Climate change has created a rapidly growing global market for a digital eco-commodity called carbon credits. Current estimates value these carbon markets at over $100 billion annually. A carbon credit represents one metric ton of CO2 and is connected to efforts to reduce carbon emissions that cause climate change.
Carbon markets are one of the best tools that companies and policy-makers have for reducing carbon emissions, putting a value on a ton of CO2 so that markets can get to work creating price signals for reducing emissions. Various initiatives over the years have created a global patchwork of carbon markets that are now looking to interconnect as part of the UN Paris Agreement.
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