On 26-27 December 2011, IGES co-organised the "Korea-Japan Policy Dialogue on the Carbon Market" with the Korea Environment Corporation, held in Seoul, Republic of Korea.

Experts and policymakers from Japan and the Republic of Korea reported on the current status of climate change policies in their respective countries. There were also presentations on the latest trends regarding domestic emission trading schemes and off-set schemes in both countries. Participants then held a candid discussion, giving their views on the way forward on effective institutional design. IGES gave a report on Japan Verified Emission Reduction (J-VER) scheme, giving details of the institutional design and operation of this Japanese scheme, which is currently implemented as an offsetting credit scheme to certify emissions reductions or removals, and issue credit.

Looking at building up a future carbon market in the Asian region, IGES will continue to promote information-sharing among experts and policymakers in Japan and the Republic of Korea on institutional design for carbon markets.