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Climate change has become a looming threat to humanity. One of the significant contributors to climate change is the current carbon emissions model across the globe. As the global policy shifts address the growing threat of climate change, the analysis of existing carbon markets, carbon footprints and carbon ecosystem models becomes a requisite. Various domestic and global models of low-carbon ecosystems have been developed in the last few years. However, the increasing carbon emissions and resulting global warming is a desperate call to relook at the editing mechanisms, to invest in research and development that assist in the evolution of improvised models and implementation of low-carbon strategies.
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The carbon market is a trading system in which carbon credits are sold and bought. The UNDP defines that both companies and individuals ‘can use carbon markets to compensate for their greenhouse gas emissions by purchasing carbon credits from entities that remove or reduce greenhouse gas emissions.’
To keep a check on the carbon footprints of individuals, companies, and nations; compliance-based carbon markets are a necessity. The recent COP28, which was held in the United Arab Emirates, saw leaders advocating for necessary action to revive the global trade in voluntary carbon credits. Carbon credits are highly efficient in reducing emissions and ensuring circulation of profits to the benefit of companies investing in climate mitigation.
The allegations of lack of credibility stand even today. However, an integrated compliance model directly implemented through policy intervention from the state will provide increased reliability and integrity to the system.
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For all official and academic purposes, use the following as a citation, which follows the Chicago Manual Style.
Jnanita Asapu, Devasya Mitra, and Nidhi Soni. “Carbon Markets and Low Carbon Ecosystems.” THE GEOSTRATA, January 9, 2023.
BY JNANITA ASAPU, DEVASYA MITRA AND NIDHI SONI
CENTRE FOR ENVIRONMENT AND CLIMATE ACTION, TEAM GEOSTRATA
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