertaking to reduce carbon emissions.

Organizers of this year’s Carbon Forum Asia (CFA) took note of the rise in the number of partakers to the activity as reflection of such aspiration.

CFA 2009 managed to gather more than 100 industry experts and close to 60 project developers. It intends to establish a regional platform for dialog on new trends and perspectives for the Asian and Global Carbon Market on issues related to emission trading, carbon finance, and climate change.

China’s pledge to curb its carbon emissions and India’s commitment to step up national climate action are positive examples of Asia’s readiness to act and combat climate change.

Globally, the carbon market, accordingly, is growing fast. The total value reached $125 billion in 2008 from the recorded $60 billion in 2007.

And in this setting, it is believed that Asia has a major role “in this dynamic new market,” which is “set to increase” even as the structure of global supply and demand is changing.

The landscape of carbon markets, which enable funding increases, encourages additional investment and financial flows to meet challenges of climate change in Asia, is “thriving.”

As the world gathers to agree on a possible climate change pact, what is clear to many observers is that the Clean Development Mechanism (CDM) has succeeded in speeding up sustainable developments in emerging economies.

A showcase of notable players

This year’s CFA offers a comprehensive showcase of notable players in the regional and international carbon market scene, including companies, projects, and new technologies from over 27 countries.

Among the innovative sustainable projects featured this year were biomass-biogas combined heat and power generation, conversion of waste coal gas to energy, methane avoidance and worldwide recycling.

In the Philippines, the Department of Environment and Natural Resources (DENR) said the country has now around 30 projects endorsed and registered with the CDM Executive Board of the United Nations Framework Convention on Climate Change.

This makes the Philippines No. 7 in the world in terms of the number of CDM projects under the Kyoto Protocol.

DENR Secretary Lito Atienza said the CDM projects are expected to prevent the emission of 1.36 million tons of carbon dioxide in the atmosphere every year.

Source: Condensed from the article by Katherine Adraneda with Christina Mendez for The Philippine Star, October 27, 2009.

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