Carbon Forum Asia 2010 Opens in Singapore Amid Challenges in the Carbon Market
Carbon Forum Asia 2010 opens in Singapore today as part of the Singapore International Energy Week. Carbon Forum Asia has been the leading event in Asia for industry players in the carbon market to share and discuss trends and issues on carbon trading and the Clean Development Mechanism (CDM). The conference and trade fair this year will see about 1,200 participants from 50 countries.
To date, there are 2,414 CDM registered projects with 78% of the projects in Asia, representing more than 360 million carbon emissions reduction (CER) units. As Asia continues to be an influential force in the CDM market, Carbon Forum Asia updates participants on the latest developments in the region and offers opportunities for CDM projects.
Moving forward, there remain challenges in the carbon market due to post-Kyoto uncertainties and problems within the CDM process.
In her opening speech, Ms Chan Lai Fung, Permanent Secretary, Ministry of Finance and Chairman, Energy Market Authority, shared some of the challenges ahead for the CDM. The growth in CDM projects will depend on the outcome of the ongoing climate change negotiations when the first commitment period of the Kyoto Protocol expires in 2012. In addition, the economic growth in developed countries remain slow in the medium term, thus reducing the demand for carbon credits.
Ms Chan also said that the rules governing the CDM market need to be more efficient and be effective in reducing emissions and supporting sustainable development. At a later session on “CDM Experiences to Date: The Good, the Bad and the Ugly”, some of the speakers emphasized the need for the CDM Executive Board (EB) to be more transparent and clear in setting rules and guidelines, to have greater two-way communication between the EB and project participants, and to quicken the CDM project registration and issuance process.
Image source: Carbon Forum Asia
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