COP 25 and a future for an international carbon market
Under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), most countries are treaty-bound to avoid “dangerous climate change”. Countries who signed and ratified the 2015 Paris Accord then had to produce nationally defined contributions (NDCs) to meet the decarbonisation targets. As the twenty-fifth annual UN Conference of the Parties (COP) begins in Madrid, …