THE British government has urged private companies in the Philippines to invest in the $120-billion global carbon market that helps developed economies fulfill their commitments in reducing greenhouse gases under the Kyoto Protocol, while creating business opportunities to developing countries through emissions trading.

The United Kingdom Trade and Investments Office said since the Kyoto Protocol  came into force in 2005, Clean Development Mechanism (CDM) projects have developed rapidly and mobilized investments.

UK-based carbon-related companies will conduct a seminar titled “Creating Carbon Market Business Partnerships” in Manila on June 26 to explore the possibility of building partnerships with Philippine-based companies.

British Ambassador to Manila Peter Beckingham said the forum aims to increase the understanding of carbon market-related business opportunities in the Philippines and assist Philippine companies to access funding, project developers and other carbon-market services.

The seminar will focus on the developing of CDM projects, carbon finance and trading, and future market opportunities.

The United States, which accounts for 25 percent of the world’s total greenhouse -gas emissions, has refused to ratify the Kyoto Protocol that aims to mitigate the impact of global warming.

The US, however, is urging countries to explore the green market by promoting sustainable clean-energy technologies and businesses.

Jon Lindborg, mission director for the US Agency for International Development (USAID) Philippines, said six Filipino companies have been chosen to explore investments in sustainable clean-energy technologies and businesses under the USAID and the Private Finance Advisory Network (PFAN), a multilateral public-private partnership.

The six companies were identified as  Cleantex Energy Systems, Aseaone Power Corp., Cleansave Waste Corp., Solarco, Longogan Holdings Corp., and Solutions Using Renewable Energy. He said the total value of investment of the six finalist projects is more than $500 million, comprising both debt and equity financing. “In addition to offering promising investments, these projects have the potential to reduce greenhouse-gas emissions by more than 1.5 million metric tons of CO2 per year,” Lindborg said. E. Torres