The polycentric approach to the climate action in the Asia Pacific region: the role of carbon markets

The Paris Agreement has been widely criticised for the existing measures of each country being not sufficient to meet the agreed global targets. There is an urgent need for emphasizing, not only the greenhouse gas reduction activities at the global and national levels, but also at the regional level. Many Asian countries have heavily relied on fossil fuel-based electricity supplies, which will need drastic regional reforms if society is to transform towards a zero/low carbon society in order to achieve the Paris targets. This paper introduces the importance of a polycentric approach to regional climate action through carbon market connectivity in the Asia Pacific region. It reviews the role of carbon markets, the potential of a carbon market in the region, and the current barriers to it.