King & Wood Mallesons Hong Kong is delighted to have worked alongside Asia Securities and Financial Markets Association (ASIFMA) and its members in producing the report (the Report) “Upscaling Carbon Markets Across APAC”.
Publication of the Report follows the work of King & Wood Mallesons Hong Kong in assisting the Global Financial Markets Association (GFMA) on its response to the public consultation published by the International Organization of Securities Commissions on recommendations for establishing sound compliance carbon markets and on key considerations for enhancing the resilience and integrity of voluntary carbon markets. Well-functioning, robust and liquid carbon markets have an important role to play in supporting the global transition to net zero.
The Paper identifies key considerations relating to the development of compliance carbon markets and voluntary carbon markets across the Asia Pacific. Compliance markets are critical to ensure that industries adhere to mandated emission reduction commitments, while voluntary markets enable entities to reduce their negative climate impact by offsetting their emissions.
We thank our colleagues in Shanghai, Sydney, and Tokyo and the six other law firms that advised on local law (Allen & Gledhill LLP, Bell Gully, Bharucha & Partners, Kim & Chang, SSEK Law Firm, and Wong & Partners).
Richard Mazzochi, Head of Banking & Finance at King & Wood Mallesons Hong Kong, said “We are delighted at the opportunity to work with ASIFMA and its members on producing the Report. The Report’s significance is as a road map for how to construct, operate and connect an APAC-wide carbon market so as to help facilitate 2050 net zero. We look forward to working with our clients and other market participants to implement the recommendations”.
Claire Potter, Registered Foreign Lawyer at King & Wood Mallesons Hong Kong, added “the development of APAC’s carbon markets is key to the region’s ability to navigate low carbon transition in line with committed targets. Although policies and infrastructure can differ widely between APAC jurisdictions, the region’s diverse geography and growth markets have significant scope to help deliver and support a sustainable future”.
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