Philippines advances ASEAN carbon market cooperation at COP31
‘Our aim is to help build a carbon market where integrity attracts investment, climate action creates economic opportunity, and communities share in the value being created.’
REGIONAL carbon market leaders gather for the ASEAN Common Carbon Framework collaboration at COP31 in Antalya, Türkiye, with the Philippines joining as an observer through Aboitiz Foundation, representing the CarbonPH Coalition and the Philippines Nature-based Solutions (NbS) Group. From left: Steven Marcelino, deputy chair for international affairs, ASEAN Alliance on Carbon Markets; Oi-Yee Choo, ACCF co-chair and CEO of Climate Impact X; Dr. Renard Siew, president of the Malaysia Carbon Market Association; Khun Gloyta Nathalang, chair of the Thailand Carbon Markets Club; and Faiha Azka Azzahira, vice head of community development, Indonesia Carbon Trade Association.
The Philippines is strengthening its participation in Southeast Asia’s emerging carbon markets through private-sector engagement with the ASEAN Common Carbon Framework (ACCF), contributing to regional efforts to promote carbon market integrity, cooperation and climate finance.
Aboitiz Foundation, representing the CarbonPH Coalition and the Philippines Nature-based Solutions (NbS) Group, is joining the ACCF as an observer and participating in the signing of its memorandum of collaboration (MoC) at the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye.
The engagement provides an opportunity to bring Philippine perspectives and experience to regional discussions on carbon market standards, financing, and cross-border cooperation. It also highlights the growing role of Philippine private-sector initiatives in advancing forest restoration, nature-based climate solutions, and sustainable investment opportunities.
The signing coincides with the renewal of the ACCF’s MoC for another two years, reaffirming regional commitments to developing connected, transparent, and high-integrity carbon markets across ASEAN.
“ASEAN has the natural capital and economic dynamism to become a significant player in global carbon markets. Through the CarbonPH Coalition and our work in nature-based solutions, we hope to contribute Philippine perspectives and practical experience to this regional effort,” said Ginggay Hontiveros-Malvar, Aboitiz chief reputation and sustainability officer and president of Aboitiz Foundation.
“Our aim is to help build a carbon market where integrity attracts investment, climate action creates economic opportunity, and communities share in the value being created,” she added.
The Philippines’ participation builds on ongoing private-sector efforts to strengthen the country’s emerging carbon market ecosystem through industry collaboration, knowledge-sharing and capacity building.
Among these initiatives is the CarbonPH Coalition, which brings together stakeholders to explore opportunities for credible carbon market development and nature-based climate solutions.
Complementing these efforts, both CarbonPH Coalition and NbS Group have a long-term nature-based solutions initiative focused on forest restoration, biodiversity conservation, watershed protection, community development and recommended governance frameworks.
These efforts highlight the Philippines’ potential to develop nature-based carbon projects that support environmental protection, attract climate financing, and create economic opportunities for local communities.
They also provide practical experience that Philippine stakeholders can bring to regional discussions as ASEAN works toward a more connected and credible carbon market.
Established in 2024, the ACCF brings together carbon market organizations from Malaysia, Singapore, Indonesia and Thailand, alongside the ASEAN Alliance on Carbon Markets, to strengthen regional coordination and advance the development of high-integrity carbon markets.
Under its 2026 to 2028 strategy, the framework is prioritizing broader ASEAN representation, alignment with international standards, stronger market infrastructure, and technical cooperation to support credible carbon financing and cross-border market development.
This representation creates an avenue for Philippine private-sector stakeholders to contribute local perspectives, share practical experience, and learn from regional carbon market initiatives.
For the Philippines, the engagement marks another opportunity to strengthen regional partnerships, support the development of credible carbon market mechanisms, and attract investment in climate solutions that benefit both the environment and local communities.
As ASEAN advances cooperation on carbon markets, Philippine private-sector participation can help connect regional climate financing opportunities with local conservation efforts, sustainable livelihoods, and long-term environmental resilience.