Carbon Markets: To tackle South Asian Climate Crises.

Carbon Markets: To tackle South Asian Climate Crises. To understand the changing nature of climate and rising average global temperature.

To understand the changing nature of climate and rising average global temperature. We need to look at the factors which have contributed to aggravating the atmosphere of planet earth. The rising magnitude of CO2 (Carbon Dioxide) has been detected as a primary supplement for the growing ferocious nature of global weather. Fast pace industrial development all across the globe has multiplied carbon emissions.

Its long burgeoning approach is the prime cause of pollution and contamination of clean air. In a similar vein, the Lancet commission on pollution and health explains the relativity of air pollution and climate change. It says that ultrafine particulates, short-lived climate pollutants, and long-lived greenhouse gases contribute to global warming.

While methane gas has direct impacts on ozone layers. It is supposed to be the most hazardous gas with fatal implications for human health. Reportedly a major cause of premature deaths.   In like manner, South Asian nations particularly Pakistan are facing horrific consequences. Either it is urbanized Lahore or densely populated Karachi. In both cities, air quality has been reported below the risk level.

For millions of dwellers, breathing means inhaling toxic pollutants inside their lungs.  In this regard, a report was promulgated by the World Bank. It calls out that Pakistan is one of the most urbanized countries in South Asia. Rapid development and increased energy consumption have degraded air quality in urban dwellings and impacting upon the health of the population.

The report suggests immediate preventive measures. During the past 20 years in Karachi, which is one of the most densely populated urban cities of Pakistan. The number of vehicles on road streets has approximately grown to 10.6 million and the number of motorcycles has jumped to 650%. Earlier the ratio was 450%. This is a phenomenal increase. Moreover, in Pakistan, 54,000 tons of solid waste is accumulated on daily bases. That is either dumped or burned. Similarly, large-scale industries of steel, fertilizers, cement and other facilities burn tons of fossil oil.

Such rampant emission is a major cause of air quality degradation. Therefore, the ratio of particle pollution in Pakistan’s urban cities is much higher than other neighboring countries like Bhutan, India, Sri Lanka and Bangladesh.  To avoid optimum damage caused by toxic carbon emission, a trading system of carbon market was introduced. There are two types of carbon market. Compliance market and volunteer market.  In this system carbon credit is being sold and purchased.

This system not only provides space to the countries for lower carbon transition but this is a cost effective method to mobilize resources. This is actually a sophisticated state of art infrastructure, a digital method to keep track of authentic values and statistics of controlled carbon reduction. In this regard block chain technology can be utilized to connect national and international digital domains for reporting, monitoring and authentication of reduced greenhouse gases emission.

Voluntary Cambodia is leading on carbon markets while Ghana is already recognized as a pioneer volunteer carbon market. Verily it is time for the global world in general and South Asian developing countries like Bhutan, India, Pakistan to adopt a Joran like sustainable development paradigm. That is embarked upon a long term low-emission strategy through sustainable development and expecting a major reduction in carbon emission of 10% by 2030.

In this ongoing situation of climate crises, the significance of carbon markets is paramount. As World Bank Senior Energy Specialist Monali Ranade says “The pace of decarburization and adaptation needs to be accelerated and carbon markets provide an option to offset the costs of moving away from fossil fuels and towards a green economic transition”.