An international carbon market could reduce the cost of delivering the emissions reductions pledged by countries under the Paris Agreement by 32% by 2030, according to the World Bank.
The cost of the emissions cuts set out in countries’ ‘intended nationally determined contributions’ (INDCs) could be reduced further by more than 50% by mid-century, a modelling exercise undertaken by the World Bank in cooperation with consultancies Ecofys and Vivid Economics showed on Tuesday.
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