History & Timeline of Carbon Market

1997 2003 2005 2007

Kyoto Protocol Launch of Gold Launch of the EU Emissions Launch of American
The Kyoto Protocol, an extension of the UNFCCC, Standard (GS) Trading System (EU ETS) Carbon Registry(ACR)
introduced the concept of emissions trading. It The European Union implemented the EU and Verified Carbon
created legally binding emission reduction targets ETS, the world's first major cap-and-trade
Standard (VCS)
for developed countries (Annex I) and allowed for system. It covers various industrial sectors,
emissions trading between them. This marked the and emissions allowances can be traded
birth of the modern carbon market. among participating entities.

2015 2012 2008

Paris Agreement Kyoto Protocol's First Clean Development Mechanism (CDM)
Commitment Period Ends and Joint Implementation (JI)
The Paris Agreement, under the UNFCCC, was
The first commitment period of the Under the Kyoto Protocol, the CDM and JI mechanisms
adopted, aiming to limit global warming to well
Kyoto Protocol concluded, and were established. CDM allowed industrialized countries to
below 2 degrees Celsius. It did not create a
discussions on a successor invest in emission reduction projects in developing
global carbon market but encouraged countries
agreement began. nations and earn credits. JI enabled countries with
to implement their own carbon pricing
emission reduction targets to invest in projects in other
mechanisms.
Annex I countries.

2020 2021 2022 2023

Carbon Offsetting and
Reduction Scheme for
International Aviation
(CORSIA)
was launched
2023
COP26 in Glasgow, UK COP27 in Sharm El COP28 in Dubai, UAE
Sheikh, Egypt
At the 26th UN Climate Change Conference of the COP 28 is expected to lead to
Parties (COP26) in 2021, a significant milestone Progress was made on reporting
numerous discussions on the
templates, infrastructure design,
was achieved regarding Article 6. COP26 resulted topic of carbon markets which
and Article 6 review process
in a deal that provided a framework for reporting will be discussed from 30
and accounting for "internationally transferred guidelines. Advancements in
November to 12 December 2023.
mitigation outcomes" (ITMOs) under Article 6.2. An operational provisions of the
initial ruleset for the new Article 6.4 crediting Article 6.4 mechanism.
mechanism was also established.
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