We are living in a key moment in human history. The recently published special report by the Intergovernmental Panel on Climate Change has amply cautioned on the consequences of 1.5ºC of global warming. Countries in Asia and the Pacific are already experiencing the impacts of climate change. There is an urgent need for the global community to act now and significantly enhance their mitigation ambitions in the spirit of the 2015 Paris Agreement on climate change. Fortunately, there is growing momentum for using market-based approaches to meet climate targets, as countries proceed with plans for implementation of their nationally determined contributions (NDCs) under the Paris Agreement.
While there is a growing trend for establishing domestic emissions trading systems worldwide, the post-2020 global carbon markets under the realm of Article 6 of the Paris Agreement are yet to evolve and provide clear signals. — blog.adb.org/blogs
A version of this article appears in print on November 26, 2018 of The Himalayan Times.