| Sourced From Straitstimes.com |
SIX local firms, engaged in projects ranging from sewage treatment to recycling, have applied to join a United Nations-run scheme that makes it easier for them to trade in carbon credits.
The National Environment Agency (NEA) said on Monday that if approved, the firms will join environment solutions provider Bee Joo Industries, which last December became the first company here to gain international approval to engage in carbon trading.
The UN regulates carbon trading under the Clean Development Mechanism (CDM) initiative, which is part of the Kyoto Protocol.
The global treaty to curb greenhouse gas emissions into the atmosphere, to which Singapore is a signatory, stipulates that businesses operating in developing countries can convert emission reductions into carbon credits.
Accreditation allows individual companies to apply to the UN for the credits, known as Certified Emissions Reductions.
Carbon credits create a market for reducing greenhouse gas by giving a monetary value to lowering emission levels.
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