Short answers, pulled from the story.
The UN Framework Convention on Climate Change was agreed upon by 160 countries in Rio de Janeiro during 1992. This agreement laid the groundwork for future carbon markets while leaving specific details for later conferences.
The global carbon market reached a record value of 881 billion euros in 2023 representing a 2% increase from the previous year. Approximately 12.5 billion metric tons of carbon dioxide were traded globally in 2022 with Europe accounting for roughly 74% of this trading volume.
China launched its national carbon trading scheme by 2021 marking a significant expansion of global coverage. South Korea launched its mandatory system on the 1st of January 2015 encompassing 525 entities across 23 sectors.
The EU Carbon Border Adjustment Mechanism will take effect for six sectors starting in 2026. This mechanism aims to counteract carbon leakage where emissions shift from regulated regions to areas with weaker controls.
Projections suggest the market could reach 2.68 trillion dollars by 2028 and 22 trillion by 2050. These figures reflect growing international interest in pricing carbon emissions through cap-and-trade systems.