Well-designed carbon markets can significantly finance climate action in developing countries, but critical bottlenecks hinder their growth. The report evaluates these challenges and proposes recommendations to enhance market integrity and effectiveness.
(Generated with the help of GPT-4)
| Quick Facts | |
|---|---|
| Report location: | source |
| Language: | English |
| Publication date: | September 9, 2024 |
| Publisher: | World Bank Group |
| Authors: | Alejandra Mazariegos, Alex Procton, Anton Root, Aurora Maria Sarah Silitonga, Basak Odemis, Cameron Prell, Chandra Shekhar Sinha, Charlotte Barber, David Hynes, Flavia Rosembuj, Gemma Torras Vives, Guy Turner, Hania Dawood, Jamie Lambert, Jelena Peshkatari, Joe Pryor, Juana Hernandez, Klas Wetterberg, Klaus Oppermann, Kyoo-won Oh, Lisa Finneran, Maria Benzoni, Peter Fegelman, Pierre Guigon, Sandhya Srinivasan, Seoyi Kim, Shreya Rangarajan, Tolulope Abisola Olusina, Vidushi Jayathilak, Harikumar Gadde |
| Geographic focus: | Global |
The research method involved a comprehensive analysis of the current state of carbon markets, including data collection from various stakeholders, evaluation of market trends, and assessment of policy frameworks across different jurisdictions. The report also included insights from external contributors and reviewers to ensure a well-rounded perspective on the challenges and opportunities within carbon markets.
(Generated with the help of GPT-4)
The 2024 report on the State and Trends of International Carbon Markets highlights the essential role of carbon markets in financing climate action, particularly in developing countries. It identifies several critical bottlenecks that impede market growth, including slow progress in establishing environmental integrity, fragmented market infrastructure, and unclear legal frameworks. The report emphasizes the need for coordinated efforts to enhance trust and transparency in carbon markets, particularly in light of the upcoming COP29 negotiations. It discusses the importance of developing robust policy frameworks for Article 6 carbon markets and improving international coordination for capacity building. The report also stresses the need for clarity regarding the legal nature of carbon credits to boost market confidence. Additionally, it highlights the emergence of innovative products to mitigate risks associated with carbon market transactions. The findings underscore the urgency of addressing these challenges to unlock the full potential of carbon markets in mobilizing climate finance and achieving global climate goals.
(Generated with the help of GPT-4)