Asia Carbon Institute (ACI), a voluntary carbon credit registry in Asia, was officially inaugurated at the CIC – Zero Carbon Park in Hong Kong despite a typhoon signal hoisted right before and during the event.
The official launch was attended by Chan Ho Lim, Joseph, JP – Under Secretary for Financial Services & the Treasury, HKSARG, and Dr. Samuel Chui, JP – Director of Environmental Protection, HKSARG.
Asia’s burgeoning economic growth and substantial greenhouse gas emissions call for the implementation of sustainable practices. Although voluntary carbon credit standards and registries are crucial for incentivizing sustainability and attracting investments, the absence of a quality carbon credit standard in Asia hinders market growth and restricts related ecosystems and businesses in the Region.
ACI, a non-profit organization dedicated to promoting sustainable climate action throughout Asia and beyond, addresses this critical need. As a voluntary carbon credit standards body and registry, ACI focuses on developing and implementing climate-positive initiatives and tailored solutions to address Asia’s unique environmental challenges and opportunities.
During the inaugural ceremony, ACI signed a Memorandum of Understanding (MOU) with BSI, a global business standards company, to enhance ACI’s capabilities in assurance and verification, innovation, development of new standards, and marketing and communication initiatives.
Chan Ho Lim said:
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. 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.
The event also featured a panel discussion led by Prof. Christine Loh, SBS, JP, OBE, International Advisor of ACI, and included 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. They shared insights on the challenges faced, measures implemented, and expectations from ACI as a platform for short and medium-term actions in addressing carbon-related issues in Hong Kong, Singapore, and Asia.
The establishment of ACI 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. Support from government officials, industry leaders, and environmental organizations underscores the importance and potential impact of ACI’s work in the region.
