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Carbon credits continue to play an important role in the global transition towards net zero. As an innovative financing mechanism, carbon credits allow corporates to mobilize capital to support emission-reduction projects. The decision to anchor CAD Trust in Singapore stems from acknowledging that transparency and governance are rooted in its DNA. Why Singapore is a prime location for firms to support global carbon marketsSingapore has successfully attracted more than 100 carbon market and services players to establish the city-state as their home base in Southeast Asia. Singapore's expertise in carbon services and its trailblazing move implementing Southeast Asia's first carbon tax in 2019, also appealed to Calyx Global.
Persons: — Dinesh Babu, Grace Fu, Duncan van Bergen, Van Bergen, — Duncan van Bergen Organizations: Reuters, Singapore, for Nature, National University of Singapore, Data Trust, Government of, Emissions Trading Association, Singapore's, Sustainability, Meta, Trust, Insider Studios, Singapore Economic Development Board Locations: Dubai, Singapore, Government of Singapore, South Asia, Southeast Asia, Oceania, Africa, Paris, Bhutan, COP28, Asia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIETA discusses how a new initiative might address the lack of standardization in carbon marketsDirk Forrister of the International Emissions Trading Association discusses the launch of the Climate Action Data Trust, a joint initiative with the World Bank and Singapore government.
Private-sector efforts also have sprung up offering credits for "voluntary" carbon markets, while a range of registries such as Verra and Gold Standard is accrediting and tracking them. The new database - called the Climate Action Data Trust (CAD Trust) - aims to address these issues by collating all the project and carbon credit data in one place and making it free to the public. It brings us up to speed with what is required within the carbon markets," he said. He said Bhutan is in discussions with possible buyers who want details about how carbon credits from its forests are being registered, verified and monitored. "The CAD Trust meets all the technical requirements of host countries and buyers."
SHARM EL-SHEIKH, Nov 21 (Reuters) - Beyond the headlines from the annual U.N. climate conference, progress in advancing the global climate agenda relies on the behind-the-scenes efforts of technocrats over years. Offsets allow countries or companies to pay others to cut greenhouse gas emissions to make up for their own. But discussions on how to curb those emissions are relatively new within U.N. climate negotiations. The work also deals with food security and the economic impacts of global warming. As the initial mandate expired, countries at COP27 authorised the KJWA work to continue for another four years.
The initiative, expected to launch on Wednesday at the COP27 Summit in Egypt, proposes that companies buy carbon credits and the proceeds be used to fund renewable energy projects in countries seeking to replace fossil fuels such as coal, the people said. Voluntary carbon markets are expanding rapidly, whereby credits are generated by activities including tree planting and solar power projects, although concerns persist about these credits being outside regulated markets. Companies do not necessarily have big operations that they need to decarbonize in countries looking at transition deals such as Indonesia and Senegal, however. Fossil fuel producers are excluded from participating in the proposed scheme, the people said, although the industry has been one of the largest users of carbon markets to date. "Right now, the idea is it should be narrowly applied to be bought by non-fossil fuel companies like tech companies and banks, which would restrict private sector demand."
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