Asia must adopt carbon pricing mechanism: BP executive

Asia needs to adopt a carbon pricing mechanism and increase use biofuels to help its transition towards lower carbon emissions, said a senior executive at BP during the annual Platts APPEC conference.

"A well designed carbon pricing framework that is able to prevent carbon leakage, moving carbon to another area, needs to take place for a transition," said Eugene Leong, president of BP Singapore and chief executive of BP's trading & shipping arm of Asia Pacific and the Middle East.

"It is much more established in the developed countries, and a well designed carbon price drives the right incentives for transition," Leong said in a pre-recorded discussion for the conference.