Carbon markets can mobilize significant private sector climate finance and raise ambition by lowering climate change mitigation costs. If designed and implemented in a way that ensures high integrity, carbon markets are expected to play an important role on the achievement of the global temperature goals of the Paris Agreement to the United Nations Framework Convention on Climate Change (UNFCCC).
Under the landmark 2015 Paris Agreement, 197 countries committed to avoiding the catastrophic impacts of climate change by limiting global warming to well below 2 ̊C, preferably to 1.5 ̊C, compared to pre-industrial levels. However, we are currently on track for more than 2.5 ̊C of warming above pre- industrial levels this century – far above the “safe upper limit” of 1.5 ̊C warming defined by the United Nations Intergovernmental Panel on Climate Change (IPCC).
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