Malaysia proposes Asean standard for carbon projects as it launches its first nature-based credits | News | Eco-Business

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standard for carbon projects as it launches its first nature-based credits </h1> </div> <div class="eb-article__standfirst-wrapper"> <h2 class="eb-article__standfirst">A regional standard is needed to ensure the credibility of carbon credits, Malaysia’s natural resources minister said at the Unlocking capital for sustainability event in Kuala Lumpur.</h2> </div> <div class="eb-article__media"> <figure class="eb-article__featured-image"> <img src="https://eco-business.imgix.net/ebmedia/fileuploads/26B03807.JPG?ar=16%3A10&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=320" alt="Nik Nazmi UCFS MY" srcset="https://eco-business.imgix.net/ebmedia/fileuploads/26B03807.JPG?ar=16%3A10&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=320 640w, https://eco-business.imgix.net/ebmedia/fileuploads/26B03807.JPG?ar=16%3A10&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=700 700w, https://eco-business.imgix.net/ebmedia/fileuploads/26B03807.JPG?ar=16%3A10&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=480 960w, https://eco-business.imgix.net/ebmedia/fileuploads/26B03807.JPG?ar=16%3A10&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=700 1400w, https://eco-business.imgix.net/ebmedia/fileuploads/26B03807.JPG?ar=16%3A10&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=1100 2200w" sizes="(min-width: 1300px) 1100px, (min-width: 740px) 700px, 100vw"> <figcaption id="eb-article-featured-image-caption" class="eb-article__featured-image__caption"> Malaysia's draft climate change bill will grant power to the Natural Resources and Environmental Sustainability minister to make emissions reporting mandatory. The current minister is Nik Nazmi Nik Ahmad. 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<button class="eb-share__shortlink-copy"> <span class="eb-normalise-visually-hidden">Copy</span> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16" class="eb-icon eb-icon-search "><path fill-rule="evenodd" d="M5.75 1a.75.75 0 00-.75.75v3c0 .414.336.75.75.75h4.5a.75.75 0 00.75-.75v-3a.75.75 0 00-.75-.75h-4.5zm.75 3V2.5h3V4h-3zm-2.874-.467a.75.75 0 00-.752-1.298A1.75 1.75 0 002 3.75v9.5c0 .966.784 1.75 1.75 1.75h8.5A1.75 1.75 0 0014 13.25v-9.5a1.75 1.75 0 00-.874-1.515.75.75 0 10-.752 1.298.25.25 0 01.126.217v9.5a.25.25 0 01-.25.25h-8.5a.25.25 0 01-.25-.25v-9.5a.25.25 0 01.126-.217z"/></svg> </button> </div> </ul> </div> </div> <div class="eb-article__meta"> <div class="eb-article__byline"> <div class="eb-article__byline__author"> <div class="eb-article__byline__author-name"> By <a class="author-link" href="/about/profile/58166/">Siva Selan</a> </div> </div> <div class="eb-article__meta__time"> 4 minute read <span class="eb-article__meta__divider"></span> <time class="eb-article__byline__publish-date" datetime="July 30, 2024, 7:08 p.m.">July 30, 2024</time> </div> </div> </div> <div class="eb-article__body"> <section class="eb-article__body-content"> <div class="subscriber_wall__lede"> <p>Malaysia is proposing an Asean standard for carbon projects following the recent launch of its <a href="https://www.eco-business.com/news/bursa-carbon-exchange-aims-to-trade-malaysias-first-nature-based-carbon-credit-by-first-half-of-2024/">first nature-based carbon credits</a> on the Bursa Carbon Exchange (BCX).</p> <div class="subscriber_wall__second-paragraph-overlay"></div> </div> <div class="subscriber_wall" id="js-subscriberWall"> <div class="subscriber_wall__login"> Already subscribed? <a href="/accounts/login/?next=/news/malaysia-proposes-asean-standard-for-carbon-projects-as-it-launches-its-first-nature-based-credits/&sw-login=true">Sign in</a> </div> <div class="subscriber_wall__subscribe"> <h3 class="subscriber_wall__subscribe-title">To continue reading, subscribe to Eco‑Business.</h3> <h4 class="subscriber_wall__subscribe-sub-title">There's something for everyone. We offer a range of subscription plans.</h4> <div class="subscriber_wall__cta"> <a class="eb-button eb-button--large eb-button--primary" href="/accounts/signup-options/?prev=/news/malaysia-proposes-asean-standard-for-carbon-projects-as-it-launches-its-first-nature-based-credits/&sw-signup=true">Subscribe now → </a> </div> <ul class="subscriber_wall__feature_list"> <li class="subscriber_wall__feature_list_item">Access our stories and receive our Insights Weekly newsletter with the free EB Member plan.</li> <li class="subscriber_wall__feature_list_item">Unlock unlimited access to our content and archive with EB Circle.</li> <li class="subscriber_wall__feature_list_item">Publish your content with EB Premium.</li> </ul> </div> </div> <div class="subscriber-wall"><p>The proposal was announced by the country’s minister for Natural Resources and Environmental Sustainability, Nik Nazmi Nik Ahmad, during a fireside chat with Eco-Business founder and managing director Jessica Cheam at the Unlocking capital for sustainability 2024 conference in Kuala Lumpur last week.</p><p>The minister said an Asean framework for carbon projects is necessary to ensure the credibility of carbon credits. Since a free market can lead to issues such as fraud or overclaiming, regulation is needed to maintain high standards for carbon credits, he said.</p><p>“We need to work on our standards. We don’t have to start from zero. We can look at what Thailand has done with T-VER [Thailand’s voluntary emissions reduction programme]. I met my counterpart and we’re trying to bring about an Asean framework for the carbon market, so we have a standard that is recognised,” he said.</p><p>His comments were made with reference to the Kuamut Rainforest Conservation Project, Malaysia’s first nature-based carbon credits scheme, which took 10 years to come to fruition, from inception to auction.</p><p>The <a href="https://www.eco-business.com/news/bright-spark-in-a-dull-market-optimism-precedes-malaysias-first-forest-based-carbon-credits/">Kuamut project</a>, verified under the Verra Verified Carbon Standard (VCS) and the Climate, Community & Biodiversity (CCB) Standards, protects 83,381 hectares of tropical rainforests in Sabah.</p><p>It was auctioned on BCX at a floor price of 50 Malaysian ringgit (US$10.79) on 25 July – the day after the summit – and was given a high ranking for improved forest management practices by carbon project ratings firm BeZero.</p><p>Nik Nazmi said the project took a long time to see the light of day and to ensure faster scaling of successful carbon projects a regional framework is crucial.</p><p>The minister did not elaborate on how an Asean standard might work alongside internationally recognised carbon standards.</p><p>“If it’s just Malaysia or even Thailand [implementing carbon projects], we can only go so far. We need that size, that scale of 670 million people [the population of Southeast Asia],” he said, highlighting Asean’s potential to become the fourth largest economy in the world by 2030.</p><blockquote> <h2 class="quote">“</h2> <p>I’m always very cynical about any absolute free market position, but I definitely think there has to be regulation because we’ve seen that there is a tendency for what they call sham carbon credits being marketed.</p> <p class="quote-credit">Nik Nazmi Nik Ahmad, Natural Resources and Environmental Sustainability Minister, Malaysia</p> </blockquote><p>Industry observers commenting on Nik Nazmi’s remarks said that establishing a regional standard for carbon markets is not possible without mutual agreements and legal alignment between member states.</p><p>Marc Allen, co-founder and chief sustainability officer of Unravel Carbon, an AI-powered decarbonisation platform, said discussions around Article 6 of the Paris Agreement need to happen among Asean governments to help set the framework for trading carbon credits between countries.</p><p>“There needs to be alignment among countries on corresponding adjustments between countries [to avoid double counting], and the minimum requirements of consistent methodologies, measurement and verification of projects.”</p><p>“This will ensure permanent and additional emissions abatement,” he said.</p><p><a href="https://unfccc.int/process-and-meetings/the-paris-agreement/article-64-mechanism#:~:text=Article%206%20of%20the%20Paris,financial%20support%20for%20developing%20countries.">Article 6</a> of the Paris Agreement outlines mechanisms for countries to cooperate in achieving their climate goals.</p><p>It provides a framework for international cooperation through carbon markets and other mechanisms to promote sustainable development and reduce greenhouse gas emissions.</p><p>Singapore has been leading the charge for carbon markets in Asean by signing bilateral agreements with countries such as Laos and the Philippines this year.</p><p>Allen added that achieving a regional standard for Asean also requires addressing challenges such as nationalistic views and consistency in the way carbon credits are perceived.</p><p>He said Asean must collectively recognise the legitimacy of carbon credits and work together as a bloc to achieve common decarbonisation goals.</p><p>“There needs to be consistent consideration in the role of carbon credits in meeting nationally determined contributions (NDC) targets.”</p><p>“The risk of nationalistic views and each country pursuing their own NDCs [Nationally Determined Contributions to the Paris climate accord] at the expense of Asean’s common goal is, in our view, the biggest risk,” he said. </p><p>Asean has not set a single decarbonisation target for the region, however nine out 10 Asean countries have set net zero emissions targets for 2050.</p><p>Meanwhile, Nik Nazmi also pointed out that Malaysia’s potential for high-quality nature-based carbon credits and unlocking value in the local carbon markets will have important repercussions for the country’s policies beyond climate change.</p><p>Ahead of Malaysia’s upcoming Asean chairmanship in 2025, it is anticipated that the country could lead the formation of the regional standard for carbon markets.</p><p>Renard Siew, president of industry body Malaysia Carbon Market Association (MCMA) told Eco-Business that Malaysia is in talks with Thailand and Indonesia with a view to setting up an Asean association for carbon markets.</p><p>“There is Thai Carbon Market Association and Indonesia Carbon Trading Association and also an Asean Alliance on Carbon Markets (AACM). What we are trying to do bring all of them together,” he said.</p><p>“We [Malaysia] intend to push for Asean Common Carbon Framework but the details of it will need to be worked out collectively.”</p><p><a href="https://www.unlockingcapitalforsustainability.com/?__hstc=140455788.b3b2d60e662b5734050d950e54ef3bb9.1721023791386.1722162504036.1722169009771.19&__hssc=140455788.7.1722169009771&__hsfp=555315383"><em>Unlocking capital for sustainability</em></a><em> is an annual flagship event on sustainable finance organised by Eco-Business in partnership with UN Environment Programme (UNEP). The next regional edition will be held in Manila, Philippines, on 14 August 2024. </em><em><a href="https://www.unlockingcapitalforsustainability.com/philippines/2024">Register here</a>. </em></p></div> </section> <div class="eb-article__sub-meta"><div class="eb-article__meta-categories"><h3 class="eb-container__header__title"><span class="eb-container__title__text">Related to this story</span></h3><h5 class="eb-article__meta-categories__title">Topics</h5><ul class="eb-article__meta-categories__list"><li class="eb-article__meta-categories__list-item"><a href="/category/carbon-climate/" class="eb-article__meta-categories__link">Carbon & Climate</a></li><li class="eb-article__meta-categories__list-item"><a href="/category/csr/" class="eb-article__meta-categories__link">CSR</a></li><li class="eb-article__meta-categories__list-item"><a href="/category/cities/" class="eb-article__meta-categories__link">Cities</a></li><li class="eb-article__meta-categories__list-item"><a 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<div class="eb-article__content-footer"> <section class="eb-grid__section"> <div class="eb-container"> <header class="eb-container__header "> <h2 class="eb-container__header__title"><span class="eb-container__title__text">More from Unlocking capital for sustainability</span> </h2> </header> <div class="eb-grid eb-grid--special-reports"> <div class="eb-item eb-item--has-image eb-item--list-media-mobile eb-item--standard-tablet eb-item--news" data-item-num="1"> <div class="eb-item__container"> <div class="eb-item__media-wrapper"> <div class="eb-item__image-container u-responsive-ratio u-responsive-ratio--hd"> <picture> <source media="(min-width: 980px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 980px) and (min-resolution: 120dpi)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=332 664w"> <source media="(min-width: 980px)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=332 332w"> <source media="(min-width: 740px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 740px) and (min-resolution: 120dpi)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=680 680w"> <source media="(min-width: 740px)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=350 340w"> <source media="(min-width: 0px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 0px) and (min-resolution: 120dpi)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=140 280w"> <source media="(min-width: 0px)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=605 605w, https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=140 460w, https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=445 140w"> <img data-src="https://eco-business.imgix.net/ebmedia/fileuploads/Malaysia_power_lines.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=300" loading="lazy" class="lazyload " alt="Malaysia pylons 01"> </picture> </div> </div> <div class="eb-item__content"> <div class="eb-item__header"> <h4 class="eb-item__sub-title"> News / <span class="eb-item__sub-title--normal"> Energy </span> </h4> <h3 class="eb-item__title"> <a href="/news/energy-efficiency-solutions-present-viable-low-hanging-fruit-in-asias-energy-transition-efforts-siemens-energy-vp-finance-apac/" class="eb-item__link"> Energy efficiency solutions present viable ‘low hanging fruit’ in Asia’s energy transition efforts: Siemens Energy VP finance APAC </a> </h3> </div> <div class="eb-item__standfirst"> While renewable energy sources take centre stage in Asia, the region must consider available yet effective interim options as it expands clean energy infrastructure and overcomes financing hurdles to meet increasing demand in the long term, says Karna Mohan, Siemens Energy’s vice president, finance, Asia Pacific. </div> </div> <a href="/news/energy-efficiency-solutions-present-viable-low-hanging-fruit-in-asias-energy-transition-efforts-siemens-energy-vp-finance-apac/" class="u-faux-block-link__overlay" tabindex="-1" aria-hidden="true">Energy efficiency solutions present viable ‘low hanging fruit’ in Asia’s energy transition efforts: Siemens Energy VP finance APAC</a> </div> </div> <div class="eb-item eb-item--has-image eb-item--list-media-mobile eb-item--standard-tablet eb-item--news" data-item-num="2"> <div class="eb-item__container"> <div class="eb-item__media-wrapper"> <div class="eb-item__image-container u-responsive-ratio u-responsive-ratio--hd"> <picture> <source media="(min-width: 980px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 980px) and (min-resolution: 120dpi)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=332 664w"> <source media="(min-width: 980px)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=332 332w"> <source media="(min-width: 740px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 740px) and (min-resolution: 120dpi)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=680 680w"> <source media="(min-width: 740px)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=350 340w"> <source media="(min-width: 0px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 0px) and (min-resolution: 120dpi)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=140 280w"> <source media="(min-width: 0px)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=605 605w, https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=140 460w, https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=445 140w"> <img data-src="https://eco-business.imgix.net/ebmedia/fileuploads/UCFS_SG_2024_EVENT_34_of_256.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=300" loading="lazy" class="lazyload " alt="Kishore Mahbubani at Unlocking capital for sustainability 2024"> </picture> </div> </div> <div class="eb-item__content"> <div class="eb-item__header"> <h4 class="eb-item__sub-title"> News / <span class="eb-item__sub-title--normal"> Carbon & Climate </span> </h4> <h3 class="eb-item__title"> <a href="/news/us-china-rivalry-driven-by-irrationality-could-derail-climate-action-former-diplomat-kishore-mahbubani/" class="eb-item__link"> US-China rivalry driven by irrationality could derail climate action: former diplomat Kishore Mahbubani </a> </h3> </div> <div class="eb-item__standfirst"> When geopolitics interferes, humanity cannot choose the best leaders to tackle climate change, warned the Singaporean ex-diplomat at the Unlocking capital for sustainability forum. </div> </div> <a href="/news/us-china-rivalry-driven-by-irrationality-could-derail-climate-action-former-diplomat-kishore-mahbubani/" class="u-faux-block-link__overlay" tabindex="-1" aria-hidden="true">US-China rivalry driven by irrationality could derail climate action: former diplomat Kishore Mahbubani</a> </div> </div> <div class="eb-item eb-item--has-image eb-item--list-media-mobile eb-item--standard-tablet eb-item--news" data-item-num="3"> <div class="eb-item__container"> <div class="eb-item__media-wrapper"> <div class="eb-item__image-container u-responsive-ratio u-responsive-ratio--hd"> <picture> <source media="(min-width: 980px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 980px) and (min-resolution: 120dpi)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=332 664w"> <source media="(min-width: 980px)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=332 332w"> <source media="(min-width: 740px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 740px) and (min-resolution: 120dpi)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=680 680w"> <source media="(min-width: 740px)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=350 340w"> <source media="(min-width: 0px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 0px) and (min-resolution: 120dpi)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=140 280w"> <source media="(min-width: 0px)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=605 605w, https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=140 460w, https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=445 140w"> <img data-src="https://eco-business.imgix.net/ebmedia/fileuploads/Ravi_Menon_-_Eco-BUsiness_UCFS_SG_-_2.jpeg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=300" loading="lazy" class="lazyload " alt="Ravi Menon at Unlocking capital for sustainability 2024"> </picture> </div> </div> <div class="eb-item__content"> <div class="eb-item__header"> <h4 class="eb-item__sub-title"> News / <span class="eb-item__sub-title--normal"> Policy & Finance </span> </h4> <h3 class="eb-item__title"> <a href="/news/stopping-deforestation-not-costly-must-be-asias-top-priority-with-focus-on-integrity-singapores-climate-action-ambassador/" class="eb-item__link"> Stopping deforestation ‘not costly’, must be Asia’s top priority with focus on integrity: Singapore’s climate action ambassador </a> </h3> </div> <div class="eb-item__standfirst"> Citing estimates, former central banker Ravi Menon says a carbon price of just US$20 per tonne could halve Southeast Asia's deforestation rate. At the Unlocking capital for sustainability 2024 summit, he cautioned that Asia cannot compromise on emissions cuts even as it pursues growth. The loss of carbon sinks has "serious implications". </div> </div> <a href="/news/stopping-deforestation-not-costly-must-be-asias-top-priority-with-focus-on-integrity-singapores-climate-action-ambassador/" class="u-faux-block-link__overlay" tabindex="-1" aria-hidden="true">Stopping deforestation 'not costly', must be Asia's top priority with focus on integrity: Singapore’s climate action ambassador</a> </div> </div> <div class="eb-item eb-item--has-image eb-item--list-media-mobile eb-item--standard-tablet eb-item--news" data-item-num="4"> <div class="eb-item__container"> <div class="eb-item__media-wrapper"> <div class="eb-item__image-container u-responsive-ratio u-responsive-ratio--hd"> <picture> <source media="(min-width: 980px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 980px) and (min-resolution: 120dpi)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=332 664w"> <source media="(min-width: 980px)" sizes="332px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=332 332w"> <source media="(min-width: 740px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 740px) and (min-resolution: 120dpi)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=680 680w"> <source media="(min-width: 740px)" sizes="340px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=350 340w"> <source media="(min-width: 0px) and (-webkit-min-device-pixel-ratio: 1.25), (min-width: 0px) and (min-resolution: 120dpi)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&dpr=2&fit=crop&ixlib=django-1.2.0&q=45&width=140 280w"> <source media="(min-width: 0px)" sizes="140px" data-srcset="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=605 605w, https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=140 460w, https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=445 140w"> <img data-src="https://eco-business.imgix.net/ebmedia/fileuploads/eco_business-4391.jpg?ar=16%3A9&auto=format&fit=crop&ixlib=django-1.2.0&q=85&width=300" loading="lazy" class="lazyload " alt="Ed Tongson WWF Philippines"> </picture> </div> </div> <div class="eb-item__content"> <div class="eb-item__header"> <h4 class="eb-item__sub-title"> News / <span class="eb-item__sub-title--normal"> Carbon & Climate </span> </h4> <h3 class="eb-item__title"> <a href="/news/carbon-tax-less-costly-more-effective-than-emissions-trading-for-the-philippines-wwf-exec/" class="eb-item__link"> Carbon tax ‘less costly’, more effective than emissions trading for the Philippines: WWF exec </a> </h3> </div> <div class="eb-item__standfirst"> Putting a direct and pre-defined price on fossil fuel emissions will generate more revenue and is not as expensive as setting up a cap and trade scheme, mooted under a new low carbon economy bill, says Edgardo Tongson, WWF Philippines' sustainable finance lead. </div> </div> <a href="/news/carbon-tax-less-costly-more-effective-than-emissions-trading-for-the-philippines-wwf-exec/" class="u-faux-block-link__overlay" tabindex="-1" aria-hidden="true">Carbon tax 'less costly', more effective than emissions trading for the Philippines: WWF exec</a> </div> </div> </div> </div> </section> 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Malaysia proposes Asean standard for carbon projects as it launches its first nature-based credits | News | Eco-Business | Asia Pacific