The following is an excerpt from an op-ed from CNA portal. You can read the full article here.
Climate change is one of the defining issues of our time.
Almost every activity – from travel to farming – leads to the emission of carbon dioxide (CO₂), which contributes to the greenhouse effect.
This makes the planet warmer and results in climate change.
World leaders created the first international carbon market with the United Nations’ 1997 Kyoto Protocol on Climate Change.
In 2015’s UN-led climate talks, nations worldwide backed a legally-binding treaty known as the Paris Agreement to keep global warming capped at 1.5 degrees Celsius above pre-industrial levels.
At last year’s UN Climate Change Conference, commonly referred to as COP27, nearly 200 countries agreed for the first time to set up a new fund to compensate poorer nations for loss and damage from extreme weather.
Nations have committed to reducing greenhouse gases by 45 per cent by 2030, towards an eventual goal of net zero by 2050.
Reducing greenhouse gases is instrumental in fighting climate change, and one way to do that is by carbon trading.But how does carbon trading work, and at which part of the race to reduce carbon footprint does it fit in?
Read the rest of the article here.
