How did Southeast Asia move forward on climate goals in 2024?

The Ngao River, a Mekong tributary, burst its banks flooding more than 2,000 Rai of pomelo orchards in late Aug-mid-Sept, photographed on Sept 20, 2024. Image courtesy of Rak Chiang Khong Conservation Group / International Rivers.

2024 was a year marked by a COP climate summit so dismal that many governments and analysts questioned whether the annual meetings are even worth holding. While world leaders failed to secure meaningful action, extreme weather events battered Southeast Asia, underscoring the deadly consequences of inaction on climate change and the urgent need for inclusive solutions.

An early summer heat wave that climate scientists said would have been “impossible” without the climate crisis saw temperatures soar across the region. Amid the deadly and unprecedented temperatures, farmers faced water shortages and ruined fruit and rice harvests. The onset of the wet season brought no respite, with intensified typhoons and flash floods taking a devastating toll on northern Vietnam, the Philippines and parts of Thailand. The storms left urban centers and farmland in tatters, displacing people, devastating crops and triggering deadly landslides.

Carbon market calamities

One mechanism aimed at countering global emissions to reduce to the likelihood and severity of these climatic tumults is the carbon market. However, the sale of carbon credits to offset fossil fuel emissions and reduce deforestation has come under increased scrutiny in Southeast Asia. The region is home to a significant portion of the world’s tropical forests, and carbon industry players reported that REDD+ projects here could generate up to $27.7 billion by 2050, with Southeast Asia’s broader carbon market touted as being capable of reaching nearly $3 trillion in the coming 25 years — provided the right policies are in place.

But with such vast sums of money at stake, questions are now being asked about the efficacy of REDD+ projects as scandals have emerged, alleging gross human rights abuses among some of Southeast Asia’s largest carbon-offsetting projects.