Asia's Carbon Markets Strategic Imperatives for Corporations 2025

Endnotes 1. United Nations Environment Programme (UNEP) and United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). (2024). 2024 Review of Climate Ambition in Asia and the Pacific. https://www.unescap.org/sites/default/ d8files/2024-11/2024%20Review%20of%20climate%20ambition%20in%20Asia%20and%20the%20Pacific_PPT_0.pdf. 2. World Economics. (2024). Asia-Pacific Dominates the World Economy in Size and Growth. https://www.worldeconomics. com/Thoughts/Asia-Pacific-Dominates-the-World-Economy-in-Size-and-Growth.aspx?ThoughtID=168. 3. Bloomberg. (2023). Carbon Pricing Efforts Accelerate in Asia. https://time.com/6325755/asia-carbon-trading-growth/. 4. Sources: – ClearBlue Markets. (2025). China’s Carbon Market: The Evolution, Challenges, and Opportunities. https://www.clearbluemarkets.com/knowledge-base/chinas-carbon-market-the-evolution-challenges-and-opportunities . – Expert consensus view that the probability of carbon price in China reaching RMB 200-300 ($28 -42) by 2030 is high. 5. United Nations. (1992). United Nations Framework Convention on Climate Change (UNFCCC). https://unfccc.int/sites/ default/files/convention_text_with_annexes_english_for_posting.pdf. 6. International Carbon Action Partnership. (2025). Emissions Trading Worldwide: Status Report 2025. https://icapcarbonaction.com/system/files/document/250612_icap_sr25_june-updates.pdf . 7. United Nations Environment Programme (UNEP) and United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). (2024). 2024 Review of Climate Ambition in Asia and the Pacific. https://www.unescap.org/sites/default/ d8files/2024-11/2024%20Review%20of%20climate%20ambition%20in%20Asia%20and%20the%20Pacific_PPT_0.pdf. 8. World Economics. (2024). Asia-Pacific Dominates the World Economy in Size and Growth. https://www.worldeconomics. com/Thoughts/Asia-Pacific-Dominates-the-World-Economy-in-Size-and-Growth.aspx. 9. Bloomberg. (2023). Carbon Pricing Efforts Accelerate in Asia. https://time.com/6325755/asia-carbon-trading-growth/. 10. United Nations Environment Programme (UNEP) and United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). (2024). 2024 Review of Climate Ambition in Asia and the Pacific. https://www.unescap.org/sites/default/ d8files/2024-11/2024%20Review%20of%20climate%20ambition%20in%20Asia%20and%20the%20Pacific_PPT_0.pdf. 11. Climate Analytics. (2021). Coal Phase Out and Energy Transition Pathways for Asia and the Pacific. https://ca1-clm.edcdn.com/assets/coal-phase-out-and-energy-transition-pathways-25-feb-2021.pdf?v=1679478204 . 12. International Energy Agency. (2021). Net Zero by 2050 – A Roadmap for the Global Energy Sector. International Energy Agency. https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050- ARoadmapfortheGlobalEnergySector_CORR.pdf. 13. International Emissions Trading Association. (2019). The Economic Potential of Article 6 of the Paris Agreement and Implementation Challenges. https://documents1.worldbank.org/curated/en/215681585753172514/pdf/The-Economic- Potential-of-Article-6-of-the-Paris-Agreement-and-Implementation-Challenges.pdf. 14. World Bank. (2025). State and Trends of Carbon Pricing 2025. https://openknowledge.worldbank.org/ bitstreams/152de0c2-e2be-49d6-aec1-3be8ebad4f74/download. 15. Carbon Market Institute. (2024). International Carbon Market Update – States and Trends in the Asia Pacific, p.5. https://carbonmarketinstitute.org/app/uploads/2024/08/International-Carbon-Market-Update_August-2024-1.pdf. 16. Sources: – International Carbon Action Partnership. (2025). ICAP ETS Map. https://icapcarbonaction.com/en/ets. – World Bank. (2025). State and Trends of Carbon Pricing 2025. https://openknowledge.worldbank.org/ bitstreams/152de0c2-e2be-49d6-aec1-3be8ebad4f74/download. – Hu, Sherry. (2025). Post-Carbon Forward Asia: ASEAN carbon market trends and why liquidity is top priority. RECCESSARY: https://www.reccessary.com/en/research/carbon-forward-asia-2025. 17. International Carbon Action Partnership. (2025). China National ETS. https://icapcarbonaction.com/system/files/ets_pdfs/ icap-etsmap-factsheet-55.pdf. 18. Ministry of Ecology and Environment of the People’s Republic of China. (2025). 2024 Carbon Market Transaction and Clearing Completed. https://www.mee.gov.cn/ywgz/ydqhbh/syqhbh/202501/t20250105_1099975.shtml. 19. Sources: – Ministry of Ecology and Environment of the People’s Republic of China. (2024). Progress Report of China’s National Carbon Market (2024). https://www.mee.gov.cn/ywdt/xwfb/202407/W020240722528850763859.pdf. – Wind Financial Database. China: Carbon Emission Allowance (CEA) Latest Price (ID: H3720021). Shanghai Environment and Energy Exchange. Asia’s Carbon Markets: Strategic Imperatives for Corporations 51