Abstract

This chapter examines emissions trading schemes (ETSs) in China, South Korea, and Japan, as a type of policy diffusion. These countries have implemented ETSs compatible with their own goals, interests, and circumstances through learning from other jurisdictions and self-learning. The possibility of linking the ETSs and establishing a common carbon market between these countries in the future has been widely discussed and promoted in recent years; however, there are considerable challenges involved because of the differences in emissions reduction targets as well as in the scope, nature, and coverage of the schemes. This chapter analyzes the rhetoric of policymakers and the development of ETSs in the region and argues that political factors, such as the maintenance of a common platform and in the interest of common goals could overcome domestic obstacles and encourage countries to continue to learn, while prioritizing stability and improvement of each respective trading system.