Regulations to drive carbon reporting management in APAC
Enterprises need to invest early in carbon and energy management tools to prepare for future regulation, says Ovum.
Increased regulatory requirements, growing awareness of climate change, and greater demand from investors and other stakeholders for disclosure of non-financial information, will result in the increase of carbon reporting requirements in Asia-Pacific (APAC), says Ovum.
In a new report the independent technology analyst firm said that governments in the APAC region are under pressure to reduce air pollution, and are implementing new rules and regulations to reduce and mitigate the effect of greenhouse gas (GHG) emissions.
For instance, Australia passed the Carbon Farming Initiative (CFI) and the Clean Energy Future package containing 19 bills.
China, on the other hand, is planning to launch pilot carbon emissions trading schemes by 2013 in the cities, and establish a national carbon trading platform by 2015.It also plans to implement a carbon tax by 2013.
“Despite all these initiatives, China and India are still the biggest emitters of CO2 in the world,” Ovum stated.
Surupa Mahto, Ovum Analyst and author of the report, said that increased infrastructure investment helped China to sustain its economic growth during difficult times. “However, this increase, along with rapid urbanization, will further increase the country’s CO2 emissions.”
The study noted that the implementation of number of carbon reduction measures is challenged mostly by lack of capital, lack of knowledge, lack of strong policy frameworks, and uncertainty about the market forces and government action on climate change.
“Many attempts to develop strong carbon-reduction policies are facing tough opposition from the business community,” Mahto said.
Ovum recommends enterprises to invest early in carbon and energy management tools to prepare for future regulation. “Vendors will need to provide solutions that are flexible and adaptable, and support future business initiatives” said Mahto.
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