The International Emissions Trading Association (IETA) announced the opening of its Asia hub in Singapore at Temasek’s Ecosperity Week conference on June 8.
The Singapore office, officially named International Emissions Trading Association Singapore Limited, will serve as an Asia hub for the non-profit business organisation’s activities and provide a regional foundation to support its carbon market initiatives.
To date, IETA has nearly 100 members represented in Singapore, and the opening of IETA’s Asia office will allow IETA to engage with member companies based in Singapore and throughout the wider Asia-Pacific region, says the Geneva-headquartered organisation.
As a major hub for carbon services and trading in Asia-Pacific, Singapore is “well-positioned” to capture growth opportunities in this space and is already home to more than 70 organisations providing carbon services, says IETA.
Dirk Forrister, president and chief executive officer of IETA, says: “Addressing the climate challenge cannot be done alone, and it requires coordination and consolidation of all efforts. Across the Asia-Pacific region, we see a growing interest and adoption in market-based solutions, such as the implementation of emissions trading schemes and activity in voluntary carbon markets. If these instruments are effectively utilised, they will facilitate countries and companies meeting their net-zero ambitions sooner and at lower cost.”
Forrister adds: “Singapore is leading the charge on decarbonisation and the establishment of regional carbon market initiatives, and the opening of our Asia office here represents a natural step for IETA as we look to work even closer with partners and key stakeholders in the region.”
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In the coming year, IETA is planning to arrange and participate in a large number of capacity-building events, conferences and policy dialogues in Singapore and in the region, including Australia, Indonesia, India and Japan to strengthen the role of carbon markets in addressing the climate challenge. In October, IETA will be organising its annual Asia Climate Summit, which will take place in Tokyo, Japan.
The news of the Asia hub follows the launch of the Singapore-headquartered Climate Action Data Trust (CAD Trust) by IETA, the World Bank and the Singapore government in December 2022.
CAD Trust is a decentralised metadata platform that links, aggregates, and harmonises all major carbon credit registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement. The CAD Trust uses blockchain technology to create a decentralised record of carbon market activity with the aim to avoid double counting, increase trust in carbon credit data and build confidence in carbon markets.
To better serve the more than 100 member companies with a presence in Singapore, and the many more who are represented across the Asia Pacific region, IETA has opened an office in Singapore! pic.twitter.com/wKL3ynRfPU
— IETA (@IETA) June 8, 2023
