Carbon Trading Expands Across Asia: Latest Updates from Carbon World News
In recent years, carbon trading has gained significant momentum as a key strategy to combat climate change and reduce greenhouse gas emissions. As the world becomes more aware of the urgent need to address environmental issues, countries across Asia are increasingly embracing carbon trading as a means to achieve their emission reduction targets. Here are the latest updates from Carbon World News on the expansion of carbon trading across Asia.
1. China’s Emissions Trading Scheme (ETS):
China, the world’s largest emitter of greenhouse gases, has made significant strides in establishing its national ETS. The scheme, which initially covers the power sector, was launched in 2017 and has since expanded to include other industries such as steel, cement, and aviation. With over 4 billion tons of CO2e covered under the ETS, China’s carbon market is now the largest in the world. The country aims to use this market-based approach to achieve its ambitious goal of peak carbon emissions by 2030 and carbon neutrality by 2060.
2. South Korea’s Emissions Trading System:
South Korea implemented its Emissions Trading System (ETS) in 2015, covering around 70% of the country’s total emissions. The scheme has been successful in reducing emissions and encouraging companies to invest in cleaner technologies. In 2021, South Korea announced plans to strengthen its ETS by introducing a price floor and expanding the coverage to include new sectors such as petrochemicals and shipping. These measures aim to accelerate emission reductions and align with the country’s commitment to achieving net-zero emissions by 2050.
3. Japan’s Voluntary Carbon Market:
While Japan does not have a mandatory national carbon trading scheme, it has been actively promoting voluntary carbon markets. The Japanese government launched the Joint Crediting Mechanism (JCM) in 2013, which allows Japanese companies to earn carbon credits by investing in emission reduction projects in developing countries. The JCM has facilitated technology transfer and sustainable development in partner countries while enabling Japanese companies to offset their emissions. Japan is also considering the introduction of a domestic carbon pricing mechanism to further incentivize emission reductions.
4. Singapore’s Carbon Pricing:
Singapore introduced a carbon pricing mechanism in 2019, making it the first Southeast Asian country to implement such a scheme. The carbon tax applies to large emitters across various sectors, including power generation, petrochemicals, and aviation. The tax rate is set at SGD 5 per ton of CO2e and will increase gradually to SGD 15-30 by 2030. Singapore aims to use carbon pricing as a tool to encourage companies to reduce emissions and transition towards a low-carbon economy.
5. India’s Emission Trading Scheme:
India is in the early stages of developing its own Emission Trading Scheme (ETS). The country aims to launch the scheme by 2022, initially covering the power sector and gradually expanding to other industries. India’s ETS will play a crucial role in achieving its commitment under the Paris Agreement to reduce emissions intensity by 33-35% by 2030 compared to 2005 levels. The scheme is expected to provide economic incentives for companies to adopt cleaner technologies and contribute to India’s sustainable development goals.
As carbon trading gains traction across Asia, it is becoming an essential tool for countries to meet their emission reduction targets and transition towards a low-carbon future. These latest updates from Carbon World News highlight the progress made by various Asian countries in implementing carbon trading schemes and their commitment to addressing climate change. With continued efforts and international cooperation, carbon trading can play a significant role in mitigating the impacts of global warming and creating a more sustainable planet for future generations.
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- Source: https://zephyrnet.com/carbon-world-news-carbon-trading-por-toda-asia/