Asia's Carbon Markets Strategic Imperatives for Corporations 2025

36. International Carbon Action Partnership. (2025). Emissions Trading Worldwide: Status Report 2025. https://icapcarbonaction.com/system/files/document/250612_icap_sr25_june-updates.pdf . 37. National Climate Change Secretariat, Singapore Prime Minister’s Office. (2025). Carbon Tax. https://www.nccs.gov.sg/ singapores-climate-action/mitigation-efforts/carbontax/. 38. International Carbon Action Partnership. (2025). Emissions Trading Worldwide: Status Report 2025. https://icapcarbonaction.com/system/files/document/250612_icap_sr25_june-updates.pdf . 39. Sources: – Bain & Company, GenZero, Standard Chartered and Temasek. (2024). Southeast Asia’s Green Economy 2024: Moving the Needle. https://www.bain.com/globalassets/noindex/2024/bain_report_southeast_asias_green_ economy_2024.pdf. – International Carbon Action Partnership. (2025). Thailand. https://icapcarbonaction.com/system/files/ets_pdfs/icap- etsmap-factsheet-81.pdf. 40. Bain & Company, GenZero, Standard Chartered and Temasek. (2024). Southeast Asia’s Green Economy 2024 Report: Moving the needle. https://www.bain.com/globalassets/noindex/2024/bain_report_southeast_asias_green_ economy_2024.pdf. 41. ASEAN Business Advisory Council. (2025). ASEAN Common Carbon Market Initiative. https://aseanbac.com.my/asean- common-carbon-market-initiative/. 42. April 2024 survey of 503 corporate respondents: Bain & Company. (2024). The Visionary CEO’s Guide to Sustainability 2024, p.25. https://www.bain.com/globalassets/noindex/2024/bain_report_the_visionary_ceos_guide_to_ sustainability-2024.pdf. 43. Sources: – Bain & Company, Bain Consumer Lab ESG Survey 2024 (n = 2,000 across US, UK, Germany, France, Italy, Japan, China, Indonesia, Brazil, India; n = 1,000 in Netherlands). – Bain & Company, Bain Consumer Lab ESG Ethnographic Research June 2024 (n = ~70). 44. Engine 2 businesses are defined by Bain & Company as follows: “new businesses built within an existing company that use the existing scale benefits—namely, the assets and capabilities of the strong core business (Engine 1)—to grow to a large size faster than an independent start-up could.” Source: Bain & Company. The Engine 2 Imperative: New Business Innovation and Profitable Growth under Turbulence. https://www.bain.com/insights/engine-2-imperative-new-business- innovation-and-profitable-growth-under-turbulence/. 45. S&P Global. (2024). Sustainability Insights: Power Sector Update: China Will Keep Its Lead In Global Offshore Wind Additions. https://www.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/13222701. 46. Xinhua News Agency. (2025). High-Quality Development Energy Initiative: Cutting Carbon via Innovation in CSG’s Green Energy Transition. http://www.xinhuanet.com/energy/20250529/6c4c42870ef44984875e929489bff986/c.html. 47. Standard Chartered Bank. (2024). Discussion Materials for Green Investment Principles. Asia’s Carbon Markets: Strategic Imperatives for Corporations 53