How Emissions Trading at Paris Climate Talks Has Set Us Up For Failure

Steffen Böhm, The Bullet, 16/12/15

The Paris Agreement has mostly been greeted with enthusiasm, though it contains at least one obvious flaw. Few seem to have noticed that the main tool mooted for keeping us within the 2C global warming target is a massive expansion of carbon trading, including offsetting, which allows the market exchange of credits between companies and nations to achieve an overall emissions reduction. That's despite plenty of evidence that markets haven't worked well enough, or quickly enough, to actually keep the planet safe.

The debate over whether to include carbon markets in the final agreement came right to the wire. Some left-leaning Latin American countries such as Venezuela and Bolivia vehemently opposed any mention, while the EU, Brazil, and New Zealand, among other countries, pushed hard for their inclusion – with support from the World Bank, the IMF and many business groups.