Asia Carbon Institute launches voluntary carbon credit registry; tech and urban solutions in focus
THE Asia Carbon Institute (ACI) on Tuesday (Aug 29) announced its launch in Singapore as a non-profit that provides certification and registration of carbon credits, with a focus on technology-based and urban-related solutions.
The carbon credit registry and standards organisation aims to address the gaps in Asia’s voluntary carbon market, and to accelerate the development of more greenhouse gas (GHG) mitigation projects across the region and beyond.
For GHG mitigation projects, ACI will focus on those which use advanced carbon reduction and removal technologies.
As part of its mission to help companies accelerate their transition towards net zero, the organisation said it will use an independent, science-based review of project developments while supporting the issuance and registration of voluntary carbon credits.
In particular, it is looking to collaborate with international and regional standard bodies, financial and scientific communities, and GHG mitigation project developers.
It also seeks to revolutionise the voluntary carbon market with novel ideas and technologies, while addressing pain-points and bottlenecks currently faced in the marketplace.
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“ACI has received an overwhelming response from its partners and stakeholders since its inception and looks forward to making a meaningful impact and forming partnerships in the future.”
ACI further said it will sign a memorandum of understanding with the British Standard Institution (BSI) as part of its launch. Through the agreement, both parties will develop and pilot solutions to improve the efficiency of validation and verification processes as well as transparency related to carbon credits.
“ACI has the potential to contribute to the global effort to tackle climate change as it aims to channel financing to advanced climate technologies and sustainable practices,” said Lim Wey-Len, senior vice president for environmental sustainability at the Singapore Economic Development Board.
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“Singapore welcomes like-minded organisations such as ACI that are committed to supporting the low-carbon transition. We look forward to ACI joining our carbon services ecosystem and contributing towards building a high integrity global carbon market.”
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