The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
Ottawa (VNA) – The Canada-ASEANBusiness Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) havesigned a Memorandum of Understanding (MoU) to strengthen collaboration andaccelerate the implementation of carbon crediting programmes across Southeast Asia.
This marks a significantmilestone in the collective effort to address climate change and advance thegoals outlined in Article 6 of the Paris Agreement adopted at the UN ClimateChange Conference (COP21) in 2015.
ASEAN is now the 4thlargest trade partner of Canada with the bilateral trade revenue reaching 50 billionUSD.
The recognition of the CABC as an official Canadianorganisation in the ASEAN region is a milestone that reinforces the council's commitmentto connecting the business community and promoting bilateral economic relations.
Through this partnership, the CABC and the AACM as valued partners willwork collaboratively with a focus on six key areas, namely supply& generation, market intermediation, demand & assurance, supply & generation, event collaboration, and advocacy and thought leadership.
Wayne Farmer, President of the CABC, said that the collaboration between the public andprivate sectors as well as withthe international community is key to effectively addressing the climate crisis.
He added that by joining forces with theAACM, the CABC and the wider Canada-ASEAN community can maximise the council’s impactand accelerate the transition to a low-carbon future for the ASEAN region.
Established in 2012 in Singapore, the CABCpromotes commercial relations between Canadian businesses and ASEAN countries.Focusing on economic strengthening, the CABC plays an important rolein Canada's Indo-Pacific Strategy and the ASEAN-CanadaStrategic Partnership./.
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Illustrative photo (Photo: VNA)
