2026推进AZEC伙伴国碳市场发展研究报告

ERA

EconomicResearchInstituteforASEANandEastAsia

AdvancingCarbonMarket

DevelopmentinAZECPartnerCountries

VolumeI:KeyFindingsandRegionalAnalysis

ERIAResearch

ProjectReport

No.19

2026

ERIAResearchProjectReportFY2026,no.19

AdvancingCarbonMarketDevelopmentin

AZECPartnerCountries

VolumeI:KeyFindingsandRegionalAnalysis

AdvancingCarbonMarketDevelopmentinAZECPartnerCountries

VolumeI:KeyFindingsandRegionalAnalysis

EconomicResearchInstituteforASEANandEastAsia(ERIA)SentralSenayanII5th,6th,and15thFloors

JalanAsiaAfrikaNo.8,GeloraBungKarnoSenayan,JakartaPusat10270Indonesia

©EconomicResearchInstituteforASEANandEastAsia,2026ERIAResearchProjectReportFY2026,No.19

PublishedinOctober2026

Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformbyanymeanselectronicormechanicalwithoutpriorwrittennoticetoandpermissionfromERIA.

Anyerrorincontentorcitationintherespectivechaptersisthesoleresponsibilityoftheauthor/s.

Materialinthispublicationmaybefreelyquotedorreprintedwithproperacknowledgement.

Pleasecitethispublicationas:

ERIA(2026),‘AdvancingCarbonMarketDevelopmentinAZECPartnerCountries-VolumeI:KeyFindingsandRegionalAnalysis’,ERIAResearchProjectReportFY2026No.19,Jakarta:ERIA.

iii

Contents

ListofFiguresiv

ListofTablesiv

ListofAbbreviationsv

ExecutiveSummaryviii

Chapter1Introduction1

Chapter2StocktakeSummarybyCountry13

Chapter3RegionalAssessmentandGapAnalysis47

Chapter4OpportunitiesforRegionalCo-operation63

Chapter5Conclusion68

iv

ListofFigures

Figure1

AZECmembercountries

1

Figure2

Relationshipbetweenthetwopriorityareas

3

Figure3

Thefoursub-themesunderResearchArea1:CorporateGHGAccounting&ReportingandEmissionsReductionInstruments

4

Figure4

Thethreesub-themesunderResearchArea2:High-IntegrityCarbonMarketImplementation

8

Figure5

Integratedconceptualandanalyticalframework

12

ListofTables

Table1.VoluntaryCorporateGHGReportingandDisclosure5

Assessment

Table2ComplianceCorporateGHGReportingandDisclosure6

Assessment

Table3CarbonPricingInstrumentsAssessment7

Table4ReportingInfrastructureAssessment7

Table5CarbonCreditingMechanismsAssessment8

Table6NationalRegistryInfrastructureAssessment10

Table7AustraliaStocktakeSummary13

Table8BruneiDarussalamStocktakeSummary16

Table9CambodiaStocktakeSummary18

Table10IndonesiaStocktakeSummary21

Table11JapanStocktakeSummary25

Table12LaoPDRStocktakeSummary29

Table13MalaysiaStocktakeSummary31

Table14PhilippinesStocktakeSummary34

Table15SingaporeStocktakeSummary37

Table16ThailandStocktakeSummary40

Table17VietNamStocktakeSummary43

Table18RegionalAssessmentOverview47

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ListofAbbreviations

A6IPArticle6ImplementationPartnership

AASBAustralianAccountingStandardsBoard

ACARAccountingandAuditingRegulator(Cambodia)

ACCUAustralianCarbonCreditUnit

ACRAmericanCarbonRegistry

AFOLUAgriculture,ForestryandOtherLandUse

ANREUAustralianNationalRegistryofEmissionsUnits

APACAsiaPacificAccreditationCooperation

ARTArchitectureforREDD+Transactions

ASEANAssociationofSoutheastAsianNations

ASICAustralianSecuritiesandInvestmentsCommission

ASXAustralianSecuritiesExchange

AZECAsiaZeroEmissionCommunity

AZEC-DCMAZECInternationalConferencetoDevelopCarbonMarkets

BCCOBruneiClimateChangeOffice

BTRBiennialTransparencyReport

BURBiennialUpdateReport

CADTrustClimateActionDataTrust

CAMPURClimateActionforMutualProsperityUnderRegionalCooperation

CBAMCarbonBorderAdjustmentMechanism

CCCDMCommonCarbonCreditDataModel

CCSCarbonCaptureandStorage

CDMCleanDevelopmentMechanism

CDPCarbonDisclosureProject

CFPCarbonFootprintProgram(Japan)

CPICarbonPricingInstrument(s)

CSXCambodiaSecuritiesExchange

EERSEmissionsandEnergyReportingSystem(Australia)

EEGSEnergyEfficiencyandGlobalWarmingCountermeasuresOnline

ReportingSystem(Japan)

EREmissionReduction(s)

ESGEnvironmental,Social,andGovernance

ETFEnhancedTransparencyFramework

ETSEmissionsTradingSystem/Scheme

FOLUForestryandOtherLandUse

GCCGlobalCarbonCouncil

GGGIGlobalGreenGrowthInstitute

GHGGreenhouseGas

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GRIGlobalReportingInitiative

GRKGasRumahKaca(GreenhouseGas),Indonesia

GXGreenTransformation(Japan)

GX-ETSGreenTransformationEmissionsTradingSystem(Japan)

ICCInternationalCarbonCreditFramework(Singapore)

ICVCMIntegrityCouncilfortheVoluntaryCarbonMarket

IDXIndonesiaStockExchange

IECInternationalElectrotechnicalCommission

IFRSInternationalFinancialReportingStandards

IPCCIntergovernmentalPanelonClimateChange

IPPUIndustrialProcessesandProductUse

ISOInternationalOrganizationforStandardization

ISSBInternationalSustainabilityStandardsBoard

ITMOInternationallyTransferredMitigationOutcome

JCMJointCreditingMechanism

LCOSLowCarbonOperatingSystem(Malaysia)

LULUCFLandUse,Land-UseChangeandForestry

MGTCMalaysianGreenTechnologyandClimateChangeCorporation

MRAMutualRecognitionArrangement/Agreement

MRVMonitoring,ReportingandVerification

NDCNationallyDeterminedContribution

NEANationalEnvironmentAgency(Singapore)

NEKNilaiEkonomiKarbon(CarbonEconomicValue),Indonesia

NGERNationalGreenhouseandEnergyReporting(Scheme/Act),Australia

NIDNationalInventoryDocument(Singapore)

NIRNationalInventoryReport

NRESMinistryofNaturalResourcesandEnvironmentalSustainability

(Malaysia)

NSRFNationalSustainabilityReportingFramework(Malaysia)

OJKOtoritasJasaKeuangan(FinancialServicesAuthority),Indonesia

PACMParisAgreementCreditingMechanism

PaSTIPartnershiptoStrengthenTransparencyforco-Innovation

PaSTI-JAIFPartnershiptoStrengthenTransparencyforco-Innovation–Japan-ASEANIntegrationFund

PDRPeople'sDemocraticRepublic(LaoPDR)

PFRSPhilippineFinancialReportingStandards

PGHGIMRSPhilippineGreenhouseGasInventoryManagementandReportingSystem

PPIPengendalianPerubahanIklim(ClimateChangeControl),IndonesiaQA/QCQualityAssurance/QualityControl

SASBSustainabilityAccountingStandardsBoard

SECSecuritiesandExchangeCommission(Philippines)

vii

SERCSecuritiesandExchangeRegulatorofCambodia

SETStockExchangeofThailand

SGXSingaporeExchange

SIINasSistemInformasiIndustriNasional(NationalIndustrialInformation

System),Indonesia

SIGN-SMARTSistemInformasiGRKNasional–SistemRegistriNasional

(NationalGHGInformationSystem–NationalRegistrySystem),Indonesia

SPE-GRKSertifikatPenguranganEmisiGasRumahKaca(GreenhouseGas

EmissionReductionCertificate),Indonesia

SPEISertifikatPenguranganEmisiIndonesia(IndonesiaGreenhouse

GasEmissionReductionCertification)

SRNSistemRegistriNasional(NationalRegistrySystem),Indonesia

SRN-PPISistemRegistriNasionalPengendalianPerubahanIklim(National

RegistrySystemforClimateChangeControl),Indonesia

SRUKSistemRegistriUnitKarbon(CarbonUnitRegistrySystem),Indonesia

SSBJSustainabilityStandardsBoardofJapan

T-VERThailandVoluntaryEmissionReductionProgramme

TCFDTaskForceonClimate-relatedFinancialDisclosures

TGOThailandGreenhouseGasManagementOrganization

THBThaiBaht

TREESTheREDD+EnvironmentalExcellenceStandard

UNUnitedNations

UNFCCCUnitedNationsFrameworkConventiononClimateChange

VCMIVoluntaryCarbonMarketsIntegrityInitiative

VCSVerifiedCarbonStandard(Verra)

VERVerifiedEmissionReduction

VVBValidationandVerificationBody

viii

ExecutiveSummary

ThecurrentconflictsintheMiddleEasthavehighlightedsystemicchallengesfacedbytheworld.Atthesametime,thesecrisesreinforcetheAsiaZeroEmissionCommunity'sfundamentalmissiontopursueaclean,sustainable,just,affordable,andinclusiveenergytransitiontowardscarbonneutrality/net-zeroemissions,whilesimultaneouslyaddressingclimatechange,promotingeconomicgrowth,andensuringenergysecurity.

UndertheActionPlanfortheNextDecadeadoptedattheSecondAZECLeaders’MeetinginOctober2024,theAZECInternationalConferencetoDevelopCarbonMarkets(AZEC-DCM)waslaunchedtoadvancetwopriorityareas:strengtheningsupply-chainGHGvisualisation,includingthroughcorporatereportingandcarbonpricinginstruments,andpromotinghigh-integritycarbonmarkets.TenyearsaftertheadoptionoftheParisAgreementandfirmlyintheimplementationstage,thisreportprovidesaregionalstocktakeofrelevantframeworks,institutions,andinitiatives,identifieskeygaps,andhighlightsopportunitiesforregionalco-operationunderAZEC-DCM.

KeyFindings

•NationalGHGreportingisthestrongestareaofregionalconvergence.AllAZECpartnercountrieshaveestablishednationalGHGinventoryandtransparencyreportingsystemssupportingtheParisAgreementEnhancedTransparencyFramework.Severalhaveextendedthesesystemstofacility-levelreporting,verification,anddigitalinfrastructure.

•CorporateGHGreportingisdevelopingthroughvoluntaryandcompliancepathways.CompaniesincreasinglyuseinternationalframeworksincludingtheGHGProtocol,GRI,CDP,TCFD,ISSB,andSBTi,whilemandatoryreportingisexpandingthroughenvironmentalregulations,sectoralrequirements,andsecurities-marketdisclosureframeworks.Coverageandmaturity,however,varyconsiderably.

•Carbonpricingisdevelopingthroughdiversenationalmodels.AZECcountriesarepursuingemissionstradingsystems,carbontaxes,andbaseline-and-creditmechanismsasappropriate,reflectingdifferentnationalcircumstancesandpolicypriorities.ComplianceMRVsystemsaredevelopingalongsideoperationalandemergingcarbonpricinginstruments.

•Carboncreditingiswidespreadbutfollowsdifferentpathways.NearlyallAZECcountrieshaveestablishedalegalorregulatorybasisforcarboncrediting.Someoperatetheirowndomesticprogrammes,whileothersuseprimarilyinternationallyrecognisedstandards.TheJCMprovidesanadditionalgovernment-ledbilateralpathwayinlinewithArticle6.2oftheParisAgreement.

ix

PriorityGaps

Theassessmentfindsthatmanycountrieshaveestablishedlegalandinstitutionalfoundations,butimplementationanditspaceremainuneven.Threeareasrequireparticularattention:

1.Technicalinteroperability:DifferencesinGHGaccountingmethodologies,MRVsystems,registryarchitecture,dataformats,anddigitalinfrastructureconstraininformationexchangeandcross-bordertransactions.

2.Internationalcarbonmarketreadiness:AlthoughmanycountrieshaveestablishedArticle6institutionsorlegalframeworks,operationalprocessesforauthorisation,LettersofAuthorisation,correspondingadjustments,registryco-ordination,andinternationalreportingremainatdifferentstagesofdevelopment.

3.Professionalandmarketecosystemcapacity:CapacityneedsincreasinglyextendbeyondgovernmentandMRVexpertisetoprojectdevelopers,VVBs,methodologydevelopers,registryoperators,carbonfinancespecialists,exchanges,andcorporatesustainabilitypractitioners.Strategiccapacityforbilateralagreements,internationallytransferredmitigationoutcome(ITMO)pricing,benefitsharing,andco-ordinationbetweendomesticmarketsandArticle

6isalsoemergingasapriority.

RecommendationsforAZECCo-operation

Nationaldifferencesincarbonpricing,creditingapproaches,institutionalstructures,andregulatorysystemsarelikelytopersistandshouldbeaccommodatedratherthanharmonised.AZECco-operationshouldthereforefocusoncompatibility,implementationcapacity,andsharedregionalresources.

Technicalco-operationcoulddevelopcommonreferencesforGHGaccounting,digitalMRV,registryarchitecture,datastandards,andinteroperability,alongsideco-operationonVVBcompetency,accreditation,qualityassurance,andemerginginternationalstandards.

Policyandinstitutionalco-operationcouldprovidepracticalreferencematerialsthatcountriescanadapttonationalsystems,includingauthorisationprocedures,LettersofAuthorisation,bilateralimplementationarrangements,safeguards,andapproachesforco-ordinatingdomesticcarbonpricingwithArticle6.

Capacityandmarketdevelopmentco-operationshouldrespondtodifferentiatedneeds,combiningregionaltraining,practitionerexchanges,studyvisits,institutionaltwinning,communitiesofpractice,andtargetedtechnicaladvisorysupport.

x

ProposedActionsTowards2030

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asedontheassessment,AZEC-DCMcouldprioritisesevenpracticalregionalpublicoods:

1.Buildonexistingregionalinitiativesandtechnicalreferences,suchasthosedevelopedunderPaSTI,includingPaSTI-JAIF,tostrengthenGHGaccountingandcompliancecorporate/facility-levelreporting.

2.StrengthendigitalMRVandregistryinteroperabilitythroughcommondatastructures,metadata,reportingformats,andtechnicalguidance.

3.BuildregionalVVBcapacitythroughcompetencyandquality-assuranceframeworks,alignedwithrelevantinternationalstandards,includingISO/IEC17029,alongsidepeerlearningandstrengtheneduseofexistingmutualrecognitionarrangements,whereapplicable.

4.SupportArticle6implementationthroughpracticalguidanceonauthorisation,LettersofAuthorisation,correspondingadjustments,anddomestic–internationalmarketco-ordination.

5.Advancehigh-integritycarboncreditingthroughmethodologydevelopment,environmentalandsocialsafeguards,benefitsharing,andco-operationacrossdomesticandinternationalprogrammes.

6.EstablishregionalknowledgeandprofessionaldevelopmentmechanismscoveringGHGaccounting,disclosure,MRV,creditdevelopment,registries,carbonfinance,VVB,andArticle6oftheParisAgreement.

7.Improvepolicytransparencyandmarketinformationsharingamongstpartnercountrieswhileenhancingpublicaccessibilitythroughregularexchangeonregulatorydevelopments,implementationtimelines,projectpipelines,marketdemand,andinternationalrequirements.

Twd

heseactionswouldallowAZECtobuildonthesubstantialprogressalreadyachievedhileaddressingthepracticalbarriersthatincreasinglyconstraincarbonmarketevelopment.

Chapter1:Introduction

1.1.Background

TheAZECwasestablishedtosupportaclean,sustainable,just,affordable,andinclusivetransitiontowardscarbonneutralityandnet-zeroemissionsacrossAsia,particularlyits11partnercountries–Australia,BruneiDarussalam,Cambodia,Indonesia,Japan,LaoPDR,Malaysia,Philippines,Singapore,Thailand,andVietNam.

1

Guidedbytheprinciplesofaddressingclimatechange,promotingeconomicgrowth,andensuringenergysecuritysimultaneously,AZECprovidesaplatformforregionalco-operationonpracticalpathwaystowardsdecarbonisationwhilerecognisingthediversenationalcircumstancesofpartnercountries.

AcrossAZECpartnercountries,significantprogressisalreadybeingmadeindecarbonisationeffortsrelatedtocorporateGHGreporting,carbonpricinginstruments,carboncreditingmechanisms,Article6co-operationinlinewiththeParisAgreement–

Figure1.AZECmembercountries

Source:Authors.

includingtheJointCreditingMechanism(JCM)–andnationalcarbonregistrydevelopment.Atthesametime,countriesareadvancingtheseinitiativesatdifferentspeedsandthroughdifferentinstitutionalarrangements.Asaresult,importantdifferencesremain.Thisfragmentationmakesitdifficulttoassessregionalprogress,identifycommonchallenges,andexploreopportunitiesforco-operation.

AttheSecondAZECLeaders'MeetinginOctober2024,partnercountriesadoptedtheActionPlanfortheNextDecade,

2

whichlaunchedtheAZEC-DCMtofacilitatedialogueandco-operationamongstpartnercountriesoncarbonmarkets.TwopriorityareasidentifiedintheActionPlanfortheNextDecadeunderpintheAZEC-DCMworkstream:

(i)PriorityArea1-1–Enhancingthecompetitivenessofindustriesthroughthevisualisationofgreenhousegas(GHG)emissionsthroughoutsupplychains

1AsiaZeroEmissionCommunity(AZEC).2023.

AsiaZeroEmissionCommunityJointStatement.

2AsiaZeroEmissionCommunity(AZEC).2024.

ActionPlanfortheNextDecade.

1

2

(ii)PriorityArea1-6–Promotionofhigh-integritycarbonmarkets

Throughthesepriorityareas,theplatformseekstopromoteinformationsharingandcollaborationonsupply-chainGHGvisualisation,carbonpricing,carbonmarketdevelopment,Article6implementation,andrelatedinstitutionalarrangements.Tosupportthesediscussions,thereisaneedforaconsolidatedassessmentofrelevantinitiatives,frameworks,anddevelopmentsacrossAZECpartnercountries.

Inthiscontext,thisregionalstocktakereportaimstoprovideanevidence-basedoverviewofinitiativesrelatedtoGHGaccountingandhigh-integritycarbonmarkets.Thestudymapsrelevantglobal,regional,andnationalframeworks;assessescurrentdevelopmentsacrossAZECpartnercountries;identifiestechnical,institutional,andpolicygaps;andexploresopportunitiesforfutureco-operationundertheAZEC-DCMworkstream.

1.2.ObjectivesoftheStudy

ThisreportpresentsaregionalstocktakeinAZECpartnercountriesofinitiatives,frameworks,andsystemssupportingCorporateGHGAccounting&ReportingandEmissionsReductionInstrumentsandHigh-IntegrityCarbonMarketImplementation.ThesetworesearchareascorrespondtothetwofoundationalpriorityareasoftheAZEC-DCMinitiative.Theassessmentaimstoprovideaconsolidatedoverviewofexistingpolicies,institutionalarrangements,andimplementationmechanismsthatcontributetoemissionstransparencyandcarbonmarketdevelopmentwithintheregion.Thefindingspresentedinthisreportareprimarilybasedondeskresearchandthesystematicreviewofofficialpolicies,regulations,institutionaldocuments,andpubliclyavailableinformation.Thedetailedcountryanalysisisprovidedinaseparatereport.

1.3.ConceptualFramework

ThepriorityareasonwhichtheAZEC-DCMworkstreamisfoundedtackletwodistinctbutconnecteddomainsthatconstituteasegmentofabroaderdecarbonisationecosystem.

Thefirstpriorityarea–PriorityArea1-1–EnhancingthecompetitivenessofindustriesthroughthevisualisationofGHGemissionsthroughoutsupplychains–focusesonstrengtheningemissionstransparencythroughGHGmeasurement,reporting,anddisclosuresystemsacrosssupplychainsandeconomicsectors.SuchsystemscangivewaytocomplianceprogrammesthatfinanciallyincentivisecompaniestoreducetheirGHGemissionsorenhanceremovalsthroughcarbonpricinginstruments(CPIs).Theseincludecarbontaxesandcap-and-tradesystems.Insomecases,regulatedcompaniesareallowedtomeetcompliancebyoffsettingtheiremissionsthroughcarboncredits,thusgeneratingdemandforverifiedemissionreductionsfromcarbonmarkets.

Thesecondpriorityarea,PriorityArea1-6-Promotionofhigh-integritycarbonmarkets-exploresthepotentialforgeneratingthesupplyofcarboncredits.BesidesbeingusedasoffsetsbycompaniesregulatedunderaCPI,carboncreditsprovideopportunitiesforcountriestoreceiveinternationalfinanceformitigationactivities,thus

3

furtheringdomesticdecarbonisationefforts.Thisrequiresfunctionaldomesticand/orinternationalregistries,interoperableregistrysystems,robustmonitoring,reportingandverification(MRV)arrangements,mutualrecognitionofcarbonstandards,andapipelineofhigh-qualitymitigationactivities.Inaddition,countriesmayneedtostrengtheninstitutionalandtechnicalcapacitiestoparticipateininternationalcarbonmarketmechanisms,includingarrangementstoensuretransparency,preventdoublecounting,andfacilitatethetransferofmitigationoutcomesconsistentwithevolvinginternationalframeworksundertheParisAgreement.Sucheffortscansupportparticipationinco-operativeapproaches,includingtheJCM,whilehelpingtoattractclimatefinance,facilitatetechnologydeployment,andenhancethecontributionofmitigationactivitiestonationalclimateobjectives.

InternationalinitiativessuchastheIntegrityCouncilfortheVoluntaryCarbonMarket(ICVCM)anditsCoreCarbonPrinciples(CCPs),togetherwiththeVoluntaryCarbonMarketsIntegrityInitiative(VCMI)ClaimsCode,areincreasinglyshapingexpectationsforenvironmentalintegrityandthecredibleuseofcarboncreditsinvoluntaryandcompliancemarkets.

Figure2

belowillustratestheecosystemformedbytheintersectionofthesetwopriorityareas.

Figure2.Relationshipbetweenthetwopriorityareas

Source:Authors.

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1.4.AnalyticalFramework

Tooperationalisetheconceptualframework,thestudytranslatesthetwointerconnectedAZEC-DCMpriorityareasintotwocomplementaryresearchareasthatcollectivelyassesstheinstitutional,regulatory,andtechnicalfoundationsofemissionstransparencyandhigh-integritycarbonmarketsacrossAZECpartnercountries.Eachresearchareaisfurtherdividedintoanalyticalsub-themesthatrepresentthekeycomponentsoftheintegrateddecarbonisationecosystemillustratedin

Figure2.

Together,thesesub-themesprovideastructuredbasisforcomparingnationalinitiatives,identifyingimplementationprogress,andassessingregionalreadinessforfutureco-operation.

1.4.1.ResearchArea1.CorporateGHGAccounting&Reportinga