The International Emissions Trading Association (Ieta) has launched its Asia hub in Singapore on Thursday (Jun 8).

The hub will be used for Ieta’s activities and provide a regional foundation to support its carbon market initiatives, the association said.

It noted that Singapore – a major hub for carbon services and trading in the Asia Pacific region – is “well-positioned” to capture growth opportunities, stating that the Republic is already home to more than 70 organisations providing carbon services.

The opening of the hub follows the launch of the Climate Action Data Trust in December 2022. The platform – backed by Ieta, the World Bank and Singapore – links, aggregates and harmonises all major carbon market registry data, creating a decentralised record that can address the issue of double counting.

Dirk Forrister, President and Chief Executive of Ieta, said that there is a growing interest and adoption in market-based solutions across the Asia-Pacific region.

Such solutions include implementing 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,” he said.

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