OPINION | ACADEMIA- Closing the loophole in ASEAN’s climate commitment

Piled high: A worker operates a backhoe to load coal from a barge onto a truck for distribution at the Karya Citra Nusantara port in North Jakarta on Jan. 13, 2022. Indonesia launched the first phase of a mandatory carbon trading program for coal power plants last month. (Reuters/Willy Kurniawan)

Ayu Pratiwi Muyasyaroh (
The Jakarta Post) PREMIUM

ASEAN is on the verge of having to deal with a climate crisis unprecedented in history, according a 2017 study by the Asian Development Bank (ADB).

The signs are clear. Intense weather events and their adverse effects on the region’s livelihoods should serve as a wake-up call for ASEAN to increase its climate commitments.

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The Nationally Determined Contributions (NDCs) are indeed transformative action. However, there have been many studies and reports stating that NDCs are not sufficient to ensure countries are on track to meet the 2 degree Celsius, or preferably 1.5 degree Celsius, target.

This is where carbon pricing becomes an essential tool. Carbon pricing is an effort to correct market failures in not fully reflecting the negative externalities embedded in a product or service. Putting a price tag on carbon helps internalize such “costs” to be absorbed in market…

to Read Full Story-. Click to read: https://www.thejakartapost.com/opinion/2023/11/17/closing-the-loophole-in-aseans-climate-commitment.html.

Jakarta
●   Fri, November 17, 2023

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