In August 2024, the International Seminar on “Connectivity of Asian Voluntary Carbon Markets (VCMs)” was successfully held in Hong Kong.
Here are the highlights of the key conclusions and recommendations drawn from the seminar:
1. Clarifying the role of Voluntary Carbon Markets (VCM) in decarbonization efforts
2. Strengthening capacity-building initiatives
3. Developing operational rules to implement Article 6 of the Paris Agreement
4. Establishing a cross-border transaction monitoring system
5. Harmonizing standards across the region
6. Establishing a regional cooperation mechanism for VCM connectivity
The seminar concluded with a strong consensus on the need for more regular dialogues to overcome challenges like lack of investor trust, mutual recognition of standards, and clear regulatory frameworks. The collective vision is to elevate the role of VCMs in achieving broader environmental goals across Asia. We thank the esteemed speakers and all the attendees who joined us for this pivotal event.
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For a detailed summary of the seminar, read the full keynote summary: Keynote Summary - International Seminar on Asia VCM
About the Event
The two-day seminar, co-hosted by the Hong Kong Green Finance Association (HKGFA), the Capacity-building Alliance of Sustainable Investment (CASI), and MVGX Group (新加坡數字綠色交易所集團), and supported by the Institute of Finance and Sustainability (IFS), brought together over 50 specialists in voluntary carbon markets from various regions, including:
Mainland China, HKSAR, India, Indonesia, Malaysia, Singapore, and Vietnam.
Participants represented a broad spectrum of stakeholders, including policy advisors, regulators, senior representatives from standard-setting bodies, market exchanges, Multilateral Development Banks, private sector financial institutions, NGOs, and service providers.
The discussions revolved around improving policy coordination, market infrastructure, and capacity building to enhance the effectiveness of VCMs in supporting regional decarbonization goals.
