BAKU, Azerbaijan, Nov. 20, 2024 /PRNewswire/ — Malaysia has embarked on a landmark partnership with carbon market associations from nine other ASEAN nations through the signing of a Memorandum of Cooperation (MOC) aimed at developing a unified carbon framework, the ASEAN Common Carbon Framework (ACCF).

As the third-largest trader in the world, this strategic agreement is set to enhance carbon market efficiencies across the region, effectuate the green finance transition and secure bloc’s global competitiveness in the future.

It also comes as Malaysia prepares for the ASEAN Chairmanship 2025 and complements the country’s ambitious commitment to reduce the intensity of its carbon emissions by 45% (compared to 2005 levels) by 2030.  

Minister of Natural Resources and Environmental Sustainability, YB Nik Nazmi Nik Ahmad said, “This collaboration reflects Malaysia’s growing recognition of the urgency to address climate change, and is part of the initiatives that we hope to potentially operationalise as the ASEAN Strategy for Carbon Neutrality when Malaysia takes over the chairmanship of ASEAN in 2025. The ACCF is both timely and essential as it aspires to unlock carbon project  opportunities that is unique to the ASEAN region and at the same time, create stronger demand signals through interoperable carbon markets in this region, allowing us to build an integrated, efficient, and credible carbon market, fostering regional cooperation and accelerating low-carbon investments.”

ASEAN members representing a population of more than 600 million people, covering 4.5 million km² land area, the combined Gross Domestic Product has raked up to USD 3.8 trillion in 2023, making it the world’s fifth-largest economy. Thus, projections indicate that by 2030, ASEAN is poised to ascend to the position of the world’s fourth-largest economy.

With a unified carbon market framework and strategic partnerships, the ASEAN collaboration is set to unlock carbon project opportunities that are unique to the region and simultaneously send a stronger demand signal to the world. The interoperable carbon markets creates a bigger market of supply and demand for carbon credits while fostering a cohesive carbon ecosystem that supports ASEAN’s overarching green finance goals.

By aligning standards, regulations, and trading mechanisms, Malaysia and other ASEAN Member States play a transformative role in generating and trading carbon while synergising its trading processes to ensure an efficient, transparent, and beneficial market for all participating economies.

To deepen and broaden ASEAN’s regional integration for years and generations to come, Malaysia will continue to reinforce its position in the region as an “Epicentrum of Growth”. This is not only to cement the country’s position to capture full value of regional green value chains and increase liquidity in regional markets, but to fulfil and grow the individual Nationally Determined Contributions (NDCs).

At COP29, negotiators achieved a major breakthrough by reaching consensus on standards for an international carbon market under Article 6.4 of the Paris Agreement. These standards have established a centralised framework for carbon credit trading, designed to drive down global emissions more affordably with direct substantial financial resources to developing nations, emphasising its potential to save up to $250 billion annually in climate action costs.

The Malaysia Pavilion at COP29 is spearheaded by the Ministry of Natural Resources and  Environmental Sustainability (NRES) in collaboration with the Malaysian Green Technology and Climate Change Corporation (MGTC) as the implementing agency. The Pavillion and our country’s participation is proudly supported by Tenaga Nasional Berhad (TNB), Petroliam Nasional Berhad (PETRONAS), Malaysian Palm Oil Council (MPOC), Malaysian Palm Oil Green Conservation Foundation (MPOGCF), Felda Global Ventures Holding Berhad (FGV), SD Guthrie Bhd, Malayan Banking Berhad (Maybank), Bank Pembangunan Malaysia Berhad (BPMB), Kloth Wear and De Carton.

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For more information regarding the Malaysian Pavilion at COP29, visit https://malaysiapavilion-cop.com/.

About the Malaysian Pavilion

Malaysia is proud to present our Malaysia Pavilion at COP29, built around the theme “Shift for Sustainability: Climate Action Now”. This theme emphasises the urgency of addressing climate change with immediate, bold actions. Through a whole-of-nation approach, Malaysia is committed to collaborating with all sectors—government, businesses, and communities—to create a sustainable and resilient future for all.

Join us at the Malaysia Pavilion as we showcase our nation’s innovative solutions for climate action, from green urban development to energy transitions, biodiversity preservation, and more.

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HONG KONG, Nov. 20, 2024 /PRNewswire/ — On 18 November, the 2024 World Maritime Merchants Forum grandly opened in Hong Kong, China. As a major platform for global maritime industry exchange and dialogue, this landmark event was led by China Merchants Group (CMG) in collaboration with the Transport and Logistics Bureau of the Hong Kong SAR Government, the Baltic and International Maritime Council (BIMCO), the International Chamber of Shipping (ICS) and the Hong Kong Shipowners Association (HKSOA).

Since 2021, the World Maritime Merchants Forum has been held in Hong Kong for three consecutive years. This year, the Forum once again partnered with “Hong Kong Maritime Week” under the theme “Navigating the Cycles”, focusing on the latest policies, trends and hot topics in the maritime industry. Guests were invited to discuss the new opportunities and challenges facing the shipping industry amidst the significant shifts in global trade and transportation.

The event drew approximately 1,500 participants, including authoritative figures and leaders from global shipping, ports, trade, logistics, financial institutions and industry regulatory bodies.

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NEW YORK and LONDON, Nov. 20, 2024 /PRNewswire/ — ACORD Solutions Group, a leading provider of next-generation digital solutions for the global insurance industry, today announced a first-of-its-kind placing data exchange capability in its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing platforms as well as a variety of downstream systems.

Insurers and brokers can immediately leverage ADEPT Placing with its easily accessible and ready-to-use direct interface that connects with major platforms including PPL, Whitespace, PlacingHub, and market firm-owned platforms such as Aon’s ABConnect and Guy Carpenter’s GC Marketplace.

ADEPT (ACORD Data Exchange Platform and Translator) is already in use by over 100 ACORD Solutions Group clients and partners to seamlessly exchange accounting and claims data, aligned with the ACORD GRLC (Global Reinsurance & Large Commercial) Data Standards. ADEPT Placing was built to increase interoperability, provide a single streamlined connection for placing data, and help insurers and brokers avoid the expensive and inefficient processes of building connections to multiple platforms with differing sets of non-standardized APIs. With ADEPT Placing, insurers will have a single “letterbox” for all of their broker partners’ placing transactions, regardless of the brokers’ chosen placing platform.

“We are now seeing ACORD GRLC facilitating a fully digital end-to-end journey, using structured data and real-time digital connectivity,” said Simon Squires, Co-Chair of the Ruschlikon eAccounting & Claims Steering Committee. “With brokers using collaborative market placing platforms to connect with the underwriting community, it is now possible to connect the systems and create a full straight-through processing model…and a real-time digital trading environment.”

ADEPT Placing gives insurers a one-to-many system to receive placing event data from quotation through to signed line advice information, reducing the need for multiple integrations and time-intensive mapping. It is fully aligned with the ACORD GRLC Contract, Risk & Pre-Accounting Standard, giving insurers one consistent data format to use with all broker placing portals. ADEPT Placing also benefits brokers by providing a single ACORD GRLC-compliant interface to exchange standardized data with various placing platforms, for quicker and easier reconciliation.

“This will eliminate several historical industry problems around processing being based on latest versions of documents and a complete processing population,” Squires continued. “The standards-based digital journey will, for the first time ever, completely link underwriting with accounting and claims and eliminate re-work and queries.”

ADEPT also supports the direct exchange of placing data between broker and insurer, as well as the ingestion of placing data into downstream systems, for organizations at all levels of digital maturity. If placing data is received via email rather than digital data transfer, ADEPT will utilize ACORD Transcriber‘s comprehensive document processing AI models to classify data residing within the submission email, including attached documents, and output it as a consistent standardized digital data payload.

“Insurers have told us that they often receive over 1,000 submissions as email with attachments in a single day. Without a digital solution to process all that information, they can get bogged down in manual processes around data rekeying, causing considerable inefficiencies and backlogs,” said Chris Newman, President International, ACORD Solutions Group. “Our mission is to unlock the benefits of next-generation digital data exchange even for stakeholders working within those frustrating legacy constraints.”

“With the global ecosystem digitalizing at an accelerating rate, it’s time to tackle placing as the next digital frontier,” added Newman. “With ADEPT Placing providing a single placing gateway, insurers can eliminate disjointed placing platform management and brokers can minimize the time-consuming process of copying placing data in multiple platforms. And by enabling seamless data flow between placing, downstream accounting, and claim processes, market firms can automatically achieve ACORD GRLC standardization from front to back office.”

More information about ADEPT and the future of placing will be available at the upcoming ACORD Solutions Group Horizons event, “A Placing Revolution” on Tuesday, November 26, featuring speakers from ACORD Solutions Group, AXA XL, and Marsh. Register to attend virtually or in-person to learn more about ADEPT’s capabilities and see it in action with live demos focused on both insurers and brokers.

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About ACORD Solutions Group

ACORD Solutions Group was created to solve critical industry challenges by delivering next-generation digital solutions and services. Our enterprise-class solutions optimize the speed, cost, and accuracy of data exchange, connecting stakeholders regardless of geography, role, and legacy constraints. ACORD Solutions Group is an extension of ACORD, the standards-setting body for the global insurance industry. Learn more at www.acordsolutions.com.

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