Vietnam's Carbon Future: ACX & CT Group Team Up

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by KnowESG
KnowESG_Vietnam's Carbon Future: ACX & CT Group Team Up
Image courtesy of ACX

ACX Group and the CÔNG TY CỔ PHẦN SẢN GAIO DCỊH TNÍ CHỈ CARBON ASEAN (CCPTA), a member of the CT Group, announced the formalisation of a Memorandum of Understanding (MOU) on December 2, 2023.

This milestone signifies the commencement of a collaborative venture aimed at exploring the establishment of a carbon credit trading platform in Vietnam.

The MOU outlines the strategic partnership between ACX and CCPTA, wherein both entities will leverage their distinct expertise to contribute to the creation of a sustainable and resilient carbon credit market within Vietnam. The primary objective of this collaboration is to tackle global challenges related to climate change by fostering the growth of a market that incentivises and rewards companies for reducing their carbon footprint.

Expressing enthusiasm about the partnership, Wei Mei HUM, Global Head of Environmental Products at ACX, remarked, “We are excited to announce our collaboration with CÔNG TY CỔ PHẦN SẢN GAIO DCỊH TNÍ CHỈ CARBON ASEAN as we embark on the transformative journey of developing a carbon credit trading platform in Vietnam.

"This partnership underscores our dedication to advancing sustainable solutions and combating climate change. By pooling our collective expertise and resources, our goal is to establish a robust carbon credit market that not only benefits businesses but also significantly contributes to Vietnam’s environmental objectives and those of the broader ASEAN region. Together, we anticipate pioneering innovative solutions to address today's challenges and lay the foundation for a more sustainable and resilient future.”

The envisioned carbon credit trading platform will be powered by ACX’s proprietary technology, ensuring transparent and efficient trading of carbon credits on both domestic and international fronts.

ACX and CCPTA anticipate that this collaboration will play a substantial role in supporting Vietnam’s pursuit of climate goals and fostering sustainable development. By cultivating a dynamic carbon credit market, the partnership aims to make a positive environmental impact while providing economic benefits to businesses actively participating in carbon credit initiatives.

For years, CT Group has supported Vietnam's climate change efforts through an extensive array of 12 impactful Green programmes, with CCTPA being a pivotal initiative among them. CCTPA is pleased to welcome ACX to Vietnam, recognising their internationally acclaimed platform, expertise, and governance as invaluable assets that bolster CCTPA's internationalisation.

Adam Corrall, CEO of CCPTA, highlighted the national and global significance of the CCTPA and ACX collaboration, stating, “ACX’s international expertise, standing, governance, and award-winning platform bring essential capacity and value to CCTPA’s leadership in Vietnam’s evolving carbon credit industry.

"Collaborations with local and international carbon market policymakers, regulators, and carbon credit exchanges provide CCTPA, ACX, and the entire ASEAN region with crucial experiences to emerge as a prominent force in global CO2 reduction efforts. Simultaneously, nations have the opportunity to create and own a new high-value asset class.”

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Source: ACX Group

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