• ASEAN has set an ambitious direction with ASEAN’s strategy for carbon neutrality, in which eight main strategies are outlined aimed at accelerating ASEAN’s transition to a low-carbon economy.
• 8 ASEAN Strategies for Carbon Neutrality projected to be implemented by ASEAN members until 2050: Accelerate green value chain integration, Regional circular economy supplay chains, Connect green infrastructure and market, Interoperable carbon market, Credible and common standards, Attracting and developing green capital, Green talent development and mobility, Green best practice sharing.
• 4 key outcomes for ASEAN member states and ensuring ASEAN’s competitiveness on the global stage and readiness for the transition: Developed green industries, Interoperability within ASEAN, Globally credible standards, Green capabilities.

ASEAN’s Commitment to Carbon Neutrality

ASEAN (Association of Southeast Asian Nations) is a multilateral cooperation between countries in the Asian region, ASEAN cooperation includes economic, cultural, social, political, and security. In the face of the threat of climate change caused by carbon emissions, it will affect the direction of the economy of the world without exception Southeast Asian countries in the future. In the ASEAN region, Member States have implemented the Paris Agreement by setting specific national carbon reduction targets in NDC (Nationally Determined Contribution).

ASEAN Energy Outlook also discussed efforts by establishing a carbon neutrality scenario aimed at driving ASEAN’s path towards carbon neutrality through a collaborative framework. At the regional level, ASEAN has set an ambitious direction with ASEAN’s strategy for carbon neutrality, in which eight main strategies are explained aimed at accelerating ASEAN’s transition to a low-carbon economy.

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8 ASEAN Strategy for Carbon Neutrality

 8 ASEAN Strategies for Carbon Neutrality projected to be implemented by ASEAN members until 2050:

1. Accelerate green value chain integration, establish coorporation frameworks and remove barriers to bring green products to market faster.
2. Regional circular economy supply chains, incorporate defenition and facility trade deals to support circular economy via regional trade.
3. Connect green infrastructure and market, build interconnectivity for green technologies and decarbonization solutions for underpin regional deployment.
4. Interoperable carbon market, develop credible carbon markets that are interoperable with each other and global markets.
5. Credible and common standards, develop taxonomies and definition on GHG reporting, carbon credits and energy efficiency that align with requirements of key markets.
6. Attracting and developing green capital, build effective pathways to attract necessary capital to region and between member states.
7. Green talent development and mobility, classify and ensure regional access to skills need for carbon neutrality journey.
8. Green best practice sharing, by sharing the best practices in Research and Development, technology and green transition from within ASEAN and borrowing from the best of the world

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4 Key Outcomes of the Carbon Neutrality Strategy

Based on the statement of the coordinating minister for economic affairs of the Republic of Indonesia, climate change is expected to reduce 4-18% of global GDP by 2050, while in ASEAN it is expected to lose 4-37% of its GDP. Therefore, the ASEAN secretary general projects a low carbon scenario that has the potential to provide economic benefits of 12.5 trillion USD, an average GDP growth of 3.5% per year for the next 50 years and create 30 million jobs across ASEAN in 2030. The implementation of ASEAN’s 8 strategies for carbon neutrality will result in 4 outcomes for ASEAN member states and ensuring ASEAN’s competitiveness on the global stage and readiness for the transition:

1. Developed green industries, by capturing the full value of regional green value chains to unlock ASEAN manufacturing and export potential.
2. Interoperability within ASEAN, by enabling exchange of green electricity, products, and feedstocks to accelerate roll out of green technologies.
3. Globally credible standards, through ensuring ASEAN remains a top destination for international capital to increase liquidity in regional markets.
4. Green capabilities, by developing the necessary green talent and expertise within ASEAN to drive the climate transition.

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Editor: Tri Indah Lestari

References

1. Menuju Masa Depan Netral Karbon ASEAN: Bagaimana Pasar Karbon yang Interoperabel Akan Membuat Perbedaan
2. ASEAN Sepakat Kerja Sama Netralitas Karbon dan Agenda Ekonomi Berkelanjutan
3. ASEAN Climate Forum Dorong Pencapaian Emisi Net Zero Carbon