The Association of Southeast Asian Nations (ASEAN) is one of the largest and most dynamic economic clusters in the world with a collective GDP of over $3.4tn.
The region has developed comprehensive emissions-reduction plans under the Paris Agreement, however ASEAN Member States have not yet decoupled their economic growth from their emissions output. This means that carbon pricing mechanisms have significant potential to help further drive decarbonisation.
There is room for ASEAN to play a crucial role in supporting the development of carbon pricing mechanisms in the region, helping develop new green industries to protect future economic growth at the national and regional level.
About the report
This report, developed in partnership between Abatable, the ASEAN Alliance on Carbon Markets and international advisory house Equatorise, captures the opportunity available for ASEAN Member States to harness the power of carbon markets to aid both decarbonisation and economic growth in the region. It finds that continuing to develop carbon markets in ASEAN could unlock a cumulative revenue of $3tn for the region by 2050, through the reduction or removal of emissions equivalent to 1.1 gigatonnes of CO2 by the same date.
Potential annual ASEAN carbon market revenue by project type for 2030 and 2050
The report concludes by offering six considerations for ASEAN policymakers to help realise this opportunity.
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