Meeting the Paris Agreement’s ambitious goal – to hold “the increase in the global average temperature to well below 2 °C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 °C above pre-industrial level” – will necessitate dramatic reductions in total emissions of greenhouse gases.

Market-based approaches that follow well-established “rules of the road” for emissions accounting and transparency have a powerful role to play in helping countries to meet their near-term commitments as efficiently as possible, and in encouraging and even accelerating the broad and ambitious long-term climate action that the Paris Agreement demands.

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