Asia makes up over half of global emissions but less than a third are covered by carbon markets: studyChina operates the world’s largest carbon market while Southeast Asia has nascent systems. Interconnectivity among its diverse markets would be crucial in achieving global net-zero goals, finds a report by the World Economic Forum. A Chinese oil and gas facility at sea. When China's voluntary carbon market was relaunched in 2024, the first transaction was made by China National Offshore Oil Corporation (CNOOC), which acquired 250,000 tonnes of credits to offset some of its emissions. Image: CNOOC