Singapore – March 3, 2025 – As global carbon markets undergo a period of transformation, ASEAN is stepping up its efforts to enhance its role in the sector through the Scaling Up Carbon Markets in ASEAN: Fundamentals & the ASEAN Common Carbon Framework
(ACCF) training session. This exclusive two-day event, held on March 3-4 2025 at the Hotel InterContinental Singapore, was organized by Equatorise Advisory in collaboration with the ASEAN-UK Green Transition Fund (GTF), supported by ASEAN Business Advisory Council
and ACCF MoC Signatories. The training provides key stakeholders with essential knowledge on carbon market fundamentals and insights into the newly established ASEAN Common Carbon Framework (ACCF).
Opening the session, Dr. Renard Siew, President of Malaysia Carbon Market Association (MCMA) introduced ACCF and its beginning during Indonesia’s ASEAN chairmanship in 2023 where eight strategies for carbon neutrality were introduced. “The ACCF is a pivotal step in harmonizing ASEAN’s carbon markets. By fostering mutual recognition of methodologies, ensuring high-integrity carbon credits, and linking voluntary markets with compliance systems, we are building a more efficient and interconnected regional market. With only two years under the MoC, the time to act is now. Are you ready to come on this journey with us?”
Given ASEAN’s vast carbon stock potential, this initiative could unlock significant economic opportunities, with carbon prices expected to exceed $200 per ton and the market valued at over $1.1 trillion annually by 2050, according to BloombergNEF.
Reflecting on the progress made, Steven Marcelino, Managing Partner and CEO of Equatorise, emphasized the significance of regional collaboration during the Policy Roundtable, “This is the first of its kind in a regional carbon market partnership that we’ve ever seen. Carbon markets can generate up to 13.7 million jobs and unlock up to $3 trillion in cumulative revenues and investment for the region if we get this right.”
The ACCF represents a milestone in the region’s commitment to leveraging market-based solutions to achieve Nationally Determined Contributions (NDCs) under the Paris Agreement. The signing of the Memorandum of Cooperation (MoC) among key regional carbon market associations and the recognition of interoperable carbon markets within the ASEAN Strategy for Carbon Neutrality mark a step forward in fostering collaboration and economic growth while promoting sustainability.
Key Highlights of the Training:
- High-level discussions on the fundamentals of carbon markets and their role in ASEAN’s transition towards carbon neutrality.
- Insights into the ASEAN Common Carbon Framework (ACCF) and its impact on voluntary carbon markets (VCM) and compliance carbon markets (CCM).
- Exploration of ASEAN’s nature-based solutions (NbS), which could generate $2.7 trillion in economic benefits and create 180 million jobs by 2030 (according to a study by Abatable).
- Participation of more than 125 key stakeholders, including representatives from ASEAN Member States, and private sector leaders.
Charis Yeap, UK FCDO Regional Lead for Green Finance and Carbon Pricing, outlined three key considerations for the region’s carbon market development, “First, we must be realistic about what can be achieved within the two-year MoC timeline. If carbon taxes and ETS
systems are not in place yet, what demand drivers and methodologies align with emerging trends? Second, ASEAN should recognize its unique value as a cohesive region—rather than focusing on competition, we should leverage our collective influence on transparency,
pricing, and quality. Finally, we need to ask: who is missing from this conversation? Engaging project developers, VVB representatives, and methodology champions will be crucial for meaningful progress.”
As ASEAN continues to advance its carbon market framework, the Scaling Up Carbon Markets in ASEAN training session marks a significant step towards greater regional collaboration and market integration. With strong momentum from policymakers, industry leaders, and international partners, the ACCF is poised to drive meaningful progress in aligning voluntary and compliance carbon markets.
