The International Emissions Trading Association (IETA) confirmed to Net Zero Investor today it has opened an office in Singapore, its first in Asia, underpinning the growing importance of the region as a key market for net zero investment flows.
"The Singapore office will serve as an Asia hub for IETA activities and provide a regional foundation to support its carbon market initiatives," the organisation said.
It follows the launch of the Singapore-headquartered Climate Action Data Trust (CAD Trust) by IETA, the World Bank, and the Singapore Government at the end of last year.
As a major hub for carbon services and trading in Asia-Pacific, Singapore is currently home to more than 70 organisations that provide carbon services.
Southeast Asia holds the highest density of carbon prospecting for nature-based climate solutions, while Singapore is focused on providing a range of carbon services that complement the region’s sustainability efforts.
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, the organisation said in an email to NZI.
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.
CAD Trust is a decentralised metadata platform that harmonises 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.
Dirk Forrister, President and CEO, IETA, said: “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."
He stressed that "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.”
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.
This October, IETA will be organising its annual Asia Climate Summit, which will take place in Tokyo, Japan.
