“亚洲自愿碳市场互联互通”国际研讨会 -关键议题与专家建议（英）-8正式版

KeyTakeawaysfromInternationalSeminaron

“ConnectivityofAsianVoluntaryCarbonMarkets”

TheInternationalSeminaron“ConnectivityofAsianVoluntaryCarbonMarkets(VCMs)”

tookplaceonAugust26thand27th2024inHongKong.InitiatedbyDr.MaJun,this

seminarwasco-hostedbyHongKongGreenFinanceAssociation(HKGFA),

Capacity-buildingAllianceofSustainableInvestment(CASI),andMVGXHoldings

(MGVX),withsupportfromtheInstituteofFinanceandSustainability(IFS).Theevent

broughttogetherover50VCMspecialistsfromregionsincludingMainlandChina,Hong

KongSAR,India,Indonesia,Malaysia,SingaporeandVietnam.Participantsincluded

policyadvisors,regulators,andseniorrepresentativesfromstandardsettingbodies,

marketexchanges,MultilateralDevelopmentBanks,privatesectorfinancialinstitutions,

NGOsandserviceprovidersinvolvedinthevoluntarycarbonmarkets.Theseminar’s

objectivewastoestablishmutualunderstandingofchallengesandtoexchange

knowledgeandbestpracticesofdevelopingVCMsinAsiaandglobally,identifying

barrierstoVCMdevelopmentintheregion,andexploringpathwaysforenhancingthe

qualityandinteroperabilityacrossAsia’svoluntarycarbonmarkets.

Thisnotesummarizesthekeyconclusionsfromtheseminar,whichincludeafew

recommendationsforpolicycoordinationandcapacitybuilding.

1.CurrentStateoftheAsianVoluntaryCarbonMarketDevelopment

AsAsia’seconomiesstepupinthemissiontodecarbonizeandadvancesustainable

development,carbonmarketshaveemergedasanimportanttoolformobilizingfinance

andincentivizingclimateactions.Duringtheseminar,delegatessharedupdatesonthe

varyingstagesofVCMdevelopmentintheirrespectivecountriesandjurisdictionsaswell

asrelateddevelopmentswithintheirorganizations,showcasingdiverseeffortstoexpand

thesemarketsaskeycomponentsofnationalclimatepolicies.Theyalsoshedlightonthe

realityofsiloedcarbonmarketdevelopment,witheachcountrydesigninganddeploying

domesticstandards,someofwhicharenotfullyalignedwithinternationalbestpractices.

Geopoliticalandnationalinterestsalsocametothefrontwhileideatingonpossibilitiesof

interconnectivitybetweenVCMsintheregion.

MainlandChina:TheNationalVCM(CCER)wasofficiallylaunchedinJanuary

2024,linkingtothenationalETSthroughanoffsetmechanism.Administrative

rulesareinplaceandprojectcategoriescontinuetoexpand,withthefirstbatchof

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methodologiesincludingafforestation,mangrovecultivation,grid-connectedsolar

andgrid-connectoff-shorewindpower.

India:IndiaisexpectedtoseeitsVCMlaunchin2025incontinuationofcurrent

PAT(PerformAchieveandTrade)schemeandthecountryhasalreadyinitiated

policyformations.Thecountryalreadyfeaturesprominentlyintheglobalcredit

originationspace,yetregulationsarestillunderdeliberation.

Indonesia:IndonesiaCarbonExchange(IDXCarbon)wasofficiallylaunchedas

amarkettradingplatforminSeptember2023,tradingbothallowancesandcarbon

credits.IDXCarboncurrentlytradesemissionallowancesforcompliance

purposesandmayfacilitatethetradingofinternationallyverifiedcarboncredits.

Thenewgovernmentplanstoissuerulesoncross-bordercarbontrading,starting

fromVCM,accompaniedby(a)thedevelopmentofanationalcarbonmarketthat

willbeintegratedwiththeinternationalcarbonmarket,(b)theharmonizationof

localstandardsforcarboncreditsandinternationalstandards,and(c)the

jurisdictionalpowersbytheMinistryofEnvironmentandMinistryofLand.

HongKong:HongKongExchangesandClearingLimited(HKEX)launched

Core-Climate,aVCMtradingplatformin2022.Core-Climateaimstobeanew

marketplacethatconnectscapitalwithclimate-relatedproductsandopportunities

inHongKong,MainlandChina,Asiaandbeyond.Itiscurrentlytheonlycarbon

marketplacethatoffersHKDandRMBsettlementforthetradingofinternational

carboncredits.WhilstCoreClimatehasfacilitatedthetradingofGS-VERcarbon

credits,ithasnotdevelopeditsownVCMstandardsyet.

Singapore:TheSingaporecarbontaxwasimplementedin2024andisplanned

foragradualhiketo$80/tonsby2030.SingaporeEconomicDevelopmentBoard

(EDB)andIETAjointlyestablishedSingaporeCarbonMarketAllianceasa

platformfocusedonArticle6alignedcarboncredits.Singaporehassigned

implementationagreementofinternationaltransferofcreditalignedwithArticle6

withmultiplecountriessince2023.

Malaysia:BursaCarbonExchangewaslaunchedinDecember2022asthe

world’sfirstSharia-compliantcarbonexchange.ThefirstauctiononBursaCarbon

ExchangeinvolvinglocalcarboncreditsfromSabahtookplaceinJuly.Malaysia’s

Sarawakstatehasenactedlegislationrelatedtocarbontradingandisinthe

processofestablishingacarbonregistryandstate-levelcarbontradingexchange.

InMalaysia,thereisanemergingtrendoffederatedstatestakingtheleadin

shapingcreditmechanisms.

Vietnam:Vietnamisdevelopingalegalframeworkforthecarbonmarketthat

includesquotaemissiontradingsystemandcarboncredits.Thetradingplatform

isexpectedtolaunchintopilotoperationduring2025-2027andofficiallylaunched

in2028.

IntegrityCouncilfortheVoluntaryCarbonMarket(ICVCM):ICVCMintroduced

itscoremissiontoprovidethemarketwithasetofprinciplestoidentify

high-qualitycarboncredits,theCoreCarbonPrinciples,anditsassessment,

labellingandoversightschemetoinstillconfidenceininternationalcarbon

markets.

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AIIB:AIIBintroduceditsstrongcommitmentinclimatefinance,underpinnedby

targettochannelcumulativeUSD50billionby2030inclimatefinance.InJune

2024,AIIBapprovedtheClimate-FocusedPolicy-BasedFinancingaspartofthe

Bank'ssuiteofSovereign-BasedFinancinginstruments.

IETA:IETAmissionistoaddresscarbonmarketdevelopmentissuesfacingeach

regionthroughsupportingidentifyingchallengesandsolutions.IETApresentedits

globalstudyonArticle6,denotingthepowerofinternationalmarketcooperationin

termsoffinancialadvantageandincrementalemissionreductionpotentials.

Financialinstitutions:FIrepresentativeshighlightedthechallengestoVCM

markettransactionsowingtoconfusingpolicystancesandregulatoryuncertainty,

aswellasgrowinggreenwashingrisks–duetothelackofuniversallyrecognized

standardsanddatatransparency–thatundermineinvestorconfidence.

Severalconsensusesemergedamongparticipantsontheneedtoenhanceconnectivityof

VCMsintheregion:

First,delegatessharedacommoninterestinexploringpathwaystoenhance

connectivityamongstAsianVCMs,andsettingclearguardrailstoensurequality,

integrity,andtransparency.Regionalmarketswouldbenefitfrommoreefficient

matchingofsupplyanddemandbygreaterinteroperabilitybetweenmarketsandacross

jurisdictions.Ifimplementedeffectively,Asia’scarbonmarketscanpotentiallysee

increasedtotaltransactionvolume,amoreefficientpricediscoveryofcarboncredits,and

greateramountofemissionreductionstosupportNDCtargets.Thisisfurthersupported

byIETA’sArticle6ClimateModellingresultpresentedintheseminar,pointingtoa

potentialUSD250billionsavingincostannuallyby2030thatcanbeachievedwhen

implementingNDCusingArticle6,allowingforcountriestoengageinvoluntary

cooperationinvolvingcross-bordertransactionsofcarboncreditstomeetrespectiveNDC

targets.

Second,participantsrecognizedthatAsianVCMsholdauniquepositionduetothe

region'sdualroleasboththesupplierandbuyerofcarboncredits.Thisdynamic

makesAsiasuitabletoexploringtheinterconnectingmechanismacrossdifferentcrediting

regimes,andpotentiallyprovidingexemplarpathwaysforfuturedevelopmentof

internationalcarbonmarket.Delegatesfrommultiplecountriesemphasizedthecritical

roleofgovernmentsinshapingdemandandensuringregulatoryframeworkstosupport

VCMgrowth.

Third,delegateshighlightedtheneedforknowledgedisseminationand

capacity-buildingsupportforregulatoryframeworkformulation.Thiswillberelevant

notonlyforcountriesearlyintheirjourneyofestablishingdomesticVCMs,butalsoforall

AsianVCMregimestounderstandinternationalstandardswhileestablishingmeasuresto

safeguardtheintegrityofcarboncreditsthroughoutthelifecycle.Delegatescalledfor

neutraltechbackeddatasharingmechanismstobeestablishedforensuringcompliance

withstandardsandcredibilityfromprojectoriginationtotransaction.

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2.ChallengesFacingAsianVoluntaryCarbonMarkets

Despitetheprogressinvariouscountries,severalmajorchallengeshinderthegrowthof

voluntarycarbonmarketsinAsia.Duringtheseminar,participantsidentifiedseveralkey

barriersthatneedtobeaddressedtoensurehealthymarketgrowthandestablish

connectivitybetweenAsiancarbonmarkets.

First,onaglobalscale,thereisalackofclearpolicysignalsfromgovernmentsand

internationalorganizationsregardingtheroleofcarboncreditasakeytoolfor

achievingglobalclimategoals,especiallyasatooltofacilitategreen/sustainable

finance.Bothpublicandprivatesectordelegatesexpressedconcernsonconflicting

policysignalsfromdifferentgovernmentagenciesandinternationalorganizationsonthe

usefulnessofVCMstotheglobalclimateagenda.Delegatesbelievethatthisambiguity

couldslowthedevelopmentofvoluntarycarbonmarketsbycreatinguncertaintyaround

thelegitimacyofthepurchaseandusageofcarboncredits,especiallythoseusedfor

commercialandvoluntarypurposes.Ifleftunaddressed,thislackofclarityrisksfurther

diminishingdemandforvoluntarycarboncredits,ultimatelymissingacriticalopportunity

tochannelglobalclimatecapitalintotheregionsandsectorsthatneeditmost.

Second,Asianvoluntarycarbonmarketsaredevelopingrapidlywithoutsufficient

considerationforinteroperabilityofstandardsandmarketconnectivity.Fromthe

top-downmarketdesignlevel,thereislackofbilateralormultilateralcommunicationand

coordinationamonggovernmentsonvoluntarycarbonmarkets.Onthemarketlevel,there

isadearthofcollaborativeinitiativestoimprovealignmentforstandardsand

administrativerulesthatgoverndifferentmarkets’operations,projectmethodologies,and

datatransparency.Keymarketinfrastructuresincludingregistryofinventorycreditsand

cross-markettradingplatformisnotyetavailable.

Althoughnoformalgapanalysishasbeenconductedtoassesstheextentofdivergences,

itisanticipatedthatdifferencesinaforementionedfeatureswillleadtomarket

fragmentation,andmaycreatecomplexityforglobalbuyerstoassessthequalityof

carboncreditsindifferentAsianmarkets,andthusunderminetheirconfidenceinsourcing

creditsfromAsia.Thisisespeciallyimportantforinstitutionalinvestorswhoprefermore

standardizedcreditsthatwarranthigherdegreeoffungibilityandscale.

Third,thereisaneedtoexploremechanismstolinkcomplianceemissioncontrol

regime—suchascarbontaxesoremissionstradingsystems(ETS)—withvoluntary

marketstostimulatedomesticdemandforvoluntarycredits,butmanyAsian

voluntarycarbonmarketscurrentlylacksucharrangements.Drawingfromthe

experienceofmarketsincludingSingapore,allowingcomplianceschemeparticipantsto

usevoluntarycreditstooffsetaportionoftheirtaxobligationscouldcreateastable

demandforcarboncreditsandenhanceliquidityacrossbothcomplianceandvoluntary

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systems,inadditiontovoluntarycommitmentsfromtheprivatesector.

Fourth,thelackofclearpoliciesinAsiancountriesregardingcross-border

transactionsofcarboncreditsposesasignificantbarriertounlockingtheregion's

potential.Akeyinfluencingfactoriscountries’varyinginterpretationsofArticle6ofthe

ParisAgreement,whichhasyettoenterimplementation.AscountriesannouncedNDC

targetsareexpectedtoscaleupfurther,incrementalemissionreductionincentivizedby

voluntarycarbonmarketscanpotentiallycounttowardsmitigationoutcomeandwarrants

moreregulatorycontrol.Exportingcarboncreditswithcorrespondingadjustment(CA),a

keymeasureinArticle6toensurenodoublecountingofemissionreductionswhen

carboncreditsaretradedinternationally,meansthatcountrieshostingthoseprojects

cannotcounttherepresentedemissionreductionstowardstheirNDC.Bothtransacting

partiescanalsoagreeonapurchaseofcreditswithoutCA,inwhichtherepresented

emissionreductionscancounttowardhosts’NDC.Asiancountries’attitudefacingthis

trade-offbetweenopeningupforforeigninvestmentandregulatorycontroloveremission

creditsisunclear,andsomecountriesareconsideringablanketbanorataxon

cross-bordertransactions.Such“insulation”policiescancreateseriousbarrierstothe

growthandeffectivenessofVCMs,bylimitingthepoolofpotentialbuyers.

Fifth,thehighcostsassociatedwiththedevelopment,verification,validation,and

registrationofcarboncreditsrepresentasignificantbarriertoVCMmarket

developmentacrossAsia,particularlyindevelopingregions.Theseprocessesoften

requiresubstantialfinancialresourcesandtechnicalexpertise,whichsmallerentities,

suchasfarmersorlocalprojectdevelopers,maynothaveaccessto.Thissituationfurther

restrictsparticipationfromthoseinruraloreconomicallydisadvantagedareas,effectively

excludingthemfromthecarboneconomyandlimitingtheirabilitytocontributeto

emissionsreductions.Asaresult,thesebarriersexacerbateinequalityinmarketaccess

andstiflethegrowthofdiverseandimpactfulprojectsintheAsianvoluntarycarbon

markets.Inaddition,owingpartlytothediversityinstandards,noclearmechanismsfor

hedgingorinsuringprojectsareinplace,furtherpreventingeffectivedevelopmentofthe

market.

Discussionalsoinvolvedotherissuesthathaveinfluenceoverthescalabilityand

connectivityofAsianvoluntarycarbonmarkets.Transparencyincreditpricinganddata

sharingwerehighlightedassignificantchallengesfacedbyvoluntarycarbon

marketsinAsiaandglobally.

Regardingthepricingofcarboncredits,delegatesnotedthatthewidevariationincarbon

creditpricesacrossdifferentprojectsraisedconcernsaboutmarketefficiencyand

predictability.Thispricedisparitymaybeduetothediversenatureofprojecttypesand

regionalmarketconditions.Formarketregulators,thisvariabilitymaysignal

inconsistenciesinmarketstandardsacrossjurisdictions.Drawingonthemechanism

betweentheEuropeanUnionandSwitzerland,harmonizedstandardsacrossAsianVCMs

couldimprovemarketcoherence,whileallowingindividualmarketstosettheirownprices

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thatbetterreflectlocalconditions.

Datasharingandtransparencywerealsodiscussedaslong-standingissuesthathave

recentlydrawnsignificantattentionduetocontroversiessuchas"phantomcredits,"where

carboncreditswereissuedwithouttheemissionreductionsbeingfullyrealized.While

delegatesrecognizedthedifficultyoftrackingcarboncreditsthroughoutthefulllife-cycle,

thislackoftransparencyhasunderminedtheconfidenceofmarketparticipants.

Delegatesfurtheragreedthatdatasharingmechanisms,especiallyforcross-border

transactions,isfundamentaltocross-countryVCMcollaborationandeffectivecarbon

creditpricing,butsuchamechanismisnotinplaceyet.

3.ProposedSolutionsandOptionsforCollaboration

Delegatesagreedontheneedforongoingdialogue,potentiallyfacilitatedbyAIIBand

otherregionalbodies,tofostercollaborationamongAsianVCMsandencourage

knowledge-sharingacrossgovernments,institutions,andprivatestakeholders.The

followingrecommendationsemergedaspotentialpathwaystoaddresschallengesandto

enhancethequality,scale,interoperability,andinterconnectivityofvoluntarycarbon

marketsinAsia.

1)ClarificationofVCM’sroleindecarbonization

Inlightofthegrowingconfusionandpolicyinconsistencyaroundtheuseofcarboncredits

incorporatenet-zerostrategies,delegatesagreedthatitiscrucialforgovernmentsand

leadinginternationalbodiessuchastheG20,COP,andUNFCCCtoissueclear

statementsreinforcingtheimportanceofVCMsinglobalclimateeffortsandasatoolto

channelinternationalcapitaltowardsclimateprojects.Suchclarificationscouldenhance

demandforcarboncredits,giventhatvoluntaryclimatetargetsfromthecorporateworld

remainamajorforcedrivingtheincreasingdemandforcarboncredits.Forexample,a

unifiedframeworkshouldbeexploredtorecognizetheuseofcarboncreditsinaddressing

Scope3emissionsorincaseswheredirectemissionreductionsarenotimmediately

feasible.Theseactionscouldhelpaligncorporateclimatecommitmentswithmarket

standards,allowingcompaniesandinvestorstoeffectivelyleverageVCMstomeettheir

sustainabilitygoals,whilealsosupportingclimateprojectsindevelopingregions.

2)Enhancedcapacitybuilding

Delegatesemphasizedtheneedforcapacity-buildingservicesforAsianVCMs’regulators

andkeyparticipants.Theseinitiativeswouldaimtoeducatepolicymakers,regulators,

andmarketparticipantsontheimportanceofhigh-qualitycarboncredits,waystoalign

withinternationalstandardsandbestpractices,andoptionsforimprovingmarket

connectivity,andtofosterjointthinkingandresearchonhowAsiaasaregioncan

contributetoachievingthegoalssetoutintheParisAgreementwithintheglobalcontext.

Theinvolvementofestablishedinternationalorganizationsandinitiativeswasproposed

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askeytothiseffort.ICVCMandIETAwereencouragedtoworkwithNGOsandregional

organizationstoenhancethedesignandimplementationofhigh-qualityVCMsinAsia.

ICVCMandIETAalreadyhaveextensiveresourcesthatcouldbevaluabletoAsian

markets,buttheseresourcesmaynotbewellknownintheregion.Aconcertedeffort

shouldbemadetobetterintegratetheseorganizations’educationalmaterialsand

programsintoAsia’sregionalcontext.

3)DevelopingoperationalrulesforimplementingArticle6

Toaddressthecomplexitiessurroundingcross-bordertransactionsbetweenVCMs,the

seminarhighlightedseveralguidingprinciplesandproposedactions.Itwascalledfor

governmentstoclarifyrulesoncarboncredittransactionsandadoptionofCA,particularly

distinguishingcross-bordertransactionsusedforoffsettingpurpose(forcompliance

marketortaxobligations)fromothervoluntarypurposes.Participantsnotedthe

importanceofnotwaitingforthefinalizationofArticle6oftheParisAgreementasthe

timelineremainshighlyuncertain.Instead,regionalmarketsshouldmoveforwardtofind

solutionsthatworkforthemwhileensuringcompatibilitywithfutureglobalstandards.

Twopossibleapproacheswereproposed,whichmaybeimplementedindividuallyorin

combination,tofacilitateeffortsofcontinueddialogueforthisissue.Thefirstapproach

suggestsbilateralagreementsbetweencountriestoestablishsharedactionsand

principles.Thesecondapproachbeginswithbilateraldiscussionsandallowsother

countriestojoinasobservers,includingthosethatareintheprocessofdeveloping

domesticmarkets.Thismethodcouldcreateascalablestructurethatprogressively

expandsasmorecountriesexpressinterestinjoiningthedialogue.

Somedelegatesdiscussedthepossibilityofadoptblockchaintechnologiesandlegal

contractstoenabletheseparationoflegalandbeneficialrightsofvoluntarycredits.The

formerreferstotheCAattachedtovoluntarycreditswhichcrossbordertransfersimpacts

thehostcountries’NDC.Thelatteronlytransfersthecommercialoffsetsofvoluntary

creditsbyprivatesector,withoutCA.Suchseparationoflegalandbeneficialrightscould

allowimmediateflowandtradeofvoluntarycreditsbetweencorporatebuyersandproject

developers,whilewaitingforgovernmentstofinalizeArticle6.

4)Establishmentofacross-bordertransactionmonitoringsystem

Delegatesagreedinprinciplethatratherthanimplementingablanketbanoncross-border

transactions,itisbeneficialforAsianVCMstostayconnected.Adifferentiatedapproach

tailoredtovarioustransactiontypescouldbeconsidered.Expertssuggestthatnational

authoritiesmightrequireCAforforeigncreditsusedforoffsettingpurposesofdomestic

carbontaxsystemorETS,followingexamplessuchasSingapore’spractices,while

allowingtransactionswithoutCAforthoseprivatesectorusageofvoluntaryoffsetting.

Thisapproachcouldbecomplementedbyasovereignmonitoringsystemtotrackall

cross-bordertransactions.WhilenotnecessarilylinkedtoCA,thismonitoringsystemcan

serveasthebasisforaflow-basedcontrolmechanismactivatedwhencross-bordernet

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flow