Climate Summit: Carbon trade market at the forefront of COP28

Presidents and officials meet in Dubai during the COP28 Climate Summit to discuss the most prominent files on climate change and a sustainable future.

In order to promote sustainability, countries must reduce carbon emissions. Among the files to be discussed are the rules for the carbon trade market.

The carbon trade market is one of the files the conference will address, as the carbon trade market allows companies to buy and sell credits for the quantities of emissions or other greenhouse gases produced by the company in order to combat global warming.

Envoys representing more than 190 countries are scheduled to discuss at the Climate Summit the criteria for credits that allow holders to compensate for their contaminated uses.

The carbon emissions trade has been widely criticized over the past years for the way it deals with environmentally polluting companies. Despite these criticisms, carbon trade remains a key concept in many proposals aimed at reducing climate change and global warming.

Carbon trading markets are regionally concentrated in the sense that there is no single global market for carbon trade, making the European Union’s emissions trading system the world’s largest carbon trading market, and the European Union trade market remains the benchmark for carbon trade.