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SE Asia seeks access to emissions market

15 Jan 2007 04:19:44 GMT
Source: Reuters

CEBU, Philippines, Jan 15 (Reuters) - Southeast Asian nations are asking Japan's help in getting access to a growing carbon emission trading market, now valued at around $10 billion.

Philippine President Gloria Macapagal Arroyo, as chairwoman of the annual Association of Southeast Asian Nations (ASEAN) summit, made the request at the group's meeting with Japanese Prime Minister Shinzo Abe on Sunday.

"I would like to make an appeal to ASEAN and Japan to make special efforts to meet the objectives of the Kyoto Protocol," Arroyo said in prepared remarks to the Japanese.

"Perhaps Japan could help expand the list of projects available for carbon emissions trading so that more members of ASEAN could participate in the growing emission trading market, which is now valued at around $10 billion."

Energy demand in the 10 ASEAN countries is expected to more than double by 2030, from nearly 500 million tonnes of oil equivalent in 2002.

The region emitted about 1,000 million tonnes of carbon dioxide in 2002 and this figure will increase by almost threefold by 2030, according to ASEAN data.

Arroyo said she would challenge other leaders of the 16-country East Asia summit, meeting in Cebu on Monday, to improve energy efficiency by half to reduce carbon dioxide emissions.

She asked Japan to help ASEAN countries on biofuel development, coal liquefaction and oil stockpiling.

"We also must foster greater cooperation with other countries in our neighbourhood. Russia looms large in this regard, considering that in 10 years Russian might be supplying 30 percent of the oil and gas requirements of East Asia," Arroyo said.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

China, Japan, South Korea, India, Australia and New Zealand are joing the group for the East Asia summit.

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Last updated:Mon Jan 15 04:23:12 2007