Navigating the complexities of carbon markets policy in ASEAN: challenges and opportunities

This paper aims to comprehensively analyze the challenges and opportunities of navigating the complexities of carbon markets in the ASEAN region, primarily to identify the legal policy frameworks in the ASEAN region that affect the development and implementation of carbon markets. This paper uses a simplified PRISMA method using selected literature and legal materials, mainly existing policy frameworks in the ASEAN territory. This paper indicates that the ASEAN region’s policy frameworks are complex and diverse, posing significant challenges to development and implementation. These challenges include differing economic development and institutional capacity levels, limited access to data and information, and the lack of a standardized approach to carbon accounting and verification. This paper suggests that ASEAN countries should prioritize collaboration and capacity-building efforts to enhance the development and implementation of carbon markets to boost local and regional growth. These efforts may include the sharing of best practices and the establishment of regional platforms for information exchange, as well as the development of standardized carbon accounting and verification systems. This paper encourages the idea that the successful development and implementation of carbon markets in the ASEAN region requires a multi-stakeholder approach considering legal policy, economic, and social factors.