Carbon emissions are the primary cause of accelerated climate change, which has led to more frequent extreme weather events and other natural disasters.
South Africa ambitiously increased its targets in the latest NDC submitted to the United Nations Framework Convention on Climate Change at the UN climate talks in Scotland last year.
This means, for example, that power utility Eskom can finance a reforestation project away from its operations and gain a carbon offset credit that it can count towards its emission reduction responsibility.
“Introducing an ICPF could make a significant contribution to tackling global warming by accelerating emissions reductions.