23% global GHG emissions under carbon pricing: CMI Report
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23% of global greenhouse gas emissions are now under carbon pricing and generated US$100 billion in 2022 alone, noted a new report from the Carbon Market Institute (CMI). The International Carbon Market Update highlights global carbon pricing and policy trends.
In a release, Janet Hallows, the Director of Climate Programs & Nature-based Solutions at CMI, said that expanding a high-integrity global market will be important, considering the financial resources directed towards these solutions.
“The new report shows that carbon markets are already driving large amounts of finance to decarbonisation efforts that would otherwise be underfunded, with strong demand for credits resulting in record retirements since Q4 2023.”
“With countries due to submit their upgraded targets next year, there is significant potential for carbon markets to bridge the sizeable gap in emissions reduction efforts required to get close to a 1.5-degree trajectory. However, there is still work to be done to sure-up integrity measures and speed up international cooperation,” she said.
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