Under Indonesia's chairmanship of ASEAN-BAC in 2023, the ASEAN Alliance on Carbon Markets (AACM) was formed to promote scaling Voluntary Carbon Markets across ASEAN and to support the implementation of compliance markets. AACM will be the first private sector-led body to advocate for cross-border efforts in the areas of carbon market development.

AACM will foster a regional ecosystem and act as a focal point for international partnerships, with activities including capacity building and technical assistance.