Baku: Carbon Markets Club signs with 4 ASEAN Carbon Market Associations at COP29 in Azerbaijan to support ASEAN's Common Carbon Market Framework. Bangchak Corporation Public Company Limited announced that five major carbon market associations from Thailand, Malaysia, Indonesia, Singapore, and ASEAN jointly signed a Memorandum of Collaboration (MoC) at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) held in Baku, Azerbaijan to support the development of the 'ASEAN Common Carbon Framework (AACF). The objective is to establish standards and guidelines for carbon credit trading in the region to be efficient and transparent, and to jointly drive a low-carbon society. The event was witnessed by Mr. Nik Nazmi bin Nik Ahmad, Minister of Natural Resources and Environmental Sustainability of Malaysia; Mr. Stanley Loh, Permanent Secretary of the Ministry of Sustainability and Environment of Singapore; Mr. Ahmad Kamrizamil Mohd Riza, Malaysian Ambassador to Azerbaij an; and Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and President of Bangchak Corporation Public Company Limited, co-founder of the Carbon Markets Club. According to Thai News Agency, the signatories of this MOU are representatives of private sector associations in ASEAN countries, including the Carbon Markets Club from Thailand, the Malaysia Carbon Market Association (MCMA) from Malaysia, the ASEAN Alliance on Carbon Market (AACM), the Indonesia Carbon Trade Association (IDCTA) from Indonesia, and the Singapore Sustainable Finance Association (SSFA) from Singapore. Under the ASEAN Common Carbon Market Framework (AACF), guidelines are laid down to promote the sustainable development and trading of carbon credits in the region. It aims to support standardized carbon credit projects, build human capacity through technical training and sharing of best practices, and support cross-border business cooperation to create a connected carbon market infrastructure, reduce barriers to internatio nal carbon credit trading, and jointly drive the region towards a low-carbon society. Mr. Nik Nazmi bin Nik Ahmad, Minister of Natural Resources and Environmental Sustainability of Malaysia, stated that this collaboration is an important step in promoting the growth of the carbon market in the ASEAN region. The ASEAN Common Carbon Market Framework will help materialize the ASEAN carbon neutrality strategy. Through this collaboration, we hope to see ASEAN emerge as a leader in global climate action, leveraging both technology and natural resources to move towards a low-carbon economy. Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Group and President of Bangchak Corporation Public Company Limited, the founder of Carbon Markets Club, emphasized that as the first private-sector club to save the world and reduce greenhouse gases in Thailand, which supports carbon credit trading and raises awareness of climate change, the 11 founding members and has grown to 1,300 members within just 3 years, join tly creating a transparent and efficient carbon market, our joint efforts will truly have a global impact. Carbon Markets Club was established on June 28, 2021 by Bangchak Corporation Public Company Limited, BCPG Public Company Limited and 9 partner organizations. It is the first private sector initiative in the form of a non-profit club in Thailand to support government agencies in promoting voluntary carbon markets and providing knowledge about climate change. It currently has more than 1,300 members, providing trading services for carbon credits and renewable energy certificates (RECs), as well as offering a free carbon footprint assessment tool for organizations (CFOs) and a carbon footprint calculator for individuals (MyCF).
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