The cross-border carbon market collaboration between Carbon Markets Club (CMC) and Macao International Carbon Emission Exchange (MEX) has been selected as one of the China–ASEAN Green Finance Best Practices for 2026. The initiative enables Thai T-VER carbon credits and Chinese Green Electricity Certificates to be listed on each other’s platforms, helping buyers in both markets access trusted environmental products more easily.
The collaboration was presented at the BOCHK Green Forum 2026 and Sharing Workshop on Good Practices of Green Finance in Southeast Asia. Vichshuwan Pungchareon, Head of Climate Solutions at BCPG Public Company Limited and Advisor to the CMC Chairman, jointly presented the progress of the initiative with MEX. The event was organized by Bank of China (Hong Kong) and WWF, with support from partner organizations.
CMC and MEX aim to reduce barriers caused by differences in standards, registries and verification processes by linking their platforms while maintaining each country’s governance framework and standards.
After signing a strategic memorandum of understanding on November 20, 2025, both parties began listing products on each other’s platforms. In February 2026, three Thai T-VER projects registered with the Thailand Greenhouse Gas Management Organization (TGO), a wind power project in Nakhon Si Thammarat, a solar power project in Suphan Buri and a hydropower project in Lao PDR, were listed on MEX. At the same time, three Chinese Green Electricity Certificate (GEC) projects from 2025 electricity generation were listed on CMC.
The mechanism was officially launched on March 26, 2026, at the 2nd Global Carbon Credit Market Development Forum in Macao SAR, China.
The first actual transaction has since been completed, marking an important step in connecting the carbon markets of Thailand and China. The carbon credits came from BCPG’s solar power project, demonstrating a traceable process from registration and third-party verification to cross-border trading and credit cancellation in the registry system.
Rawee Boonsinsukh, CEO and President of BCPG Public Company Limited, said: “The use of carbon credits from BCPG’s green power projects through a cross-border carbon market mechanism confirms that clean energy creates value beyond electricity generation. It can also generate internationally recognized environmental assets. This achievement reflects growing demand for high-quality carbon credits and reinforces BCPG’s readiness to grow with the region’s low-carbon economy”.
Meng Meng, Chief Executive Officer of MEX, said: “Innovation is important, but trust is even more critical in cross-border market connectivity. Official registration and third-party verification help confirm the integrity of carbon credits and prevent
double counting, while transparent disclosure allows buyers to make informed decisions. The true proof of this mechanism is the actual purchase and cancellation of carbon credits, not merely the number of agreements signed.”
Gloyta Nathalang, Senior Executive Vice President, Sustainability Management and Corporate Communications at Bangchak Corporation Public Company Limited and Chairperson of CMC, said: “We are pleased and proud that this collaboration has been recognized as a China–ASEAN Green Finance Best Practice. This transaction shows that the mechanism can improve cross-border access to high-quality carbon credits and support future implementation under Article 6 of the Paris Agreement.”
MEX and CMC plan to expand both the types and volume of products available on their platforms. They will also support the development of more aligned standards and digital trading infrastructure, while strengthening readiness for implementation under Article 6 of the Paris Agreement to help connect ASEAN carbon markets over the long term.
