“As we romanticise about this green shift, let us also not forget that there is growing frustration, particularly among MSMEs, in terms of the measures and rules that have come together. 

“And that's why ASEAN-BAC has also worked with the Association of Chartered Certified Accountants (ACCA), among others, to develop a framework for simplifying sustainability for MSMEs,” he said in his keynote speech at the ASEAN Green Shift Forum 2025 today. 

The forum, hosted by the ASEAN-BAC and Standard Chartered, alongside knowledge partners, Yinson Holdings Bhd and the Malaysia Carbon Market Association, was held in conjunction with the 57th ASEAN Economic Ministers meeting.

The forum gathered government and corporate leaders from the region to discuss accelerating the scaling of green finance, clean energy and sustainable supply chains.

Nazir said ASEAN-BAC has set 12 priorities and initiatives themed “Unifying Markets for Shared Prosperity”. 

The agenda aims to move the dial on intra-ASEAN trade and investments and promote ASEAN as an identity and a regional business community that does business responsibly. 

One of its flagship projects is the ASEAN Common Carbon Market, spearheaded by Yinson and Bursa Malaysia. 

In 2025, ASEAN-BAC established the Malaysia Carbon Market Association (MCMA), which then signed a historic partnership at COP29, with carbon market associations of Singapore, Indonesia and Thailand to collaborate to develop an ASEAN Common Carbon Framework while also addressing supply and demand challenges of carbon credits and requirements for interoperability of national carbon markets.

COP29 is the United Nations climate change conference.

“These advances are, however, dwarfed by the fact that ASEAN’s emissions have doubled in the past two decades. Meanwhile, global buyers from the European Union, the United States and Japan are demanding green, traceable, low-carbon supply chains. We need to do so much more and at a much faster pace. 

“This is where regional cooperation becomes not just desirable, but imperative. Imagine the possibilities if ASEAN could align standards and taxonomies so investors know our credits are credible, integrate power grids so renewable energy flows seamlessly across borders and develop a joint carbon market that is recognised globally, unlocking billions in financing,” he said. 

Alongside policy work, ASEAN-BAC is also preparing for its flagship event, namely, the ASEAN Business and Investment Summit, held in Kuala Lumpur on Oct 25–26.

“It is the must-attend business event of the ASEAN calendar. We will discuss a broad range of topics, including geoeconomics and financial markets, energy, philanthropy, the entertainment business and of course sustainability. 

“We will also have fireside chats with heads of government and business leaders,” he said. 

Meanwhile, Standard Chartered Malaysia chief executive officer Mak Joon Nien emphasised that the transition to a low-carbon economy is a key focus for the bank, supported by deep international expertise, as well as a global footprint across 54 markets, including a presence in all 10 ASEAN markets.

“The world is recalibrating towards a green economy, and we need to address prior inaction. 2024 was the hottest year on record, with global temperatures reaching 1.55°C above pre-industrial levels. Matters are even more pressing here in ASEAN. 

“On one side lies today’s economy, traditional, carbon-heavy, vulnerable. On the other, lies tomorrow’s economy, resilient, competitive, green, making the transition to a low-carbon future more imperative than ever,” he added. 

-- BERNAMA