APAC’s share of global issuance has fallen from half in 2021 to about 30% in 2025, and its share of retirements from 42% to 33%. Outside APAC, both grew over the same period. Offtake deals are the exception: APAC accounted for a fifth of global offtake volume in 2025 and over a third so far in 2026.

APAC companies overtook Europe as the largest source of new buyers in 2025, making up about a third of the total, up from a fifth in 2020. New European buyers have fallen by almost half since their 2021 peak. Meanwhile, 954 new APAC buyers have already entered the market this year, close to 2025’s 1,056.

Papua New Guinea, Cambodia and Jordan hold 81% of the 38.7M ITMOs APAC countries could supply in 2030 under NDC 2.0. Supply on Singapore’s eligible lists is even more concentrated. Mongolian grassland projects make up almost 70% of the 27.2M credits APAC projects could supply from 2021–2030 vintages, with Philippine REDD+ a distant second.

Indonesia issued 10.9M credits in Q3 2026 after reopening international trading under Presidential Regulation 110/2025, almost all from a single project, Katingan. Buyers haven’t followed. Retirements of Indonesian credits have fallen from 5M in Q1 2025 to under 1M a quarter in 2026.

CORSIA-aligned credits make up 28% of APAC issuance so far in 2026, up from 11% in 2025. At 17.8M credits, that is already more than all of last year’s 14.3M. On the demand side, Singapore Airlines and Japan Airlines account for 84% of the just over 1M credits APAC airlines cancelled in CORSIA’s first phase.