Carbon Credit Trading Scheme: The First Step

1. Introduction

A 62 feet long climate clock in New York's Union Square showcases the milestone that the world is trying to avoid. As time runs out on the climate clock, the world is left with only 5 years to take action and limit climate change to 1.5 degrees of warming. International agreements such as the Kyoto Protocol in 1997, and the Paris Agreement in 2015 have highlighted the need to reduce greenhouse gas emissions and the need for countries to take climate action. In March 2024, it was reported that the global average concentration of carbon dioxide was 4.7 parts per million higher than in March 2023. This is the highest increase in carbon dioxide levels in one year.¹