Carbon Emission Trading And Its Successful Solutions Amid The Political Dilemma

With the anticipated 1.5 degrees Celsius global temperature rise in the upcoming two decades,there is a desperate need for prompt,extensive and wide-scale action to decrease greenhouse emissions.Therefore,a carbon emission trading mechanism has to be sought for a better result orientation as far as carbon emission curbing is concerned.As per World Bank’s yearly report,there are 64 of such instruments and mechanisms across the globe,covering 21%of total greenhouse gasses released.And with its USD35 billion income,it confirms how this market-based solution can be used to effectively tackle the global environmental crisis.The As per a survey of UNFCC,US greenhouse gas emissions are expected to grow in 2030 from target values due to its withdrawal from Paris Climate Agreement in 2018.The Climate Action Tracker forecasted emissions of leading world powers such as USA to be 2%lower than what were anticipated before arrival of new administration,or 13%lower than 2005 levels.Therefore,it can be articulated that there are lacunas in the carbon emission trading schemes.The main purpose of the intended research is to find out the effect of political conflicts and dilemmas on carbon emission trading as well as find a way out in order to solve the problem of political interference on carbon emissions trading or at least lesson its effects.Surely,there have been pledged and ratified a many protocols,conventions and mechanism currently in developed countries and the developing world is following the suit.However,carbon traders face an obstacle in this process.Consequently,a pragmatic and professional solution is required to tackle climate change and disprove the idea that carbon emission trading is only beneficial for those with wealth.There is required a mechanism that may help foster smooth trade in terms of carbon emissions to meet pledges of UNFCC and Paris Agreement 2015.As per watchdog on climate change at UNFCC,Global fossil C02 emissions fell 5.3%in 2020 compared to 2019,primarily as a result of the COVID-19 epidemic.The world’s CO2 emissions returned to their pre-pandemic levels in 2021,with the total amount of emissions rising to 37.9 Gt,or 0.36%less than in 2019.Hence,it is evident that political conflicts as well as instable efforts affect the carbon emissions level in atmosphere.This kind of geopolitical pressure caused unprecedented momentum across the public and private sectors in the race to net-zero carbon-emissions by the middle of the century,in addition to the frequency and severity of extreme weather and extreme heat events around the world that increased awareness of the risk of climate change.Had there been a political consensus,carbon emission curbing pledges may have promising results.Therefore,the political conflicts and intended decisions not only affect the Green House gas emissions,but also their trading.The study examines and analyses the different techniques used for carbon emission trading,their use in future.Further,this study intends to find out lacunas in carbon emission trading due to political conflicts.Moreover,it will analyze the effect of conflicts and political dilemmas on carbon emission trading volume as well as emissions volume.The aim of the study and research is to find a solution to develop a system that can address the difficulties associated with unsuccessful carbon emission trading amid the political dilemma.However,it seems far away from reality as without political consensus,least can be anticipated on ground progress.Therefore,it is required that a system of carbon emission trading be developed that may underscore the political aspect in context liaison among countries with varying polities and political values.In this study,it is found that carbon emission trading mechanism,besides other factors,is influenced by political conundrum and role of leading first world countries in geopolitical context and international political economy.For this purpose,a quantitative analysis and research approach is used.Data has been approached and evaluated from official website of UN,World Bank and other official websites of institutions involved in carbon emission trading.Therefore,it has been contemplated in this study to provide a roadmap to include political aspect of the subject matter.Hence,owing to the dire need of a business mechanism and solution to cope with issue of political interference with carbon emission trading,a business model has been devised to avert or lessen the effects of political conflicts on carbon emission trading.A model in form of flow diagram has been proposed in this regard in order to have a gist of the idea to make current carbon emission trading mechanism more productive and immune to shocks of abrupt political disagreements.Despite its limitations,the study provides a valuable inside picture and input for carbon emission trading and political dilemma.