Asia Carbon Institute: A Voluntary Carbon Credit Registry in Asia Officially Established Setting the Stage for Sustainable Development with Enhanced Carbon Credit Standards
- Written by The Bulletin
HONG KONG SAR - Media OutReach - 31 August 2023 - Asia Carbon Institute (ACI), a pioneering voluntary carbon credit registry in Asia, officially launches today at the CIC - Zero Carbon Park in Hong Kong.
The inaugural ceremony welcomed esteemed Guests of Honour, Mr. Chan Ho Lim, Joseph, JP - Under Secretary for Financial Services & the Treasury, HKSARG, and Dr. Samuel Chui, JP - Director of Environmental Protection, HKSARG, among other distinguished guests and industry leaders. Typhoon signal was hoisted right before and during the event, yet never affected the strong support from the invited guests and representatives from the government, financial, commercial, industrial sectors and stakeholders across the board. Over 150 guests from various sectors, including government, academia, industry, and environmental organizations, joined the event to witness this significant milestone in promoting sustainability in Asia.
Asia's rapid economic growth and significant greenhouse gas emissions necessitate the adoption of sustainable practices. Voluntary carbon credit standards and registries play a crucial role in incentivizing sustainability and attracting investments. However, the absence of a quality carbon credit standard in Asia hampers market growth and inhibits related ecosystems and businesses in the Region.
To address this pressing need and accelerate the transition to a low-carbon economy in Asia, ACI has been established as a voluntary carbon credit registry. ACI is a non-profit organization dedicated to promoting sustainable climate action throughout Asia and beyond. As a leading voluntary carbon credit standards body and registry, ACI focuses on developing and implementing climate-positive initiatives and tailored solutions that address Asia's unique environmental challenges and opportunities.
"The inauguration launch of the Voluntary Carbon Credit Registry in Asia by the Asia Carbon Institute reflects the increasing adoption of carbon credit trading by businesses as a strategic response to climate change," said Mr. Chan Ho Lim, Joseph, JP, Under Secretary for Financial Services & the Treasury, HKSARG. "Voluntary carbon credits are more than just a financial instrument. They have the power to channel private capital towards critical climate action projects, aiding investment in innovative, technology-driven solutions."
Dr. Samuel Chui, JP, Director of Environmental Protection, HKSARG, expressed his support, saying, "The establishment of ACI aligns perfectly with our goals of mitigating climate change and achieving carbon neutrality. We look forward to collaborations with ACI to promote sustainability and drive the adoption of carbon credit standards in the region."
During the inaugural ceremony, a Memorandum of Understanding (MOU) was signed between ACI and BSI, a renowned global business standards company. The collaboration aims to enhance ACI's capabilities in assurance and verification, innovation, the development of new standards, and marketing and communication initiatives.
John Lo, Founder of ACI, expressed his delight at the inauguration and the signing of the MOU, stating, "Today's launch represents a significant milestone in our journey to promote sustainability and create a vibrant voluntary carbon credit market in Asia. The collaboration with BSI will further strengthen our ability to provide assurance, drive innovation, and establish new standards, ultimately leading to a more sustainable and resilient future."
Prof. Christine Loh, SBS, JP, OBE - International Advisor of ACI saying, "ACI is a much-needed non-profit platform based in Asia with Hong Kong and Singapore bases. This is what is needed in our region in the era of developing markets to help with a faster pace of decarbonization. We need a platform that understands the conditions in Asia. Congratulations to ACI for doing carbon credit verification and providing a registry, which should be of great interest."
The inaugural ceremony also featured a panel discussion led by Prof. Christine Loh, SBS, JP, OBE, International Advisor of ACI. Distinguished panelists, including industry leaders from CLP, Sino Group, China Resources Environmental Technology Ltd, and the Climate Commissioner of the Environment and Ecology Bureau of the HKSAR Government, shared their insights on the challenges they face, measures they are implementing, and their expectations of ACI as a platform for short and medium-term actions in addressing carbon-related issues in Hong Kong, Singapore, and Asia.
As the event Keynote Speaker, Ir Dr Hon Lo Wai Kwok, GBS, MH, JP, shared his insight that, "Hong Kong always plays critical, important and functional roles in both international arena and Asia region. While De-Carbonisation is a common goal for everyone, the establishment of ACI Hong Kong chapter today is offering us a unique option of an Asia platform with creditability, transparency and indeed opportunities."
Similar comments and support were echoed by Ms. Linda Ho, CEO of Green Council during her delivery of the closing remarks. Linda stressed that, "ACI is a platform created and based in Asia engaging international, regional & local professionals to advocate de-carbonisation through high level of governance and collaboration. Both ACI Singapore and Hong Kong Chapters are prepared to serve and work with stakeholders with diversity and professionalism."
Asia Carbon Institute - A Voluntary Carbon Credit Registry in Asia signifies a significant step toward a sustainable and carbon-neutral future. ACI is committed to promoting robust carbon credit standards, fostering a thriving voluntary carbon credit market in Asia, and driving the region's transition to a low-carbon economy.
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About Asia Carbon Institute (ACI):
Asia Carbon Institute (ACI) is a leading voluntary carbon credit registry established to promote the adoption of robust carbon credit standards and foster a thriving voluntary carbon credit market in Asia. ACI is dedicated to accelerating the transition to a low-carbon and sustainable economy in the region by driving the adoption of sustainable practices and providing a reliable platform for carbon credit generation, assessment, and validation. As a non-profit organization, ACI prioritizes transparency, credibility, and collaboration with stakeholders to address Asia's unique climate challenges and seize sustainable development opportunities.
