Baku: The Korea Chamber of Commerce and Industry (KCCI) announced a strategic partnership with the Singapore-based Asia Carbon Institute (ACI) aimed at fostering and promoting a voluntary carbon market in Asia. This collaboration was formalized through a memorandum of understanding signed on the sidelines of the 29th United Nations Climate Change Conference of the Parties in Baku, Azerbaijan.
According to Yonhap News Agency, the partnership represents a significant step towards the establishment of the Asia VCM Alliance, which the KCCI plans to launch next year. This initiative is intended to bolster the development of voluntary carbon markets (VCMs) among Asian countries. VCMs allow businesses and organizations without mandated greenhouse gas reduction targets to voluntarily engage in carbon reduction projects, generating carbon offset credits that can be traded.
The agreement with the ACI, recognized as Singapore’s only voluntary carbon reduction certification body, marks the first initiative under this e
nvisioned alliance. The KCCI emphasized its commitment to collaborating with the ACI to advance VCM development in Asia. This will include developing training programs for VCM professionals, sharing information related to VCMs, and hosting international conferences to promote dialogue and cooperation in the region.