Carbon Markets Club signs MoC at COP29 to support ASEAN carbon framework
Five major carbon market associations from Thailand, Malaysia, Indonesia, Singapore, and ASEAN signed a Memorandum of Collaboration (MoC) at the 29th Conference of the Parties (COP29) held in Baku, Azerbaijan.
The collaboration supports the development of the ASEAN Common Carbon Framework (AACF), aimed at establishing standards and guidelines for carbon credit trading within the region to ensure efficiency and transparency in driving a low-carbon society.
The event was witnessed by Nik Nazmi bin Nik Ahmad, Minister of Natural Resources and Environmental Sustainability of Malaysia, Stanley Loh, Permanent Secretary for the Ministry of Sustainability and Environment of Singapore, Ahmad Kamrizamil Mohd Riza, Ambassador of Malaysia to Azerbaijan, and Chaiwat Kovavisarach, Group CEO and President of Bangchak Corporation Plc. and founder of Thailand Carbon Markets Club.
Under the ASEAN Common Carbon Framework (AACF), a strategy has been established to promote sustainable development and trading of carbon credits in the region. The initiative seeks to support standardized carbon credit projects, strengthen technical capacity through training and best practice sharing, and foster cross-border business cooperation. This will build a cohesive carbon market infrastructure, reduce barriers to international carbon credit trading, and advance the region toward a low-carbon society.
Nik Nazmi bin Nik Ahmad remarked, "This historic collaboration is a crucial step in advancing carbon market growth within ASEAN. The ASEAN Common Carbon Framework will assist in operationalising the ASEAN Strategy for Carbon Neutrality and through this partnership, we hope to see ASEAN positioned to play a leading role in global climate action, leveraging both technological and nature-based solutions to drive towards a low-carbon economy."
Chaiwat stated, "As Thailand's pioneering private sector initiative focused on reducing greenhouse gas emissions through carbon credit trading and raising climate action awareness, we are proud to have grown from 11 founding members to 1,300 in just three years. We foster collaboration among stakeholders and strive to build a transparent, efficient carbon market. Committed to working with regional partners, we support the ASEAN Common Carbon Framework, paving the way for a sustainable, low-carbon future in Southeast Asia, ensuring our collective efforts resonate on a global scale,"
Founded on June 28, 2021, by Bangchak Corporation Public Company Limited, BCPG Public Company Limited, and nine other partner organizations, Carbon Markets Club is Thailand's first private-sector, non-profit club supporting government efforts to advance the voluntary carbon market and promote climate change awareness.
With over 1,300 members, the club offers carbon credit and renewable energy certificate (REC) trading services, provides a free organizational carbon footprint tool (CFO) and personal carbon footprint calculator (MyCF) for members, and hosts continuous online seminars and diverse communication initiatives to drive broad public engagement in the carbon market and raise awareness about the climate crisis. This initiative supports Thailand in reaching its greenhouse gas reduction targets.
