Four nations housing nearly 700 million people with a combined GDP of about US$4.3 trillion are expanding regional carbon market collaboration as the Philippines joins the ASEAN Common Carbon Framework as an observer at COP31 in Antalya, Türkiye.
The participation, announced by Daily Tribune, brings Philippine private-sector entities including the Aboitiz Foundation, the CarbonPH Coalition, and the Philippines Nature-based Solutions Group into regional discussions on carbon market standards, financing mechanisms, and cross-border cooperation.
The renewal of the framework’s memorandum of collaboration for another years also took place during the 31st United Nations Climate Change Conference. Renard Siew, Thailand Carbon Markets Club chair Khun Gloyta Nathalang, and Indonesia Carbon Trade Association community development vice head Faiha Azka Azzahira.
The 2026 to 2028 strategy prioritizes broader representation, stronger market infrastructure, and technical cooperation to facilitate credible carbon financing.
Philippine participation shows efforts to direct private capital toward forest restoration, biodiversity conservation, and watershed protection. Stakeholders aim to develop high-integrity carbon projects that generate economic opportunities for local communities.
“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, told Philstar.com.
“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,” Hontiveros-Malvar added.
| Framework Element | Details |
|---|---|
| Initial Establishment | 2024 |
| Founding Members | Malaysia, Singapore, Indonesia, Thailand, and the ASEAN Alliance on Carbon Markets |
| Current Expansion | Philippines joins as observer via Aboitiz Foundation, CarbonPH Coalition, and NbS Group |
| Strategic Period | 2026 to 2028 |
The Department of Finance reported that the Philippines is leading efforts to develop compatible carbon markets to attract private investments for climate action and low-carbon transitions. This participation is further supported by administrative issuance Series of 2026, which positions the country to take part in regional and international carbon markets and unlock green investments.
“Carbon markets are a vital instrument for ASEAN prosperity. By creating a market for trading carbon credits, we can attract investments for climate action. They unlock private capital to reduce emissions. They also channel investments into renewable energy and nature-based solutions,” Finance Secretary Frederick Go said, as reported by the Philippine News Agency.
The Department of Finance Climate Finance Policy Group co-hosted the ASEAN Carbon Markets Development and Harmonization Forum 2026 alongside the Securities and Exchange Commission and the Asian Development Bank. Discussions explored an ADB-supported implementation and interoperability study to connect national carbon registries across member states.
ASEAN previously demonstrated its regional solidarity through successive joint statements and its first regional pavilion at COP30 in Belém, Brazil, last year. The region is now hosting its second regional pavilion at COP31 in Antalya, Turkey, running from November 9 to November 20, following the adoption of the ASEAN Community Vision 2045, “Our Shared Future”, on May 26, 2025.
During the sessions, ASEAN Secretary-General Dr. Kao Kim Hourn delivered a pre-recorded video message on November 10, 2026, emphasizing shared priorities on carbon pricing, loss and damage, fast-tracked Nationally Determined Contributions, and the ASEAN-EU Strategic Partnership ahead of the 50th anniversary of ASEAN-EU Dialogue Relations under the ASEAN-EU Plan of Action 2023–2027, according to the ASEAN Main Portal.
