A think tank has warned that to meet global climate targets, removing carbon dioxide from the air will now be essential. As per the energy transitions commission, there is a need to tidy up carbon offset markets. This will form a critical route to limiting global heating to 1.5C in line with scientific warnings.
Lord Adair Turner, the energy transitions commission in a report by The Guardian said, “We would encourage the tidying up of what has been an area with loose standards and loose claims.”
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“It would be very unfortunate to take the past problems of the carbon markets and use that to say we should not use them at all. This is potentially a very large flow of money. So we should try to make sure that financial flow, which is valuable, is provided.”
He further said that the carbon markets were viewed with suspicion because of being subjected to mismanagement and abuse.
The report further found out that more than $200 billion in a year of funding is required to remove enough carbon to stay within 1.5C.
Over the next three decades, this would amount to about 0.25 per cent of the global GDP.
(With inputs from agencies)
