· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Time or enjoy below:
🗞️ Driving the news: Nations in the Global South face a dilemma: they must grow their economies without increasing pollution, despite the climate crisis causing severe damage
• Carbon markets are seen as crucial for financing climate solutions by allowing companies to buy carbon credits, funding clean energy and forest conservation projects
🔭 The context: Carbon markets, while debated, offer a means for emerging economies to grow sustainably
• Examples from Guyana and Ghana show how funds from carbon credits benefit local communities by supporting education, aiding disabled members, and creating jobs through ecotourism
🌍 Why it matters for the planet: Carbon markets can help fill the significant funding gap for climate action, accelerating emission reductions and supporting vulnerable communities
• Properly designed markets ensure benefits for Indigenous peoples and local communities
⏭️ What's next: To realize the potential of carbon markets, more public and private funding mechanisms are needed, along with corporate commitment to reducing emissions and purchasing high-quality credits
• Environmental groups should support these efforts to encourage broader participation
💬 One quote: "Carbon markets can provide billions of dollars towards climate solutions and support equitable and just economic development, and now is the time to act," said Fred Krupp, President of the Environmental Defense Fund
📈 One stat: International carbon trading could achieve about 40% more emissions reductions compared to nations acting without global cooperation
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