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  Channel NewsAsia 17 Nov 05
Singapore firms ally to develop green projects
 By Jeana Wong, Channel NewsAsia

SINGAPORE : Singapore-based companies have formed a Greenhouse Gas Emissions Reduction Group to develop environment-friendly projects in Asia.

IE Singapore says developing and selling such expertise or technology will help local companies tap growing market opportunities presented by efforts to reduce global warming.

According to World Bank, the world coughs out about 60 billion tonnes of carbon dioxide every year.

Industry watchers say this presents market opportunities for local companies. Said Abyd Karmali, senior vice president, ICF Consulting, "Climate change really is one of the most significant challenges we're facing. And what we've seen is that in countries where emission reduction targets have been taken on, there has been tremendous unleashing of innovation where technology companies suddenly have access to a whole range of companies that need those technologies. I think there could be some significant winners in Singapore."

Five Singapore companies have formed a consortium to tap into these new opportunities. Led by Asia Carbon Exchange, the group will develop projects and solutions in waste treatment and management, and advise companies on issues related to carbon financing and asset managing.

Analysts, however, say that such efforts can be boosted if Singapore ratifies the Kyoto Protocol, an agreement to reduce greenhouse gases emissions worldwide. They say being a signatory to the treaty will allow Singapore companies to trade in a global carbon trading market worth nearly US$256 billion a year.

Said Kesava Shotam, CEO and group managing director, Asia Carbon International, "If Singapore doesn't ratify, I'm very sure that their credits will not be tradable on the Asia carbon exchange. There are corporations that are willing to invest up to $200 million and above in terms of US dollars to place their funds here to be able to take part in projects in the region. There are also other spin-offs: publishers can come in, lawyers can come in, the financial expert can come in. It's a huge potential and I think we should not wait very much longer."

The Kyoto Protocol came into effect in February.

The Ministry of Environment and Water Resources says it is still studying the implications and timing of ratifying the treaty.
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