This paper details the history of ‘hot air’ in international carbon markets under the UNFCCC. By looking at its evolution over time, the paper considers the role of ‘hot air’ in the collapse of international carbon markets and makes recommendations on how to ensure that ‘hot air’ will not undermine the goal of the Paris Agreement to limit the global temperature increase to 1.5°C.
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Empty targets? How to avoid trading of hot air under the Paris Agreement
