Singapore Sustainable Finance Association
- Press Release
ASEAN Common Carbon Framework Signatories Renew Memorandum of Collaboration at COP31 for a Further Two Years
- Singapore Sustainable Finance Association
- November 13, 2026
Antalya, Türkiye, 13 November 2026 – Signatories of the ASEAN Common Carbon Framework (“ACCF”) — the Malaysia Carbon Market Association (MCMA), the ASEAN Alliance on Carbon Markets (AACM), the Singapore Sustainable Finance Association (SSFA), the Indonesia Carbon Trade Association (IDCTA) and the Thailand Carbon Markets Club (TCMC) — have re-signed the Memorandum of Collaboration (“MoC”) during COP31 in Turkey for a further two years, reaffirming their shared commitment to regional cooperation and to operationalising a connected, high-integrity carbon market across ASEAN.
As part of the renewal, Aboitiz Foundation, Inc., from the Philippines, has formally joined the ACCF and signed the MoC as an Observer. Aboitiz Foundation’s entry extends the ACCF’s regional footprint and reflects growing interest among ASEAN member states in connecting national carbon market development with regional coordination efforts.
The renewal also marks a shared progress on demand-side alignment: AACM and TCMC now join IDCTA, SSFA and MCMA in supporting the Shared Principles under the Coalition to Grow Carbon Markets (“Coalition”). The Coalition, co-chaired by Kenya, Singapore and the United Kingdom, is a government-led initiative. Its Shared Principles, launched in November 2025 at the COP30 Business and Finance Forum, set out six pillars for the credible corporate use of carbon credits alongside deep decarbonisation. With all five signatories supporting the Shared Principles, the ACCF will look to strategically contribute to and consult for global initiatives such as those led by the Coalition to ensure that market building efforts accurately reflect the ASEAN landscape.
Under SSFA’s chairmanship, which commenced in the second half of 2026, the ACCF has set out its strategy for 2026–2028 around five key overarching priorities:
- Elevating the ACCF’s work to the official ASEAN level,
- Expanding its signatory base to ensure broader and more equitable regional representation;
- Bringing ASEAN carbon markets closer to global standards;
- Coordinating its work with, and contributing ASEAN insights to the Coalition; and
- Establishing an ASEAN Community of Practice (CoP), a structured platform to facilitate knowledge sharing and consultations for longer-term projects under the ACCF.
The ACCF’s work is anchored in three core areas:
- Supply and demand – developing an interim pathway for the corporate usage of high-integrity carbon credits, as a critical demand intervention, and building capacity for financiers through a high-level due diligence framework on key criteria for carbon project financing.
- Market infrastructure – seeking clarity on the legal nature and characterisation of verified carbon credits, and exploring pathways to reduce cross-border barriers to harmonisation and fungibility across ASEAN carbon markets.
- Capacity building – collaborating with international partners on technical and advisory support for carbon finance and elevating ACCF’s work to ASEAN forums.
“Aboitiz Foundation is proud to join the ASEAN Common Carbon Framework as an Observer, representing the Philippines’ Nature-based Solutions (NbS) industry and Carbon Coalition groups. We welcome this opportunity to share our experiences, learn from our ASEAN partners, and contribute to building credible carbon markets across the region. Ultimately, our collective efforts must go beyond carbon credits to create real opportunities for people, protect our natural resources, and deliver lasting benefits to communities.”
Photo 1: Government Dignitaries and ACCF Signatory Members – Exchange of Memorandum of Collaboration (MoC) on the ASEAN Common Carbon Framework (ACCF) at COP31. (L-R) Mr Steven Marcelino, Deputy Chair for International Affairs, ASEAN Alliance on Carbon Markets and Managing Partner of Equatorise Advisory; Ms Gloyta Nathalang, Chair of the TCMC, and Senior Executive Vice President, Sustainability Management and Corporate Communications, Bangchak Corporation; Mr Nakorn Tangavirapat, Executive Director, Thailand Greenhouse Gas Management Organisation; Yang Berbahagia Datuk Nor Yahati binto Awang, Deputy Secretary General of the Ministry of Natural Resources and Environmental Sustainability, Malaysia; Ms Fam Wee Wei, Director of the Green Economy and Sustainability Division and the Carbon Markets Division, Ministry of Energy, Trade and Industry, Singapore; Minister Robert Borje, Vice Chairperson and Executive Director, Climate Change Commission from the Philippines; Ms Oi-Yee Choo, Co-Chair of the ACCF, and Chief Executive Officer of Climate Impact X, on behalf of the SSFA; Dr Renard Siew, President, MCMA, and Group Head of Corporate Sustainability, Yinson; and Ms Faiha Azka Azzahira, Vice Head of the Community Development Division, IDCTA
Photo 1: Signatory Members – Exchange of Memorandum of Collaboration (MoC) on the ASEAN Common Carbon Framework (ACCF) at COP31. (L-R) Mr Steven Marcelino, Deputy Chair for International Affairs, ASEAN Alliance on Carbon Markets and Managing Partner of Equatorise Advisory; Ms Oi-Yee Choo, Co-Chair of the ACCF, and Chief Executive Officer of Climate Impact X, on behalf of the SSFA; Dr Renard Siew, President, MCMA, and Group Head of Corporate Sustainability, Yinson; Ms Gloyta Nathalang, Chair of the TCMC, and Senior Executive Vice President, Sustainability Management and Corporate Communications, Bangchak Corporation; and Ms Faiha Azka Azzahira, Vice Head of the Community Development Division, IDCTA
For media enquiries, please contact:
SSFA – info@ssfa.org.sg
TCMC – info@carbonmarketsclub.com
Sandpiper – elizabeth.chu@sandpipercomms.com
About the ASEAN Common Carbon Framework (ACCF)
The ASEAN Common Carbon Framework (ACCF) is an industry-led initiative established to support the development of high-integrity and interoperable carbon markets across ASEAN. Developed collaboratively by the Malaysia Carbon Market Association (MCMA), ASEAN Alliance on Carbon Markets (AACM), Singapore Sustainable Finance Association (SSFA), Indonesia Carbon Trade Association (IDCTA), and Thailand Carbon Markets Club (TCMC), the ACCF aims to strengthen regional coordination, align market approaches, and facilitate cross-border carbon market development in a manner that complements national policies and international frameworks.
About Malaysia Carbon Market Association (MCMA)
The Malaysia Carbon Market Association (MCMA) is a non-profit organisation dedicated to advancing Malaysia’s carbon market ecosystem. MCMA works with government, industry, and international partners to support the development of high-integrity, transparent, and efficient carbon markets aligned with national decarbonisation goals.
For more information, visit https://mcma.org.my/
About ASEAN Alliance on Carbon Markets (AACM)
The ASEAN Alliance on Carbon Markets (AACM) is the first private sector-led body to advocate for cross-border efforts in the areas of carbon market development. AACM aims to scale the growth of voluntary carbon markets across ASEAN and support the implementation of compliance markets. The alliance fosters a regional ecosystem and acts as a focal point for international partnerships, with activities including capacity building and technical assistance.
For more information, visit: https://aseancarbonalliance.com/
About Singapore Sustainable Finance Association (SSFA)
The Singapore Sustainable Finance Association (SSFA) is an industry body established by the Monetary Authority of Singapore (MAS) along with the financial industry in January 2024. Building on the successful work of the Green Finance Industry Taskforce (GFIT), SSFA is established to collaborate across the financial and real economy sectors to support the growth of Singapore as a trusted, vibrant, and inclusive sustainable finance centre. SSFA welcomes participation from financial services, non-financial sector corporates, academia, nongovernmental organisations, policymakers and other industry bodies.
For more information, visit https://www.ssfa.org.sg/
About Indonesia Carbon Trade Association (IDCTA)
The Indonesia Carbon Trade Association (IDCTA) is a non-profit organisation representing participants across the carbon market value chain. IDCTA works to support project development, strengthen market infrastructure, and promote regional and international collaboration in carbon markets.
For more information, visit https://www.idcarbontrade.org/
About Thailand Carbon Markets Club (TCMC)
The Thailand Carbon Markets Club (TCMC) is an independent network supporting the development of credible and inclusive carbon markets in Thailand. Established in 2021 by Bangchak Corporation Public Company Limited, BCPG Public Company Limited, and founding partners, TCMC brings together stakeholders across sectors to promote carbon credit trading, enhance market awareness, and support regional collaboration.
For more information, visit https://www.carbonmarketsclub.com/
About Aboitiz Foundation, Inc.
Aboitiz Foundation, Inc. is the corporate foundation of the Aboitiz Group, established in 1988. Working with the Group’s business units, the Foundation supports future leaders through scholarships and educational resources, creates job opportunities through digital skills training and community development, and advances climate action through nature-based solutions.
For more information, visit https://aboitiz.com/aboitiz-foundation
