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More Asian Companies Interested in Carbon Trading, Poll Shows
2010-10-07 06:00:00.2 GMT
By John Duce
Oct. 7 (Bloomberg) -- The number of companies in Asia
involved in carbon trading or expressing an interest in entering
the market has almost doubled in the past year, according to a
Hong Kong-based group promoting greener business practices.
Sixty-one companies in the region, excluding Japan,
Australia and New Zealand, are interested in carbon trading
compared with 31 last year, the Association for Sustainable &
Responsible Investment in Asia, said in a statement today,
citing a survey of about 190 companies conducted by the group.
The number of senior executives at companies overseeing
issues relating to carbon emissions is increasing in Asia,
according to the association, whose members include Credit
Suisse Group AG and the Asian Development Bank.
Global talks aimed at reaching an agreement to mitigate
climate change and cut emissions opened in Tianjin, China, this
week as the United Nations warned time is running out before
global warming reverses decades of economic development. The
last climate summit in Copenhagen last year failed to produce a
binding agreement.
Tokyo and New Zealand are the only carbon trading markets
in the Asia-Pacific region. The European Union, which manages
the world's biggest cap-and-trade system, sent a mission to
China in July to study a pilot carbon trading program aimed at
helping to reduce emissions in the largest polluting nation.
Cap-and-trade puts a price on carbon by setting limits on
the amount of emissions polluters can produce. Those exceeding
the limit must buy credits to offset their emissions, while
those that emit less can sell their balance in the carbon market.
For Related News and Information:
Top energy stories: ETOP <GO>
Top stories on China: TOP CHINA <GO>
China Energy Data: ENST CHINA <GO>
--Editors: Ryan Woo, Peter Langan.
To contact the reporter on this story:
John Duce in Hong Kong at +852-2977-2237 or
Jduce1@bloomberg.net
To contact the editor responsible for this story:
Amit Prakash at +65-6212-1167 or
aprakash1@bloomberg.net.
