IETA launches Asia hub in Singapore

SINGAPORE, 8 June – The International Emissions Trading Association (IETA) announced the opening of its Asia hub in Singapore today at Singapore’s Ecosperity Week 2023. 

The Singapore office, officially named International Emissions Trading Association Singapore Limited, will serve as an Asia hub for IETA activities and provide a regional foundation to support its carbon market initiatives. This 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 well-positioned to capture growth opportunities in this space and is already home to more than 70 organisations providing carbon services. Sitting at the heart of Southeast Asia, which holds the highest density of carbon prospecting for nature-based climate solutions, Singapore is focused on providing a range of carbon services that complements 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 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 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.

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. 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. In October, IETA will be organising its annual Asia Climate Summit, which will take place in Tokyo, Japan.

ENDS