Eye On Asia | Climate handouts are not enough: Asia must build its own carbon credit market
- Voluntary carbon markets can encourage carbon sequestering while generating revenue, but they are held back by a lack of standardisation and transparency
- With robust systems in place, emerging markets stand to benefit from new revenue drivers as part of a global carbon trading network
From heatwaves to flash floods, Asia has borne the brunt of “one-in-a-lifetime” weather events in recent years. The continent sees temperatures rising at twice the rate of the global average, making it far more prone to frequent, severe weather events and, consequently, the economic burden of destabilised communities and infrastructure.
There are no easy choices. The climate crisis, however, only serves to exacerbate economic challenges: whether it’s the impact of diminished water supplies that lead to reduced crop yields, or novel health hazards emerging as a result of community and nature displacement.
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And then comes the structural challenges. Despite being home to some of the world’s smallest and most climate-vulnerable countries, Asia simultaneously accounts for two of the three largest carbon dioxide emitters globally.
