The Indonesian Chamber of Commerce and Industry (Kadin) supports the collaboration between the Canada-ASEAN Business Council (CABC) and the ASEAN Carbon Market Alliance (AACM) in accelerating the implementation of carbon crediting programmes in Southeast Asia. This cooperation is outlined in a memorandum of understanding (MoU) that was ratified at the "Canada & ASEAN: Canada & ASEAN: Building Stronger Bridges for Mutual Growth" organised by CABC and the ASEAN Secretariat in Jakarta on Thursday (18/4/2024).

ASEAN-BAC Indonesia Vice Chairman Bernardino Vega, who is also the Vice Chairman of Kadin for International Relations, said ASEAN-BAC is always enthusiastic to maintain stronger ties with Southeast Asian dialogue partners, such as Canada.

"Concrete partnerships in fostering sustainable development in the region are key to ASEAN's future growth. We welcome more initiatives between CABC and our existing project, the ASEAN Alliance on Carbon Markets. Let business thrive along with the protection of the regional environment and biodiversity," Mr Bernardino said.

CABC President Wayne Farmer said collaboration between the public and private sectors and the international community is key to effectively addressing the climate crisis. The joining of AACM, CABC and the broader Canada-ASEAN community can maximise the positive impact and accelerate the transition to a low-carbon future for the ASEAN region."

Meanwhile, AACM Permanent Chair Dharsono Hartono, who was also present at the occasion, said he was very pleased to unite the partnership with the Canada-ASEAN Business Council.

"Together, we will work to build a more sustainable future by harnessing the power of carbon markets to drive climate action and economic development in Southeast Asia," he said.

Besides representatives from Kadin Indonesia, CABC and AACM, the event was also attended by ASEAN Secretary-General Kao Kim Hourn, Canadian Ambassador to ASEAN Vicky Singmin and Former Canadian Ambassador to ASEAN and inaugural Executive Director of the Indo-Pacific Agriculture & Food Office Diedrah Kelly.

The signing of the MoU emphasises the critical role of collaboration in addressing the challenges posed by climate change, providing opportunities for governments and private sector entities to engage in international partnerships through market-driven mechanisms.

This is an important milestone in joint efforts 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, according to a statement.

CABC and AACM will work together with a focus on six key areas, namely supply and generation, market brokering, demand and assurance, supply and generation, event collaboration, and advocacy and leadership.

Through this partnership, both parties aim to grow the regional ecosystem and serve as a focal point for international partnerships.

Activities will include capacity building, technical assistance, executive-level meetings, policy advocacy, as well as promotions and roadshows to expand the Voluntary Carbon Market across ASEAN and support the implementation of a compliance market in the region.