ACX Partners With the CT Group to Explore Joint Development of Carbon Credit Market in Vietnam
SINGAPORE, HANOI, Vietnam and ABU DHABI, UAE, Dec. 19, 2023 /PRNewswire/ -- ACX Group and the CÔNG TY CỔ PHẦN SẢN GAIO DCỊH TNÍ CHỈ CARBON ASEAN (CCPTA) – a member of the CT Group, are delighted to announce the signing of a Memorandum of Understanding (MOU) on 2 December 2023 to establish a partnership exploring the development of a carbon credit trading platform in Vietnam.
The MOU envisages ACX and CCPTA leveraging their respective expertise to contribute to the creation of a sustainable and robust carbon credit market in Vietnam. The collaboration aims to address the pressing global challenges related to climate change by fostering the growth of a market that incentivizes and rewards companies for reducing their carbon footprint.
Wei Mei HUM, Global Head of Environmental Products at ACX, said, "We are thrilled to announce our partnership with CÔNG TY CỔ PHẦN SẢN GAIO DCỊH TNÍ CHỈ CARBON ASEAN as we embark on this transformative journey to explore the development of a carbon credit trading platform in Vietnam. This collaboration underscores our commitment to advancing sustainable solutions and combating climate change. By leveraging our collective expertise and resources, we aim to create a robust carbon credit market that not only benefits businesses but also contributes significantly to Vietnam's environmental goals as well as the rest of ASEAN. Together, we look forward to pioneering innovative solutions that address the challenges of today and lay the groundwork for a more sustainable and resilient future."
The proposed carbon credit trading platform will be powered by ACX's proprietary technology and will facilitate the transparent and efficient trading of carbon credits both domestically and internationally.
ACX and CCPTA believe that this collaboration will contribute significantly to Vietnam's efforts to meet its climate goals and promote sustainable development. By fostering a vibrant carbon credit market, the partnership aims to create a positive impact on the environment while providing economic benefits to businesses actively participating in carbon credit initiatives.
For many years, CT Group has been unwavering in its support of Vietnam's efforts to combat climate change through a comprehensive array of 12 impactful going Green programs with the CCTPA being one of these programs and an critically important tool to support all of Vietnam in its carbon reduction efforts. CCTPA is pleased to welcome ACX to Vietnam with their internationally award-winning platform, expertise, and governance supporting CCTPA internationalization.
Adam Corrall, CEO of the CCPTA outlined the national and global importance of CCTPA and ACX journey together, "ACX international expertise and standing, governance, and award-winning platform adds important capacity and value to CCTPA leadership in Vietnam's developing carbon credit industry mechanisms. Multi-lateral partnerships locally and with international carbon market policymakers, regulators, and carbon credit exchanges provide CCTPA, ACX, and all of ASEAN essential experiences for becoming a prominent force in global CO2 reduction efforts. At the same time, nations have the opportunity to build and own a new high-value asset class."
About the ACX Group:
ACX Group, including ACX Abu Dhabi (ACX Ltd) and AirCarbon Pte. Ltd., which operate environmental trading platforms in Abu Dhabi and Singapore respectively, caters to corporates, financial traders, carbon project developers and other industry stakeholders. ACX Group provides participants with an efficient and transparent trading platform that is user-friendly, seamless and offers the lowest transaction fees in the market. Leveraging distributed ledger technology, ACX facilitates and scales growth of the environmental product markets to align with global ambitions of achieving Net Zero.
ACX Group is proud to be a member of the International Emissions Trading Association (IETA) and the International Sustainability and Carbon Certification (ISCC), further enhancing its commitment to sustainability and responsible trading practices for carbon and other environmental products. ACX Group has garnered international recognition as the Best Carbon Exchange globally in Environmental Finance's esteemed Voluntary Carbon Market Rankings for three consecutive years (2021, 2022, 2023), solidifying its position as a leader in the industry.
About CCPTA:
Carbon Credit Trading Platform ASEAN (CCTPA) is the first enterprise in Vietnam to provide comprehensive advisory information to Vietnamese businesses, organizations, and individuals on how to develop carbon credit projects, register, verify, and confirm carbon credits, as well as exchange, compensate, and secure carbon credit loans, and apply carbon taxes regionally and globally.
CCTPA is also researching the implementation of Blockchain and Crypto solutions for the carbon market, ensuring secure and transparent transactions, and building trust among participants. This approach sets it apart as an innovative and distinct player in the field.
SOURCE ACX (AirCarbon Exchange)
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