Transparency and innovation are key in climate ambition

FOR the world to meet its goal to limit the average global temperature increase to 1.5 degrees Celsius, every country needs to play a role. Decarbonising energy systems, balancing population and economic growth with energy demand, rethinking and redefining “business as usual” – these challenges are not unique to Asia. Technology will be critical too, in every sector.

Last year, COP26 addressed some of these issues by finalising the rules for the Paris Agreement’s Article 6, which allows countries to partially meet their climate targets by buying offset credits representing emission cuts made in other nations. As one of the 194 nations that agreed to the deal, Singapore now has a foundation to build on as it seeks to establish itself as a global carbon trading hub. Singapore is playing host to some of the most exciting developments in the world’s carbon markets, bringing together the main efforts to drive emissions down in an efficient and transparent manner.

Ensuring the robust health of the carbon market

The current COP27 talks in Egypt are trying to build on last year’s progress and advance the Paris carbon markets.