At the workshop organize by the National Environment Agency of Singapore and the CI-ACA[1] initiative of United Nations Climate Change, ASEAN countries agreed on the need to address climate change by taking harmonized approach to measuring, reporting and verifying greenhouse gas emissions. ASEAN countries expressed their support for further regional collaboration on carbon markets in order to unlock investment in the transition to a low-carbon economy. Carbon pricing is expected to facilitate reduction of greenhouse gas emissions in a cost-effective manner.

Implementation of carbon pricing mechanism has been recognized by ASEAN countries as a key solution to achieve emissions reduction targets set by the Paris Agreement and to incentivize transition to a low carbon economy. The first step is to properly and accurately measure domestic greenhouse gas emissions and to track progress in reducing them. Adoption of sound measurement, reporting and verification system (MRV) is essential to build transparency and confidence among ASEAN countries. Work plan for harmonizing MRV systems is expected to be developed in the first quarter of 2018 and to be presented to the ASEAN Working Group for Climate Change.

ASEAN countries pointed out that although every member has a different starting point, cooperation is possible since the countries can "walk the same road[2]" and expressed their support for further regional collaboration on carbon markets.

ASEAN is a political and economic organization aimed to accelerate economic growth, social progress and cultural development in the Southeast Asian Region.

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[1] Coordinator of the Collaborative Instruments for Ambitious Climate Action.

[2] Nicolas Muller, who coordinates the initiative Collaborative Instruments for Ambitious Climate Action (CI-ACA).