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) in Baku, Azerbaijan. This collaboration supports the development of the ASEAN Common Carbon Framework (AACF), which aims to establish standards and guidelines for carbon credit trading in the region, ensuring transparency and efficiency in fostering a low-carbon society.
The signing ceremony was witnessed by notable figures including Mr. Nik Nazmi bin Nik Ahmad, Malaysia’s Minister of Natural Resources, Environment, and Climate Change; Mr. Stanley Loh, Permanent Secretary for Singapore’s Ministry of Sustainability and the Environment; Mr. Ahmad Kamrizamil Mohd Riza, Malaysia’s Ambassador to Azerbaijan; and Mr. Chaiwat Kovavisarach, Group CEO and President of Bangchak Corporation Plc. and founder of Thailand’s Carbon Markets Club.
The signatories represent key private-sector associations from ASEAN countries:
- Thailand Carbon Markets Club, signed by Mrs. Gloyta Nathalang, Senior Executive Vice President, Sustainability Management and Corporate Communications, Bangchak Corporation Public Company Limited.
- Malaysia Carbon Market Association (MCMA), signed by Dr. Renard Siew.
- ASEAN Alliance on Carbon Market (AACM), signed by Ms. Natalia Rialucky.
- Indonesia Carbon Trade Association (IDCTA), signed by Mr. Yoshan Fazri.
- Singapore Sustainable Finance Association (SSFA), signed by Ms. Kavitha Menon.
The ASEAN Common Carbon Framework (AACF) outlines strategies to standardise carbon credit projects, strengthen technical capacity through training and best practice sharing, and foster cross-border cooperation. This initiative aims to create a cohesive carbon market infrastructure, reduce barriers to international carbon credit trading, and advance ASEAN’s transition to a low-carbon society.
Malaysia’s Minister of Natural Resources, Environment, and Climate Change, Mr. 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 help operationalise the ASEAN Strategy for Carbon Neutrality. Through this partnership, ASEAN is positioned to play a leading role in global climate action, leveraging both technological and nature-based solutions to achieve a low-carbon economy.”
Mr. Chaiwat Kovavisarach, Group CEO of Bangchak Corporation and founder of the Carbon Markets Club, commented, “As Thailand's pioneering private-sector initiative for reducing greenhouse gas emissions through carbon credit trading and raising climate action awareness, the Carbon Markets Club has grown from 11 founding members to 1,300 in just three years. By fostering collaboration and building a transparent, efficient carbon market, we support the ASEAN Common Carbon Framework and are committed to ensuring Southeast Asia’s efforts resonate globally.”
Founded on 28 June 2021 by Bangchak Corporation Public Company Limited, BCPG Public Company Limited, and nine other partners, the Carbon Markets Club is Thailand’s first private-sector, non-profit organisation supporting the voluntary carbon market and raising awareness about climate change. With over 1,300 members, the club offers carbon credit and renewable energy certificate (REC) trading, free carbon footprint tools for organisations and individuals, and public engagement initiatives to support Thailand’s greenhouse gas reduction targets.
For more information, please contact info@carbonmarketsclub.com.
