CEM India - Abstract

Abstract Information :

The 1992 Earth Summit in Rio identified three natural processes at high risk: desertification, biodiversity loss and climate change, majorly because of release of greenhouse gasses, as a result of human activities such as transportation, farming, and construction. In the subsequent decades, various steps have been taken in addressing and eradicating each of these environmental impacts. In 2015, global leaders around the world agreed for the first time to work together to combat climate change, and to limit the rise of global temperature within 1.5-2°C compared to the pre-industrial era in this century which is famously known as the Paris Climate Accord. Carbon offset credit or simply offset credit, is a strategy developed to incentivize the conservation efforts. This also allows emitters to change their existing practices in a phased manner. Carbon Markets were established to trade these offset credits as commodities. But presently the carbon market faces several challenges such as double counting of carbon credits, green washing and addressing carbon rights. Scaling of carbon markets requires a multitude of improvements across data, analytics and tools, as well as market-wide governance and regulations. In this paper, we put forward the current state of the carbon market from a global, national and regional perspective. We identify the obstacles it encounters, & finally, we present our novel technology that combines Earth Observation data with In-situ data that allows users to monitor and analyze changes over time and have a holistic perspective. Further, the solution brings transparency to various stakeholders and helps them make data-informed decisions. To make a sustainable climate action, every stakeholder needs to take a holistic approach to achieve our global target of limiting temperature rise to 1.5°C. This paper also highlights how these technologies can help to achieve the Sustainable Development Goals set by the UN.