Opportunities galore at Asian carbon trade fair
Updated: 2007-07-08 10:00
Statistics from IETA and the World Bank showed that in 2006, global carbon emissions trading reached a volume of US$30 billion. Asia was a major selling region for carbon emissions reductions, accounting for nearly 80 percent of the total reductions achieved under the global clean development mechanism (CDM). And China was the biggest seller, accounting for 61 percent of the total, followed by India; while UK was the biggest buyer, with half of the global volume share.
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The CDM, set up under the Kyoto protocol to the 1992 United Nations Framework Convention on Climate Change, allows developed countries to achieve part of their emission reduction commitments by investing in emission-saving projects in developing countries and counting the reductions achieved toward their own commitments to control GHG emissions.
As Asia is playing a more crucial role in managing global efforts to reduce carbon emissions, some key elements need developing in the region, such as a workable regional trading scheme, investment in sustainable energy research and development, technical innovations in sustainable energy, CMD projects, and industry guidelines for energy efficiency, said Marcu, adding that IETA, working with governments and businesses, organizes such a carbon trade fair to make a difference in tackling climate change on a global scale.
China is well aware of the dilemma it faces in the relationship between the economic boom and more energy consumption and emission of pollutants, and has already taken actions to try to develop its economy in a sustainable way, he said.
China may still have a long way to reach the level of development that it deserves but there are now more GHG technologies, which helps the country develop not in a way of high emissions first and then reduction as some did in the past, he added.
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