Climate justice advocates at the UN climate summit this week are focusing their frustration over global climate inaction into one highly technical debate: What role should carbon markets play in meeting the promise of the Paris climate accord?
Carbon markets started as a way to offer polluters more flexibility as they try to meet their countries’ emissions reduction targets and, in theory, lower the cost. But past international emissions trading systems have failed to reduce emissions significantly, and representatives of vulnerable and indigenous groups argue that their communities end up bearing the brunt of pollution under such systems, as industries seek to make emissions reductions where it is easiest and cheapest.
Writing the rules for future carbon market mechanisms to fulfill the Paris commitments is at the top of the agenda for the delegates of nearly 200 nations gathered in Spain through Dec. 13 at the 25th Conference of the Parties (COP25). But the task has proven so difficult that it remains the last unresolved portion of the Paris treaty rulebook.