Singapore has reached a significant decarbonisation milestone with
the establishment of the International Emissions Trading Association
(IETA)’s Asia hub in the Republic.
The association has more than 300 members across the globe, and aims
to support the development of high-integrity carbon markets, including
mandatory emissions trading schemes, international markets under Article
6 of the Paris Agreement, and global voluntary carbon markets.
Dirk Forrister, president and CEO, IETA, said: “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.
“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.”
One of the association’s major initiatives last year was its
collaboration with the World Bank and the Singapore government, where it
launched the Climate Action Data (CAD) Trust. This aggregates and
harmonises all independent and national carbon registry data through a
blockchain-based metadata layer to enhance transparent accounting in
line with Article 6 of the Paris Agreement. By creating a decentralised
record of carbon market activity, it aims to avoid double counting,
increase trust in carbon credit data, and build confidence in carbon
The opening of IETA’s Asia office in Singapore comes around six
months after IETA’s Asia Climate Summit last year, where the launch of
CAD Trust as an independent entity domiciled in Singapore was announced.
IETA’s spokesperson said: “Carbon markets can help
facilitate the much-needed finance towards climate mitigation
activities, such as renewable energy development, waste management,
sustainable cookstoves, improved agricultural practices and forest
conservation in the region. In addition, these activities can produce
significant co-benefits for the economy and local communities, including
improved air and water quality, education, biodiversity protection and
The Singapore edge
As a major hub for carbon services and trading in Asia Pacific,
Singapore is well-placed to catch growth opportunities in this space and
already has more than 70 organisations providing carbon services.
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 region.
A collective voice
IETA’s core objective is to build robust policy and market frameworks
for reducing Greenhouse Gases (GHGs) at the least cost to businesses
and consumers. According to the spokesperson, IETA has a proven track record as a multi-sector business champion, excelling in high-integrity carbon market design and accounting. As a result, IETA members stand at the forefront of global policy evolution and innovation.
Comprising more than 300 member companies, IETA includes world-renowned leaders in various sectors such as power, oil and gas, industry (cement, aluminium, chemical, mining, etc.), agriculture, as well as prominent firms in GHG data verification and certification, brokering and trading, legal, finance, technology, and consulting businesses.
“With deep relationships across the world’s key policy centres and
commercial arenas, IETA is the collective voice for the full range of
businesses involved in carbon markets and carbon management worldwide,”
the spokesperson added.
IETA has deep domain expertise in carbon market policies and
operations, and has been an accredited observer to the United Nations
Framework Convention on Climate Change (UNFCCC) for over 20 years. Most
recently, it has been in frequent engagement on advocacy and design
support of Article 6 of the Paris Agreement and its recently adopted
Rulebook at COP26. The organisation has also contributed policy
proposals dating to Kyoto Protocol’s Clean Development Mechanism and
Joint Implementation programmes.
Busy Q4 2023
In the following months, the association will participate in and
organise several high-level events to help expand high-integrity carbon
markets in Asia Pacific and internationally. This includes:
· the Article 6.4 Supervisory Body meeting in Singapore, September;
· the Carbon Markets Institute conference in Sydney, September;
· the India Climate Policy and Business Conclave in Delhi, September;
· the Asia-Pacific Climate Summit in Tokyo, Japan, October;
· the Digital Carbon Expo in Bali, Indonesia, November;
· the Regional Climate Week in Johor, Malaysia, November;
· the International UNFCCC negotiations at COP28 in Dubai, November and December
Besides these high-level events, IETA will bring together business
members in working groups and meetings throughout the year, covering
Japan, China, Australia and New Zealand, India, Singapore, and Indonesia.