Saloni Shah

The economic sector plays a significant role in achieving the ambitious target set by the Paris Agreement of limiting the increase in the global average temperature to well below 2°C above pre-industrial levels. Policies are being discussed and implemented nationally as well as internationally to achieve this target through mitigation, adaptation, and environmental integrity. “Carbon Market” mechanisms are one of the major sets of policies aiming to lower greenhouse gas emissions. Hence Carbon Trading and Offsetting Schemes such as REDD+, EU Emissions Trading System, and California Cap and Trade were proposed and implemented. However, most of these policies failed to mitigate; instead, they contributed to increasing the emissions, human rights violations, and environmental justice violations. My project aims to bridge the gap between knowing about carbon markets and systematically understanding the carbon markets and their implications. It visually depicts case studies to aid in understanding policy inclusion, loopholes, and implications. The project concludes with climate mitigation proposals suggested by expert organizations, indigenous people, and NGOs. Ultimately, it aims to convey the grave consequences of these policies on the most vulnerable populations and discourages similar incentives based on payment for ecosystem services such as The Blue Carbon Initiative.