Carbon Markets Club Strengthens Public–Private Collaboration in ASEAN

Carbon Markets Club Strengthens Public–Private Collaboration in ASEAN
to Advance a Connected, Transparent, and Inclusive Regional Carbon Market

      On 14-15 October, Mrs. Gloyta Nathalang, Senior Executive Vice President, Sustainability Management and Corporate Communications, Bangchak Corporation Public Company Limited, and Chair of the Thailand Carbon Markets Club (CMC), an ASEAN Common Carbon Framework (ACCF) Memorandum of Collaboration (MoC) Signatory, participated in the ACCF Q4 Steering Committee Meeting. She also joined a panel discussion at the Malaysia Carbon Market Forum (MCMF) 2025, held under the theme “Empowering Regional Climate Actions through the ASEAN Common Carbon Framework” 
in Kuala Lumpur, Malaysia

      The ACCF Q4 Steering Committee brought together representatives from MoC signatories and senior officials from both public and private sectors across the region to discuss progress under the ACCF’s key workstreams. Discussions focused on advancing interoperability, transparency, and the development of high-quality carbon credits that meet international standards, with the shared goal of supporting ASEAN governments in building a more connected and credible regional carbon market. Dr. Vichshuwan Pungchareon, Head of Climate Solutions, BCPG Public Company Limited, and Advisor to the Chair of CMC, also joined the meeting online.

      The MCMF 2025, organized by Bursa Malaysia and officiated by Datuk Seri Johari Abdul Ghani, Minister of Plantation and Commodities and Acting Minister of Natural Resources of Malaysia, attracted over 
460 in-person and about 100 virtual attendees. Mrs. Gloyta joined the panel discussion titled 
“ASEAN Common Carbon Framework: Advancing Collaboration for a Unified Carbon Market” together with Dr. Renard Siew, President of the Malaysia Carbon Market Association (MCMA), Dr. Riza Suarga, Chairman of the Indonesia Carbon Trade Association (IDCTA), Mrs. Natalia Rialucky Marsudi, 
Deputy Chair of the ASEAN Alliance on Carbon Markets (AACM), and Mr. Anshari Rahman, Representative of the Singapore Sustainable Finance Association (SSFA). The session also featured Mrs. Ginggay Hontiveros-Malvar, President of Aboitiz Foundation Inc. from the Philippines, as a guest panelist, and was moderated by Mrs. Joy Foo, Analyst, Environmental Markets, BloombergNEF.

      Panelists discussed ways to strengthen collaboration under the ASEAN Common Carbon Framework (ACCF), including developing regional pilot projects and encouraging more active participation from carbon credit buyers. While carbon activities in the region continue to expand, demand remains concentrated, driven mainly by Singapore, whereas Thailand, Malaysia, and Indonesia hold strong potential as suppliers of verified carbon credits. The discussion also emphasized the importance of connecting supply and demand within ASEAN to reinforce the strength of the regional carbon market.

      Mrs. Gloyta noted that Thailand was among the first countries in the region to begin carbon credit trading under the Thailand Voluntary Emission Reduction Program (T-VER) in 2016, marking an important step in the country’s carbon market development and laying the groundwork for voluntary greenhouse gas reduction. In recent years, several ASEAN countries have developed and piloted carbon pricing instruments such as emissions trading systems (ETS) and carbon taxes to advance their Net Zero goals. She emphasized that raising public awareness and participation will play a key role in driving the next stage of carbon market development across ASEAN.

      She also highlighted Thailand’s early move toward tokenization of carbon credits, a digital innovation that enhances value, transparency, and transaction security. If developed at the regional level, such initiatives could position ASEAN as a digital hub for high-integrity carbon markets in the future.

      The ACCF’s private-sector collaboration aims to complement and support government efforts across ASEAN in transforming climate ambitions into actions, creating a regional carbon market that is connected, transparent, and inclusive, and ultimately capable of linking with international markets to meet global demand.

      Bangchak Corporation Public Company Limited is a leading energy company operating in over 10 countries worldwide. Its core businesses include Refinery and Marketing Business Group, with a combined capacity of nearly 300,000 barrels per day from the Bangchak Phra Khanong and Bangchak Sriracha refineries. This business group has expanded into oil trading, logistics, and investment in Sustainable Aviation Fuel (SAF). The marketing arm spans almost 2,200 service stations nationwide, complemented by non-oil businesses such as Inthanin Coffee and other lifestyle offerings, delivering a distinctive Greenovative Experience to customers. Bangchak also operates Clean Power Business Group through BCPG Public Company Limited, Bio-Based Product Business Group through BBGI Public Company Limited, Thailand’s top biofuel producer with a growing portfolio of high-value bioproducts, and natural resources through investments in petroleum exploration and production via OKEA ASA in Norway.

      In addition, the Bangchak Initiative and Innovation Center (BiiC) was established to foster innovation and new business incubation domestically and internationally. The company also co-founded the Carbon Markets Club to drive carbon credit trading and raise public awareness of the climate crisis.

      Bangchak has been ranked in the Top 1% globally for sustainability in the Oil & Gas Refinery and Marketing sector by the S&P Global CSA 2025, placed 17th in the Fortune Southeast Asia 500 (2025), and was named Kincentric Best Employer Thailand 2024, the first and only company in Thailand’s oil and gas sector to earn this recognition.

      The company targets carbon neutrality by 2030 and net zero greenhouse gas emissions by 2050. For more information, visit: https://www.bangchak.co.th/en/home