KUALA LUMPUR: The inaugural ASEAN Carbon Forum 2024 (ACF2024) held here yesterday has become a platform for ASEAN member countries to share efforts to enhance regional carbon mitigation initiatives, while exploring collaboration opportunities.
Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said the forum serves as a catalyst for discussions on the ASEAN Common Carbon Framework (ACCF) as one of the operational initiatives under ASEAN’s Strategy for Carbon Neutrality, especially when Malaysia assumes the ASEAN chairmanship next year.
“This forum is timely as Malaysia plans to develop its own national carbon crediting system and explore options within the compliance carbon market,” he said in a statement today.
He added that the framework is expected to unlock unique carbon projects for ASEAN, while creating stronger demand signals.
Nik Nazmi said this will be achieved through an interoperable carbon market across the region, creating a larger market for carbon supply and demand.
ALSO READ: Malaysia makes significant strides in green tech through IGEM - Nik Nazmi
The Natural Resources and Environmental Sustainability Ministry (NRES), through the Malaysia Forest Fund, organised the ACF2024 - Development of Crediting Programme and Carbon Project in collaboration with the World Bank Group and Permian Malaysia, in conjunction with the International Greentech and Ecoproduct Exhibition and Conference Malaysia (IGEM) 2024 at the Kuala Lumpur Convention Centre (KLCC).
The forum aimed to initiate discussions on carbon crediting in a regional context, drawing significant participation from ASEAN countries such as Brunei, Indonesia, Thailand and Singapore.
It also attracted various stakeholders, including ministries, federal agencies, state governments, corporate entities, financial institutions, non-governmental organisations, project consultants, developers, validation and verification bodies, carbon crediting bodies and academics.
Previously, Bursa Malaysia introduced the ACCF concept, initiated by the Carbon Market Working Group under the ASEAN Business Advisory Council Malaysia (ASEAN-BAC-MY).
ALSO READ: COP29: M’sia’s participation is a promise towards tackling climate issues - Nik Nazmi
