Press release – For Immediate Release
Canada-ASEAN Business Council and ASEAN Alliance on Carbon Markets Forge Strategic Partnership to Drive Climate Action in ASEAN
Indonesia & Singapore, April 18th, 2024 – The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) are pleased to announce the signing of a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the deployment of carbon crediting programs across Southeast Asia.
The MoU was formalized during the Canada & ASEAN: Building Stronger Bridges for Mutual Growth event co-hosted by the CABC and the ASEAN Secretariat on April 18, 2024, in Jakarta, Indonesia, which celebrates the CABC’s recognition as Canada’s first and only ASEAN-accredited entity.
The joint event hosted by the CABC and the ASEAN Secretariat was held at the ASEAN Hall of the ASEAN Secretariat. Among the distinguished attendees were H.E. Dr. Kao Kim Hourn, Secretary General of ASEAN; H.E. Vicky Singmin, Canadian Ambassador to ASEAN; Diedrah Kelly, former Canadian Ambassador to ASEAN and the inaugural Executive Director of the Indo-Pacific Agriculture & Agrifood Office. Also present were representatives from the ASEAN Member States including H.E. Bovonethat Douangchak, Permanent Representative of the Lao PDR to ASEAN, as well as Mr. Oudet Souvannavong, Chair of ASEAN-Business Advisory Council (ASEAN-BAC), Mr. Bernardino Vega, Alternate Chair of ASEAN-BAC Indonesia, alongside various esteemed dignitaries and prominent business leaders from the Canada-ASEAN community
The MoU affirms the critical role of collaboration in addressing the challenges posed by climate change, which presents opportunities for governments and private sector entities to engage in international partnerships through market-driven mechanisms. This marks a significant milestone in the collective effort to address climate change and advance the goals outlined in Article 6 of the Paris Agreement adopted at the UN Climate Change Conference (COP21) in 2015.
Through this partnership, the CABC and AACM as valued partners will work collaboratively with a focus on six key areas including Supply & Generation, Market Intermediation, Demand & Assurance, Supply & Generation, Event Collaboration, and Advocacy and Thought Leadership
Through this partnership, both parties aim to foster a regional ecosystem and serve as a focal point for international partnerships. Activities will include capacity building, technical assistance, executive roundtables, policy advocacy, and promotion and roadshows to scale Voluntary Carbon Markets across ASEAN and support the implementation of compliance markets in the region.
"The CABC believes that collaboration between the public and private sectors as well as with the international community is key to effectively addressing the climate crisis," said Wayne Farmer, President of the CABC. "By joining forces with the AACM, the CABC and the wider Canada-ASEAN community can maximize our impact and accelerate the transition to a low-carbon future for the ASEAN region."
“ASEAN-BAC has always been keen to advocate for a stronger relationship with Southeast Asian dialogue partners, like Canada. A concrete partnership in developing sustainable development in the region is key for ASEAN's future growth. We welcome more initiatives between CABC and our legacy project, the ASEAN Alliance on Carbon Market. Let the businesses thrive alongside the protection of the regional environment and biodiversity”, said Bernardino Vega, Alternate Chair of ASEAN-BAC Indonesia.
"We are thrilled to formalize our partnership with the Canada-ASEAN Business Council," said Dharsono Hartono, Permanent Chair of the AACM. "Together, we will work towards building a more sustainable future by leveraging the power of carbon markets to drive climate action and economic development across Southeast Asia."
For more information on the Canada-ASEAN Business Council and its initiatives, please visit www.canasean.com or contact:
Headquarters in Singapore
Nicky Lung Executive Director Canada-ASEAN Business Council M. +65 9235 6050 E. nicky.lung@canasean.com | Canada office in Montreal Thi Be Nguyen Executive Director in Canada Canada-ASEAN Business Council M. 438 526-8407 E. thibe.nguyen@canasean.com |
About the Canada-ASEAN Business Council (CABC)
Established in 2012, the Canada-ASEAN Business Council (CABC) is the pre-eminent organization with an ASEAN region-wide mandate to promote and increase trade relations between Canada and ASEAN headquartered in Singapore with a representative office in Montreal, Canada. The CABC was founded in 2012 by Canadian private sector companies operating in ASEAN, at the request of Canada’s Minister of International Trade through Global Affairs Canada, at the first ASEAN Economic Ministers (AEM)-Canada Consultation in Cambodia.
As the voice of the Canadian private sector in ASEAN, the CABC represents the interests of over 70 leading businesses and organizations, demonstrating the diverse strengths of Canadian businesses and the range of commercial opportunities available in the region. To foster stronger Canada-ASEAN business and investment ties through policy advocacy, networking events, and research initiatives.
Website: www.canasean.com
LinkedIn Page: Canada-ASEAN Business Council
Twitter: @CAN_ASEAN
About ASEAN Alliance on Carbon Markets (AACM):
ASEAN Alliance on Carbon Markets (AACM) will be the first private sector led body to advocate for cross-border efforts in the areas of carbon market development. AACM will foster a regional ecosystem and act as a focal point for international partnerships, with activities including capacity building and technical assistance.