Oceonomy’s Post

#MPA has partnered with the Monetary Authority of Singapore (MAS) to develop the Singapore-Asia taxonomy which sets out the criteria for defining green and transition activities that contribute to #climatechange mitigation. It is anticipated that the taxonomy will provide a common language across the #maritime and #financial services sector on what constitutes #greenshipping, hence channelling more financing flows to support #decarbonisation of the maritime sector from Singapore. More on Singapore-Asia Taxonomy: https://lnkd.in/ga8uM6yZ #MaritimeSG

We are excited to announce Control Union Malaysia part of Royal Peterson Control Union Group and Malaysian Green Technology and Climate Change Corporation (MGTC) signed a Memorandum of Understanding (MOU) to foster cooperation and synergy in various fields of mutual interest, with a focus on advancing sustainability and addressing critical environmental challenges. Dutch Prime Minister Mark Rutte, who witnessed the signing of the MOU, expressed his support for the collaboration and shared commitment to environmental sustainability and emphasised the importance of international cooperation in addressing global climate challenges. The signing of this MOU marks a significant step in the advancement of environmental sustainability in Malaysia and underscores the nation’s commitment to addressing climate change and promoting sustainable practices. The collaboration between MGTC and Control Union Malaysia is expected to have far-reaching implications, with the potential to drive positive change in various sectors of the Malaysian economy. #malaysia #ESG #acceleration #controlunion #MGTC

Border Carbon Adjustments: pivotal design choices for policy-makers 📑 🔧 The International Institute for Sustainable Development - Aaron Cosbey and Ieva Baršauskaitė - offers a deep dive into Border Carbon Adjustment Mechanisms (#CBAM) in a policy brief from last year. The paper explicates the key choices when implementing a CBAM, as the EU has already done, and some countries like the UK and Canada are discussing. 🇪🇺🇬🇧🇨🇦 The brief explores essential policy options, including how BCAs apply differently to #imports, #exports, and specific sectors like steel and aluminum. It covers carbon pricing strategies, whether to calculate based on actual emissions or defaults and how countries might credit foreign carbon pricing policies. It also discusses critical issues like the scope of emissions, administrative burden, and potential exemptions for low-income countries. 🏭🚢 A final key policy question is global cooperation and the question of whether revenues should be retained domestically or redistributed to support climate efforts in developing nations.  Also, as more countries are considering CBAM, how could different systems work together? Who’s gonna mandate the next CBAM?⚖️🌍 #ClimatePolicy #CarbonPricing #NetZero #Decarbonisation  

🌏-- Singapore Signs 2nd Implementation Agreement under Article 6 -- 🌏 Today, Singapore concluded the signing of an IA with Ghana 🇬🇭 for transfer of international carbon credits (ITMOs) under Article 6.2 of the Paris Agreement. This is the second IA signed by Singapore, following the agreement with Papua New Guinea signed in December last year. This will enable the two countries to collaborate on climate projects that can reduce emissions, promote sustainable development and generate benefits for local communities. At the same time, it will provide a supply of correspondingly adjusted credits that can be used by companies in Singapore to offset up to 5% of their emissions under the national carbon tax scheme. 🏭 As part of the agreement, Singapore has committed to channelling 5% of the credit value towards adaptation measures in Ghana, and 2% of all credits to be cancelled, to ensure a net reduction in global emissions (OMGE). 🌏 Congratulations to all parties involved. Read the full press release here: https://lnkd.in/gb7Qy4qG

I gladly share my article titled "the Potential of #CapandTrade Market in #Azerbaijan". This article explores the potential benefits and challenges of implementing a cap and trade market in Azerbaijan to reduce #GHG. It mainly discusses the concept of cap and trade, its benefits such as cost-effectiveness and market efficiency, and the trade-offs including #market uncertainty and implementation complexity. The article also highlights the #global context of carbon trade and carbon pricing and Azerbaijan's commitments under the Paris Agreement. Hope you will find them useful. The link is provided in the comment section. Port of Baku COP29 Azerbaijan #ClimateAction #Sustainability #ParisAgreement #EnvironmentalPolicy #ClimateChange #ESG #SDGs

It’s a great pleasure to coauthor with Prof. Nam Pham Khanh and Lesly Goh on the FT-Sustainable article: Clear carbon sovereignty rules are vital to a net zero future! "#carbonsovereignty", arising from Nationally Determined Contribution (NDC), is at the heart of the current market issues. By creating an interconnected decentralized national carbon registry, developing countries retain ownership of their national resources within the global market, which further allows countries to benefit economically through all future carbon credit transactions in various forms including transaction fees, stamp duty or capital gain taxes etc. https://lnkd.in/gdqJGZ9W

This ADB report delves into the current state as well as legal and #policy issues of international and domestic carbon markets. It explains how carbon markets can help countries in Asia and the Pacific achieve their #ParisAgreement targets and generate the financing needed to scale up #climateaction. DOWNLOAD here. ⬇️ https://buff.ly/3I4eHOa #SDG13 ADB Publications

🌏 Singapore Economic Development Board (EDB) and the International Emissions Trading Association (IETA) recently launched the Singapore Carbon Market Alliance (SCMA). This platform aims to facilitate access to high-quality carbon credits under Article 6 of the Paris Agreement. SCMA is part of Singapore’s broader strategy to establish itself as a carbon services and trading hub in Asia, hosting over 120 firms in the carbon management sector and investing in research on nature-based solutions. ARE's Joie Ho dives into the integrity of carbon credits, especially nature-based ones, and explores what can be done to ensure their quality. 🔎 Swipe through the slides below to find out more. #CarbonCredits #Sustainability #Singapore #ClimateAction #EnvironmentalStewardship #CarbonManagement #NatureBasedSolutions 

The UK is set to implement its Carbon Border Adjustment Mechanism (CBAM) in #2027, aiming to equalize carbon costs for domestic and imported goods, thus bolstering its climate agenda. The CBAM addresses carbon leakage by aligning imported goods' carbon costs with domestic production. Stakeholder involvement, led by Lucia Suggitt and Katie Keegan, ensures a collaborative approach. Gareth Davies MP emphasizes the need to prevent carbon leakage to uphold global decarbonization efforts. However, challenges lie in designing fair carbon pricing strategies and calculating liabilities. The CBAM positions the UK as a global #climate leader, aiming to achieve ambitious climate targets while fostering sustainable trade. It's a significant step towards integrating environmental goals with trade policies, encouraging global #decarbonization and supporting domestic industries. The CBAM's meticulous design and stakeholder consultation suggest it will serve as a model for other nations in advancing towards a #greenerfuture. https://lnkd.in/eKxYVCjM Carbon Tracker | Trucost | ClearBlue Markets | Blue Sources | Carbon-Neutral Consulting | South Pole | First Climate | Gold Standard | Ecofys | The Carbon Trust | ERM | EcoAct | Sustainalytics | ClimateCare | Carbon & Clean Energy Solutions | Climeworks | Chevron Renewable Energy Group | Carbon Engineering | Ørsted

The paper highlights sustainability efforts, particularly focusing on #carbon emission reduction within the Paris Agreement #framework. It discusses the increasing importance of #Trade and Sustainable Development (TSD) chapters in European Free Trade Agreements, along with EU initiatives like the Carbon Border Adjustment Mechanism (CBAM) and the Corporate Due Diligence #Directive (CSDDD). Additionally, it briefly examines the #EU's involvement in multilateral #climate change discussions. Overall, it emphasizes the role of international trade in promoting #sustainable development, as outlined in the #2030 Agenda for Sustainable Development. https://lnkd.in/exNYYa-a