Baku, Azerbaijan, 20 November 2024 – Asia Carbon Institute (ACI) and Korea Chamber of Commerce and Industry (KCCI) center for Carbon Reduction Certification are proud to announce the signing of a Memorandum of Understanding (MOU) aimed at improving the integrity and efficiency of the Asia voluntary carbon market. This significant partnership was formalised during COP29, where global leaders are convening to address urgent climate issues.

The MOU outlines a collaborative framework through which ACI and KCCI will share resources for methodology development. In addition, ACI and KCCI will join forces to build a voluntary carbon market (VCM) alliance for the Global South. By leveraging their respective expertise and network, the two organisations aim to enhance existing methodologies and to create new methodologies that can address more closely the needs of the region. This initiative is crucial for aligning with international best practices and accelerating the overall development and potentials of the voluntary carbon market.

In addition to methodology development, the partnership will prioritise building carbon talent capability for the Global South. Recognising the increasing demand for skilled professionals in the carbon market, ACI and KCCI will implement training and capacity-building programs designed to equip individuals and organisations with the necessary skills to navigate the complexities of carbon project development and assurance.

John Lo, Founder of ACI, stated, “The signing of this MOU marks a significant milestone in our efforts to enhance the integrity of the voluntary carbon market for the Global South. This collaboration is particularly timely, as it aligns with ACI’s recent partnership with Thailand’s National Agencies to develop a common framework of the voluntary carbon market. The efforts of ACI and KCCI will complement these initiatives, fostering a unified approach to carbon market development across the region.”

Youngjun Cho, Executive Director of KCCI, added, “This partnership underscores our commitment to accelerating Asian Voluntary Carbon Market through strategic linkages with Asian institutions. And I strongly believe that a strategic cooperation with ACI would be a significant cornerstone for building up such ‘Asian Alliance’ in the near future. KCCI will keep encouraging industries to achieve their net zero goals in various ways.”

As the global community confronts the pressing need for climate action, this partnership highlights the importance of collaboration and innovation to achieve the global net zero ambition.

Korea Chamber of Commerce and Industry center for Carbon Reduction Certification (KCCI): is a voluntary carbon credit certification entity belonged to Seoul-based Korea Chamber of Commerce and Industry which has paved the way to make a better business environment and pursue a sustainable development for more than 201.7 thousand member firms and affiliates all over the country since it was established as the nation’s very first economic organisation in April 1884, recognised by law in 1953. The non-profit KCCI center developed and run a full-fledged carbon offset program named KCCI Carbon Standard (KCS) which provides the standard and framework for independent validation and verification of carbon reductions and removals which covers all those activities including technology-based solutions, jurisdictional programs and nested REDD+ projects. For more details, please refer to its KCS registry at http://kcs.centero.kr