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Oct. 28 (Bloomberg) — Hong Kong or Beijing may become the hub for carbon trading in the Asia-Pacific region within the next three years, with Australia needing to pass climate change laws to be a potential contender.
“I think in another two or three years we will see either Hong Kong or Beijing as the hub,” John Marlow, London-based global head of environmental financial products for Macquarie Bank, told the CarbonExpo Australasia conference on Queensland state’s Gold Coast today. Australian states are competing against each other to be the hub, rather than working together, he said.
Governments from around the world will meet in Copenhagen starting Dec. 7 for the final round of talks on a climate accord to replace the 1997 Kyoto Protocol, which expires in 2012. The negotiations are being run by the UN Framework Convention on Climate Change. Australia’s houses of parliament are expected to vote on domestic carbon legislation by the end of November.
“I think if Australia really wants to be a leader or a hub, then it better get its act together and do something quickly, including passing” the climate change bill, Geoff Sinclair, London-based global head of carbon sales and trading for Standard Bank, said today. Singapore and Hong Kong are working aggressively to become the regional center, he said.
China already has several carbon trading exchanges which have started up, said Mina Guli, Beijing-based vice chairman of Peony Capital. There is involvement from the U.S. to help them grow and expand, she said.
“I think you will see China become increasingly involved in this space,” Guli said.
To contact the reporter on this story: Ben Sharples in Melbourne at [email protected]
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Hong Kong, Beijing May Become Asia-Pacific Carbon Trading Hubs: | Sourced From Bloomberg.com |
Oct. 28 (Bloomberg) â.
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