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More companies trading in carbon offsets and those financing emissions reduction projects are setting up shop in Singapore.

More than 30 such carbon-related firms have done so in the last three years or so.

The trade in carbon credits, worth US$153 billion (S$208 billion) globally last year, is driven by various requirements to cut back on greenhouse gas emissions. These include cap-and-trade regulations in Europe and countries scrambling to fulfil carbon emissions obligations under the United Nations’ Kyoto Protocol.

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British tax authorities have arrested 21 people after raiding homes and offices across Europe as part of a crackdown on alleged carbon-trading fraud, HM Revenue & Customs confirmed today .

Some 450 staff took part in raids on Wednesday as tax authorities across the continent intensified an ongoing investigation into alleged carbon-trading fraud, which is estimated to have cost €5bn in unpaid taxes.

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Shipowners are backing a global carbon trading scheme that could add as much as €6 billion (£5.4 billion) in extra cost on to maritime transport and push weaker shipping companies out of business.

The proposals, announced yesterday by Britain’s Chamber of Shipping, would seek to bring the global shipping industry into a carbon trading net. The initiative, also backed by the national shipping associations of Australia, Belgium, Norway and Sweden, is intended to raise standards and stimulate technological development in an industry that has been widely criticised for its sluggishness in dealing with atmospheric pollution

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With the world's attention focused on climate change, one of the methods suggested to reduce global carbon emissions is causing the displacement of indigenous persons as western companies rush to invest in tree-planting projects in developing countries.

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For the foreseeable future, the global financial-services sector will be wrestling with the grim realities of credit losses, deleveraging, and challenges to traditional business models. With dramatic industry restructuring already underway and a clear need for players to concentrate on the here and now, it would be easy to lose sight of a nascent but significant long-term opportunity: facilitating carbon trading.

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