The Evolution of Global Warming
Greenhouse gases (GHG) traps heat in the atmosphere which leads to global warming. Human activities are responsible for almost all of the increase in GHG levels over the past 150 years. The UN's IPCC (1988) and the Paris Agreement (2015) aim to limit warming to below 2°C, ideally 1.5°C. This requires significant changes in the energy, industrial and agricultural sectors as well as global collaboration to ensure a sustainable future.
Carbon Emissions Today: A Growing Challenge
Total carbon emissions hit a record high of 41.6 GtCO2 in 2024 where the Asia-Pacific region account for over 50% of it. It is also the first year where global average temperature exceeded 1.5°C above the pre-industrial levels. These contributes to the frequency and intensity of extreme weathers events, highlighting the urgency for global action.
Future of Global Carbon Market: Phasing out CDM
The Clean Development Mechanism (CDM) is slowly bring phased out due to it being ineffective in reducing overall emissions . Its successor, the Sustainable Development Mechanism (SDM) adds a more significant goal of delivering an overall reduction in global emission by ensuring additionality & conservative baseline of the projects.