(EnergyAsia, November 14, Friday) — Asia is fast becoming the driving force behind the rise of the world’s carbon market.

To date, 65% or 774 out of a total of 1,186 clean development mechanism (CDM) projects registered with the UN Framework Convention on Climate Change (UNFCCC) originated from the Asia Pacific region.

This represents over 80% of all preliminary CERs traded in the international carbon market. China and India front the pack with close to 640 CDM projects, while Indonesia, Malaysia and the Philippines are not too far behind.

CARBON FORUM ASIA 2008 returns for the third year running, boasting a four-fold increase in the number of CDM projects featured.

CARBON FORUM ASIA was held in Singapore on November 12 and 13 at the Suntec International Convention and Exhibition Centre, with Singapore’s Senior Minister of State for Trade and Industry, S. Iswaran as the guest of honour.

The event showcased more than 60 projects, compared to only 16 projects in 2007. This mirrors Asia’s rapidly growing CDM market which grew by nearly 200 percent between 2006 and 2007. For industrialised countries looking to sponsor CDM projects and achieve carbon neutral status, CARBON FORUM ASIA is the perfect platform to tap into Asia’s opportunities.

“For a long time, the EU Emissions Trading Scheme (ETS) has dominated the global carbon market. This is set to change. With Australia and New Zealand en route to establishing their own trading scheme, and with trading of one sort or another being proposed in Japan, Korea, Taiwan, parts of China and even India, Asia’s prominence in the global Carbon Market is certain,” said Henry Derwent, President and CEO, International Emissions Trading Association (IETA).

“The Asian Development Bank (ADB) is supporting CARBON FORUM ASIA because we see it as an excellent platform in Asia upon which to showcase the Asian sellers in the CDM market. The predicted rate of growth in energy demand and greenhouse gas emissions (GHG) for the Asian region is staggering.”

“The world depends on reducing emissions in Asia, particularly those associated with energy. ADB is working with developing countries in the region in a range of capacities to tackle climate change. We see CARBON FORUM ASIA as an excellent way for ADB to help scale up the carbon market opportunities in the region,” said Josh Carmody, manager for ADB’s Asia Pacific Carbon Fund.

This year programme featured over 1,000 participants from 60 countries and over 100 exhibitors from over 30 countries, including new country participants Armenia, Bangladesh, Bhutan, Fiji, India, Indonesia, Ireland, Korea, Laos, Pakistan, China, and Thailand.