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, reporting a 10 percent growth in participation and projects featured in Asia’s premier carbon market event.

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 from yesterday until tomorrow through robust discussions on issues related to emission trading, carbon finance, and climate change.

“The race to fight climate change is on and Asia has a crucial role to play. 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,” said Henry Derwent, president and CEO of the International Emissions Trading Association (IETA).

IETA and Koelnmesse – one of the world’s largest trade fair organizers – jointly organized the annual event, which is now on its fourth year. The Sustainable Energy Association of Singapore (SEAS) in partnership with the Asian Development Bank (ADB) hosts CFA 2009.

Globally, the carbon market is growing fast, according to IETA and Koelnmesse. The total value reached $125 billion in 2008 from the recorded $60 billion in 2007.

And in this setting, both 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,” noted Michael Dreyer, vice president for Asia Pacific of Koelnmesse.

“For the past three years, CFA has been a keynote event in the Carbon Market calendar, bringing together business leaders as well as country and government representatives from all over the world to exchange views and expertise on industry trends and challenges. This year is no different. CFA 2009 is the place for the forward-thinking industry professional to be,” he also said.

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. Malaysia, Mongolia, and Papua New Guinea are among the countries that are making a debut in CFA 2009.

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.

The CFA 2009 also featured a special UNFCCC World DNA pavilion to showcase all the host countries and relevant regulatory authorities responsible for the implementation of CDM in Asia.

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 (UNFCCC).  

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. 

 – With Christina Mendez