Carbon Regulations in Asia – What should I know?

Carbon regulations in Asia vary across different countries in the region. Here are some examples of carbon regulations and initiatives in prominent Asian countries:

1. China:
   • China has implemented a national carbon market, known as the Emission Trading Scheme (ETS). The ETS initially covers the power sector and has plans for expansion to other industries.
   • The country has set targets to peak its carbon emissions by 2030 and achieve carbon neutrality by 2060.
   • China has implemented various policies and regulations to promote renewable energy, energy efficiency, and low-carbon technologies.
2. Japan:
   • Japan has established the Tokyo Cap-and-Trade Program, which covers large commercial and industrial facilities in the Tokyo Metropolitan area.
   • The country has set a target to achieve a 26% reduction in greenhouse gas emissions by 2030 compared to 2013 levels.
   • Japan provides subsidies and incentives for renewable energy projects and promotes energy efficiency measures.
3. South Korea:
   • South Korea has implemented a national Emission Trading System (ETS) that covers several industries, including power generation, manufacturing, and buildings.
   • The country has set a target to reduce greenhouse gas emissions by 37% below business-as-usual levels by 2030.
   • South Korea promotes the use of renewable energy and offers incentives for energy-efficient buildings and appliances.
4. India:
   • India has several initiatives and policies focused on renewable energy, including the National Solar Mission and the National Wind Energy Mission.
   • The country aims to achieve 40% of its energy capacity from non-fossil fuel sources by 2030.
   • India has implemented energy efficiency programs and standards for industries and buildings.
   • Securities and Exchange Board in India requires companies to disclose their sustainability initiative in accordance with the Business Responsibility and Sustainability Reporting  format.
5. Southeast Asian Countries:
   • Several countries in Southeast Asia have pledged to reduce emissions under the Paris Agreement.
   • Countries like Indonesia, Thailand, and Vietnam have renewable energy targets and policies in place.
   • Singapore has implemented a carbon pricing mechanism known as the Carbon Pricing Act.