HomeCarbon NewsThe Global Carbon Market – The Way Countries Should Trade

The Global Carbon Market – The Way Countries Should Trade

Countries are trading carbon through domestic means rather than going through a global market, as most goods do.

This provides each country with unique strategies when dealing with emissions. However, there isn’t a global unified solution on how to achieve carbon neutrality with domestic markets.

China recently launched its own carbon market. China’s plan covers 10,000 companies in most industrial sectors. The EU has also recently launched carbon pricing methods as well earlier this year.

This is fantastic news as tackling the Paris agreement’s goal of 1.5 degrees Celsius above normal temperatures by 2050 will take a global effort. China previous carbon plans increased the number of emissions covered by carbon pricing by 6%.

Both carbon unions have tremendous potential as the carbon ramp up continues. Currently, the EU aims to be carbon neutral by 2050. China wishes to do the same by 2060.

Unfortunately, many carbon markets remained unpriced and unregulated. The US has yet to release their plans regarding carbon pricing.

According to the World Bank, only 45 countries in the world have carbon pricing initiatives. To make a dent in climate change, that number will need to increase heavily.

After holes in the ozone layer appeared in the 1970s and 1980s, countries acted and banned Hydrofluorocarbons (HFCs), which depleted ozone. Now, the ozone layer is replenished and the ozone crisis is solved. If the world takes similar action regarding greenhouse gases and price carbon emissions through a global carbon market, we may see climate change being stopped in its tracks.

Most Popular
LATEST CARBON NEWS

From Wild Seaweed to High-Value Products and Carbon Credits

A wave of seaweed is covering the Caribbean coasts, killing wildlife while harming humans and tourism, but an innovative company is turning it into...

Ammonia: Carbon-Free Fuel for the Shipping Industry

Converting ammonia into hydrogen is an emission-free fuel to help decarbonize the heavy-duty and shipping transportation industry. The transportation industry is the biggest polluter in...

How The First Carbon Negative Nation of Bhutan Did It

As the world’s richest and largest emitting countries are struggling to reduce emissions, Bhutan became the first carbon negative nation. Fog-enshrouded temples nestled in mountainous...

Google’s Eco-Friendly Routing Comes to Europe

Google expanded its eco-friendly routing on its Google Maps to 40 countries across Europe. With Google Map’s eco-friendly routing, drivers can choose a route that’s...
CARBON INVESTOR EDUCATION

The 5 Top Carbon Offset Project Developers

Are you looking to directly reduce your carbon footprint or support projects that cut emissions elsewhere? Then carbon credits allow you to do either...

The Top 3 Private Carbon Companies to Watch Right Now

Right now, the carbon space is heating up. Dozens of companies are jumping into what’s fast becoming one of the hottest spaces to invest...

Carbon Insetting: The Target of Scope 3 Carbon Offset Accounting

Carbon offsets are a well-known sustainability concept so you most likely have heard of them. But there’s a relatively new sustainable supply chain term...

Tonne Year Accounting for Temporary Carbon Storage

You most likely know the climate benefits of storing carbon and removing gigatons of it from the atmosphere to limit climate change. But we also...