The International Emissions Trading Association (IETA) has launched its Asia hub in Singapore on Jun 8.
The hub will be used for its activities and provide a regional foundation to support its carbon market initiatives, according to the association.
Singapore, as a major hub for carbon services and trading in the Asia-Pacific region, is “well-positioned” to seize growth opportunities, the association said. adding that the country is already home to more than 70 organizations providing carbon services.
The opening of the hub follows the launch of the Climate Action Data Trust in December 2022. Backed by IETA, the World Bank and Singapore, the platform links, aggregates and harmonizes all major carbon market registry data, creating a decentralized record that can handle the issue of double counting.
Dirk Forrister, president and chief executive of IETA said that there is a growing interest and adoption in market-based solutions across the Asia-Pacific region.
Such solutions include implementing emissions trading schemes and activity in voluntary carbon markets.
If these instruments are effectively utilized, they will facilitate countries and companies meeting their net zero goals sooner and at lower cost,”he said.