Canada, ASEAN consolidate climate change response, economic cooperation

April 23, 2024 | 12:01

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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.

Canada, ASEAN consolidate climate change response, economic cooperation, Illustrative photo (Photo: VNA)

Ottawa – 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.

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.

ASEAN is now the 4th largest trade partner of Canada with the bilateral trade revenue reaching 50 billion USD.

The recognition of the CABC as an official Canadian organisation in the ASEAN region is a milestone that reinforces the council's commitment to connecting the business community and promoting bilateral economic relations.

Through this partnership, the CABC and the AACM as valued partners will work 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 and private sectors as well as with the international community is key to effectively addressing the climate crisis.

He added that by joining forces with the AACM, the CABC and the wider Canada-ASEAN community can maximise the council’s impact and accelerate the transition to a low-carbon future for the ASEAN region.

Established in 2012 in Singapore, the CABC promotes commercial relations between Canadian businesses and ASEAN countries. Focusing on economic strengthening, the CABC plays an important role in Canada's Indo-Pacific Strategy and the ASEAN-Canada Strategic Partnership.

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By VNA

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