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What are Carbon Credits and How do they Work?

  • Manyata Rai
  • August 6, 2024
  • 10 min read

The top priority is to lower greenhouse gas (GHG) emissions, when it comes to combating climate change. Naturally, decarbonizing economies is a time-consuming transformative process. A short-term solution to this could be Carbon Credits, providing a direct path for companies to offset their emissions while they implement longer-term sustainability strategies.

However, they should not be seen as a direct alternative, it is just a complementary measure that supports the conventional need for systematic changes. But, what are carbon credits and how do they work? 

What are Carbon Credits? 

Carbon Credits are permits or certificates that can be traded, and they allow the holder to emit one metric ton of carbon dioxide (CO2) or an equivalent amount of any other greenhouse gas. These credits are seen as economic incentives for companies to reduce emissions, providing a market-based approach to cut down emissions.

Carbon credits serve as a mechanism to limit and minimize GHG emissions by attaching a monetary value to the carbon output of an organization. Entities that emit fewer emissions than allotted can sell the excess credits to those entities exceeding their allotted emissions. This way, a balance is maintained in the industry by adding a financial motive behind reducing emissions and promoting better practices. 

The concept of carbon credits came across in the 1990s, with substantial progress going on within the Kyoto Protocol, an international treaty adopted in 1997. The Kyoto Protocol set up mandatory emission reduction targets for industrialized nations and came up with methods like Emissions Trading, the Clean Development Mechanism (CDM), and Joint Implementation (JI). Under these, countries and companies could earn carbon credits with projects that reduce emissions in developing countries. 

With the establishment of the European Union Emission Trading System (EU ETS) in 2005, the carbon credit market was improved and became one of the biggest and most advanced carbon trading systems in the world.  

Purpose of Carbon Credits  

The main purpose of Carbon Credits is to act as a financial motive for reducing greenhouse gas (GHG) emissions. It motivates individuals and companies to minimize their carbon footprints, invest in sustainable technologies, and adopt sustainable practices. 

It serves as a market-driven approach to environmental protection by attaching a cost to carbon emissions.  Emission allowances, representing one metric ton of CO₂ or equivalent, are distributed to companies. 

The market-based approach encourages cost-effective emission reductions by allowing companies to trade credits and explore the most competent ways to cap their carbon output, achieving overall emission reduction targets in a flexible and economically competent manner.  

Benefits of using Carbon Credits  

Carbon Credits play a pivotal role in environmental sustainability by assigning a monetary value for reducing greenhouse gas (GHG) emissions. They connect the space between immediate emission reduction needs and longer-term sustainability goals. By promoting investment in cleaner technologies, carbon credits support the transition to a low-carbon economy. 

Carbon credits help reduce GHG emissions through a cap-and-trade system where emission limits are set, and credits are traded. This system ensures that emissions are in check, promoting economic reductions and fostering an efficient allocation of resources. 

Carbon offset projects like reforestation, afforestation, and wetland restoration help protect and improve habitats. These projects seize CO2 and support the recovery of natural ecosystems and biodiversity. Carbon credits invest in initiatives that protect and restore natural habitats, and mitigate the adverse effects of climate change on wildlife and plant species, promoting overall ecological health and resilience. 

How do Carbon Credits Work? 

Process of Acquiring Carbon Credits

Project Design and Approval

Project developers design initiatives that meet the requirements set by carbon credit standards, such as the Clean Development Mechanism (CDM) or Verified Carbon Standard (VCS). A certifying body reviews and approves the project, ensuring real and additional emission reductions. 

Implementation and Monitoring 

After approval, the project is implemented through activities like planting trees, installing renewable energy systems or improving energy efficiency. Monitoring is conducted to track its performance and verify that it is achieving the promised emission reductions. 

Verification and Certification 

An independent third-party verifier assesses the project’s performance, ensuring that the project’s emissions reductions are real, measurable, and additional. Upon successful verification, the project is certified, and carbon credits are issued. 

Issuance and Registration 

Certified carbon credits are issued and registered in a carbon credit registry, which ensures transparency and prevents double-counting. Each credit represents a verified reduction or removal of one metric ton of CO₂ or an equivalent amount of other GHGs.  

Purchase and Trade 

These credits are then purchased and traded by companies or individuals offsetting their own emissions or meet regulatory requirements, helping to fund further emissions’ reduction projects. 

Carbon Offset Projects 

Amazon Reforestation Project 

The Amazon Reforestation Project aims to reforest approximately 20,000 hectares of deforested land in the Amazon rainforest. It is estimated that this project can seizer around 1 million metric tons of CO₂ over 20 years. Additionally, the project enhances biodiversity by restoring habitats for wildlife and supports local indigenous communities through sustainable employment opportunities. 

Wind Power Project in India 

Located in states like Tamil Nadu and Gujarat, the project involves the installation of wind turbines with a total capacity of 300 MW. It is estimated to reduce approximately 600,000 metric tons of CO₂ annually by displacing fossil fuel-based electricity. The project contributes to energy security and reduces local air pollution by providing clean energy. 

Landfill Gas Capture Project in the United States 

Landfills in California capture methane that would otherwise be emitted into the atmosphere. The captured methane is used to generate electricity, producing around 50 MW of power. The project eradicates approximately 1.2 million metric tons of CO₂ emissions annually. It also reduces odors and groundwater contamination in the landfills.  

Efficient Cookstove Project in Kenya 

In Kenya, over 100,000 enhanced cookstoves have been distributed, estimated to reduce around 300,000 metric tons of CO₂ annually by improving fuel efficiency and reducing deforestation for firewood. They also improve air quality and prevent risks related to smoke produced. 

Coastal Wetland Restoration Project in Louisiana 

This project aims to restore 8,000 hectares of coastal wetlands. Restored wetlands are estimated to seize about 500,000 metric tons of CO₂ annually. The project helps protect coastal communities from storm surges and provides critical habitat for fish and bird species. 

Introduction of Cap-and-Trade Systems

Through a cap-and-trade system, a limit is set on the total amount of greenhouse gases that can be emitted by companies or countries. This limit represents the maximum emissions allowed over a specific period. Emission allowances are given to the participants, allocated based on historical emissions, auctioned, or given for free, based on the system’s design.

Entities that reduce their emissions below their allocated cap can sell their surplus allowances (carbon credits) to those who exceed their limits. This creates a financial incentive for reducing emissions and provides a market for trading credits. 

At the end of each compliance period, participants must surrender enough allowances to cover their actual emissions. Those who cannot meet their requirements face penalties, ensuring that the cap is enforced. 

The trading of allowances creates a carbon market where the price of carbon credits fluctuates based on supply and demand. 

Types of Carbon Credits  

Certified Emission Reductions (CERs) 

Certified Emission Reductions (CERs) are carbon credits issued under the Clean Development Mechanism (CDM) of the Kyoto Protocol. They are governed by the CDM, which was established under the Kyoto Protocol to help developed countries meet their emission reduction targets by funding projects in developing countries. The CDM provides a standardized process for issuing CERs, involving project validation, monitoring, and verification by accredited entities. 

Typical Projects Qualifying for CERs include: 

  • Renewable Energy Projects 
  • Energy Efficiency Projects
  • Methane Capture Projects
  • Reforestation and Afforestation Projects 

Verified Emission Reductions (VERs) 

Verified Emission Reductions (VERs) are carbon credits issued through voluntary carbon markets. VERs are generated from projects that meet specific standards and methodologies but are not necessarily linked to regulatory frameworks like the CDM. 

Examples of VER Projects include: 

  • Community-Based Renewable Energy
  • Waste-to-Energy Projects
  • Conservation and Biodiversity Projects

Key Differences Between Certified Emission Reductions & Verified Emission Reductions 

Unlike CERs, VERs are not issued under a formal regulatory framework such as the Kyoto Protocol. Instead, they are verified by independent third parties and adhere to standards set by voluntary carbon market organizations, such as the Verified Carbon Standard (VCS) or the Gold Standard. 

CERs are primarily used in compliance markets, where companies or countries need to meet legally binding emission reduction targets. VERs, on the other hand, are traded in voluntary markets where organizations or individuals choose to offset their emissions beyond regulatory requirements.

While CERs are often linked to large-scale, industrial projects, VERs include a wide range of projects such as small-scale renewable energy initiatives, community-based projects, and innovative technologies. 

Carbon Credit Market Size (2020-2030)

Key Verification Bodies

Verification bodies are independent third-party organizations responsible for assessing and certifying carbon offset projects to ensure they meet established standards and criteria. They play a crucial role in maintaining the credibility of carbon credits. They review and validate project proposals to ensure they meet specific standards and methodologies before implementation. 

They oversee the continuous monitoring of the project’s performance and conduct audits and site visits to verify the actual emission reductions achieved by the project. 

Some of the verification bodies include: 

Terrapass 

Terrapass is a company that provides carbon offset solutions through various projects aimed at reducing greenhouse gas emissions. Many fashion brands partner with Terrapass to offset their carbon footprint. Their reforestation projects sequester thousands of metric tons of CO₂ annually, while their renewable energy projects contribute to cleaner energy production. 

Atmosfair

Atmosfair is a non-profit organization focused on offsetting carbon emissions through various projects, providing customized certificates for contributions. Fashion companies use Atmosfair’s carbon offset programs to neutralize emissions from their operations, especially emissions related to transportation. Their wind farm projects in India contribute to avoiding over 200,000 metric tons of CO₂ emissions annually. 

Gold Standard 

The Gold Standard is a certification body that ensures the quality of carbon offset projects. Fashion brands seeking high-quality offsets may choose projects certified by the Gold Standard. This certification ensures that the projects reduce emissions and provide additional social and environmental benefits. Solar energy initiatives in East Africa and cookstove programs in Latin America, are Gold Standard-certified projects.  

ClimatePartner 

ClimatePartner offers carbon offset solutions through projects that reduce emissions globally,  providing a transparent and verified approach to carbon neutrality. ClimatePartner’s projects, such as reforestation in Madagascar and renewable energy in Vietnam, deliver significant emissions reductions and contribute to global sustainability efforts. 

Carbon Footprint Ltd. 

Carbon Footprint Ltd. provides carbon offset services through projects such as renewable energy, reforestation, and waste management. Their projects, like solar power installations in India and reforestation in South America, collectively offset tens of thousands of metric tons of CO₂ annually, contributing to a more sustainable fashion industry.  

When Companies Should Use Carbon Credits 

Circumstances 

Regulatory Compliance

Companies in regions with cap-and-trade systems or carbon tax regulations may need to purchase carbon credits to comply with mandatory emission reduction, like the European Union must adhere to the EU Emissions Trading System (ETS). 

Voluntary Offsetting

Companies seeking to showcase environmental leadership and corporate responsibility often voluntarily offset their emissions. 

Carbon Neutrality Goals 

Organizations striving to achieve carbon neutrality or net-zero emissions can use carbon credits to balance out unavoidable emissions, reaching their targets faster. 

Enhancing Brand Reputation

Conscious consumers prefer environmentally conscious brands. Offsetting emissions can enhance a company’s reputation and attract eco-conscious customers. Additionally, suppliers would also want to offset emissions as a part of their larger sustainability practices. 

Benefits

Environmental Impact  

Offsetting helps reduce global greenhouse gas emissions, contributing to climate change mitigation.

Economic Efficiency 

Purchasing carbon credits can be a more cost-effective solution for companies trying to reduce carbon emissions internally. 

Innovation and Investment

Revenue from carbon credits supports innovative projects and technologies that reduce or remove emissions..

Integration of Carbon Credits into Corporate Sustainability Strategies

Baseline Emission Assessment 

Companies need to conduct a comprehensive carbon footprint analysis using tools like the Greenhouse Gas Protocol to measure their overall carbon emissions. 

Set Reduction Targets

It is also crucial to establish clear, science-based emission reduction targets aligned with international standards, such as the Paris Agreement.

Implement Reduction Measures

Organizations should prioritize emission reduction measures within operations, such as energy efficiency improvements, renewable energy adoption, and waste reduction.

Offset Remaining Emissions

Companies can purchase high-quality carbon credits from verified projects, for emissions that cannot be reduced. 

Continuous Monitoring and Reporting

Companies should also regularly monitor emission reductions and offset purchases to ensure targets are being met. Sustainability reports and disclosures to stakeholders should also be focused on to report progress transparently. 

Stakeholder Engagement

Engaging with stakeholders, including employees, customers, investors, and communities, is important to showcase commitment to sustainability. 

Adapt and Innovate 

In an ever-evolving environment, companies must evaluate and improve sustainability strategies to incorporate new technologies, regulatory changes, and stakeholder expectations.

Conclusion 

Carbon credits have paved the way for widespread use in both compliance and voluntary markets. By integrating carbon credits into their sustainability strategies, organizations can effectively manage their carbon footprints, support global climate goals, and showcase their commitment to environmental leadership. 

Before evaluating carbon credits, you need solutions like Carbon Trail to measure and understand exact emissions that you need to reduce or offset to become net-zero. Verified by an independent third party, Carbon Trail’s methodology and software provide reliable and transparent data on corporate and product impact accounting. This enables brands or retailers to make informed choices about their overall emissions, prioritize carbon reduction initiatives, and engage in carbon-offsetting efforts wherever reduction is not possible. 

Embracing the principles of carbon offsetting and integrating them into net-zero strategies can accelerate the transition to a low-carbon economy. This way, companies can contribute towards creating a greener, healthier planet for future generations.

Picture of Manyata Rai

Manyata Rai

Picture this: armed with a notepad and a pen (or perhaps a laptop because we're in the 21st century), I devour books, binge-watch movies, and rock out to music—all while writing about everything under the sun. Pursuing journalism and mass comm, with more caffeine and Kishore Kumar to keep me up.

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Social Cost of Carbon: What Is It, and How to Calculate It?

What is the Social Cost of Carbon? 

The Social Cost of Carbon (SCC) refers to the cost applied to every additional ton of Carbon Dioxide (CO2) released into the atmosphere. This way, companies can estimate the impact of the rise in CO2 emissions. It is crucial to do so as CO2 majorly affects agriculture, human health, and the environment.

Role of SCC in Climate Economics and Policy 

The SCC helps in shaping climate economics and policy. This is done by offering a stable way to showcase the importance of reducing greenhouse gas emissions. Governments and organizations usually benefit from using this metric. They can support their decisions on environmental regulation and climate action with the help of SCC. 

The U.S. Environmental Protection Agency (EPA) makes use of SCC calculations to figure out how effective emission reduction policies are, in terms of cost. The EPA also uses it to work on regulations that aim to cut down emissions. Policymakers can understand the economic impact of CO2 emissions with the help of SCC. This way, they can also make informed decisions to combat climate change. 

Historical Background and Development 

The Social Cost of Carbon has grown tremendously since its beginning. Earlier, Researchers made use of SCC to estimate the potential impacts of CO₂ emissions. Over time, we have seen SCC becoming important in policymaking. Today, it is a crucial way to assess the economic impact of emission reduction plans. 

Some of the key milestones involve the setting up of the Interagency Working Group (IWG) on the Social Cost of Carbon in the United States in 2009. This group came up with the first detailed estimates of SCC. Since then, it has been updated and revised. The 2010 report by IWG offered a baseline to measure SCC. This has been used in various regulatory and policy setups. 

Why is the Social Cost of Carbon Important?

Impact on Environmental Regulations and Carbon Pricing 

The Social Cost of Carbon (SCC) develops environmental regulations and carbon pricing plans. It is a standard for carbon pricing by attaching a value to the damage caused by the release of each ton of carbon dioxide (CO2). This helps ensure that the emissions cost shows the real environmental impact. It motivates companies to reduce their carbon emissions. 

Carbon taxes and cap-and-trade systems often make use of SCC to decide the cost per ton of CO₂. A higher SCC means a higher carbon price, and this gets the company to invest in cleaner technologies for a stronger incentive. Carbon emissions must be accurately priced to incentivize the shift to a low-carbon economy.

Influence on Public Policy and Economic Decisions 

The SCC also has a huge impact on public policy and economic decisions. This is because governments make use of SCC to evaluate the economic feasibility of emission reduction regulations and policies. When policymakers assess an environmental regulation, they utilize SCC to compare the benefits and costs of that regulation. It is to be noted that if its benefits are more than the impending costs, the regulation can be implemented. 

This is how the U.S. Environmental Protection Agency (EPA) makes use of SCC to support emission limits on power plants and vehicles. These regulations help combat climate change by minimizing carbon emissions and leading to eventual environmental and economic stability. 

The Social Cost of Carbon in Climate Change Mitigation

Assessing the Long-Term Benefits of Reducing Emissions 

The SCC is a crucial tool to evaluate the long-term benefits of reducing emissions. They help governments and businesses measure the eventual harm that can be avoided by reducing emissions. This can help them make better decisions as to where to invest when it comes to climate change solutions. This may include investing in renewable energy projects, boosting energy efficiency, and supporting reforestation efforts.

Integration with Global Efforts to Combat Climate Change 

The SCC has been merged into global initiatives directed at mitigating climate change. It aligns with international climate agreements like the Paris Agreement. This is because SCC helps countries set targets to reduce emissions by offering a clear and compatible way to measure the impact of these emissions. It also helps in building global carbon markets. These global markets allow for the exchange of carbon credits to achieve emission reduction goals more effectively. 

For an in-depth understanding of carbon credits, explore our blog on What are Carbon Credits and how do they work? 

The Social Cost of Carbon (SCC) is vital for global climate policy because it shows the cost of inaction versus better climate action. 

How is the Social Cost of Carbon Calculated?

Overview of Methodologies

The Social Cost of Carbon (SCC) is measured by gauging the damage caused by the release of an additional ton of CO2 into the atmosphere. These calculations are done through complex models that merge climate science, economics, and policy analysis. A common approach here is the use of Integrated Assessment Models (IAMs). These models combine data on CO₂ emissions, climate change impacts, and economic costs to measure the SCC.

Integrated Assessment Models (IAMs)

IAMs are advanced tools that help businesses understand how carbon emissions affect global temperature and the economy. These models consider different factors like greenhouse gas levels, the impact of these gases on temperature, and how they affect economic welfare and human well-being. 

IAMs typically start with a baseline scenario of future CO₂ emissions. They evaluate how these emissions could affect global temperatures, GDP, and consumption. The SCC is measured by figuring out the present value of expected economic damages from adding one more ton of CO2. This is done using a selected discount rate.  

Source - RFF 

Key Factors in Calculating the Social Cost of Carbon

Discount Rates, Climate Sensitivity, and Damage Functions

  • Discount Rates: The discount rate is an important factor, as it determines how future damages are measured in today’s terms. A lower discount rate determines a higher value for future damages. This further results in higher SCC. On the contrary, a higher discount rate reduces the SCC. The selection of a discount rate usually sparks a debate about ethical views on future generations’ worth. 

The Interagency Working Group (IWG) in the U.S. generally uses a discount rate of 3%. However, there’s a lot of back-and-forth on this issue. The discount rates can go from as low as 1% to as high as 7%. 

SCC Estimates in the year 2020; Source - RFF

  • Climate Sensitivity: This means the maximum level of rise in global temperatures due to increased CO2 levels. If the climate sensitivity is high, it means a temperature increase for a set level of emissions. This also leads to higher SCC estimates. Variations in climate sensitivity are one of the prime reasons behind fluctuations in SCC estimates.  
  • Damage Functions: These functions measure the dynamic relationship between temperature changes and their effect on the economy. They express the physical effects of climate change on economic values. It is challenging to predict the long-term economic effects of climate change. Hence, these functions are usually uncertain.  

Consideration of Different Socioeconomic Scenarios 

SSC calculations also consider various socioeconomic scenarios. These include assumptions about future population growth, economic development, and technological advancements. These scenarios allow companies to take a glance at the possible outcomes. It shows everything from low to high emission paths. This way, policymakers can understand how SCC could change based on different future conditions. 

Challenges in Calculating the Social Cost of Carbon

Uncertainties in Predicting Future Climate Impacts

One of the most challenging parts of calculating the SCC remains the uncertainty revolving around future climate impacts. Businesses cannot pretend how climate change will affect economies and ecosystems eventually. Moreover, factors like technological advancements, policy changes, and unexpected climate events make it more complex. 

Hence, SCC estimates can be very different depending on the models and assumptions used. 

Ethical Considerations in Determining Discount Rates 

The selection of discount rates includes ethical considerations beyond any technicalities. A lower discount rate showcases that future generations should be measured equally with the present. This also results in a higher SCC. Similarly, a low discount rate means that we should prioritize our present over the future. It also reflects a lower SCC. 

The ethical aspect really matters because it impacts how we balance climate action today along with the health of future generations. 

Applications and Implications of the Social Cost of Carbon

Use in Policy-Making and Regulation

How Governments and Organizations Use the Social Cost of Carbon in Decision-Making

The Social Cost of Carbon (SCC) is a crucial tool in building up environmental policies and regulations. Governments make use of SCC calculations to assess the economic impact of carbon emissions. It is also used to support decisions on setting carbon prices, implementing taxes, and regulating emissions. SCC helps policymakers decide whether the costs behind emission reduction initiatives are worth it. They do this by measuring the economic harm related to each ton of CO₂ released. 

The U.S. government makes use of SCC to evaluate the benefits of regulations for limiting emissions. This way, the government can weigh the eventual benefits of reducing emissions against the urgent costs of implementing such regulations.

Examples of Policies Influenced by Social Cost of Carbon Estimates 

  • Clean Power Plan (USA): SCC makes it easier to emphasize on financial advantages of reducing CO2 emissions from power plants. This results in the enforcement of stringent emission rules. 
  • Fuel Efficiency Standards (USA): The SCC helped understand the eventual advantages of boosting vehicle fuel efficiency. This resulted in the adoption of stricter fuel economy standards.
  • Carbon Pricing Initiatives (Global): Countries like Canada and the UK have made use of SCC calculations to set carbon prices. It is done by making sure that carbon prices are a mirror of the actual cost of emissions to society. 

The Social Cost of Carbon in Corporate Strategy

Incorporation into Corporate Sustainability and ESG Practices 

Companies have rapidly started merging SCC into their sustainability plans and Environmental, Social, and Governance (ESG) practices. Companies can easily evaluate the economic risks and opportunities concerning their carbon footprint with the use of SCC. 

This way, companies can make informed choices regarding emissions reduction. It can also help businesses invest in renewable energy, and boost energy efficiency.

Case Studies of Companies Using the Social Cost of Carbon for Strategic Planning

  • Microsoft: Microsoft is making use of an internal carbon pricing strategy based on the SCC to minimize its emissions and work towards carbon neutrality. This internal price on carbon fosters investment in energy efficiency, renewable energy, and carbon offset projects. This helps in ensuring that the company’s operations are in line with their sustainability goals. 
  • Unilever: The company makes use of SCC to evaluate the economic effect of carbon emissions across its supply chain. This way, Unilever focuses on its emission reduction plans and modifies its business strategy to align with global climate goals. 
  • Shell: Shell has utilized SCC to make informed investment decisions. They were especially focused on evaluating the long-term potential of fossil fuel projects and shifting to renewable energy. 

Future Directions and Controversies

Debates Surrounding the Social Cost of Carbon

Criticisms and Alternative Approaches to Calculating the Social Cost of Carbon

Naturally, SCC has sparked a debate as to how it makes use of complex models and uncertain data. This further results in varying calculations. Different models have different assumptions for climate sensitivity, economic growth, and damage functions, which results in a broad range of SCC estimates. 

For this, Researchers are pushing the idea of using localized data and discount rates to boost the accuracy of SCC estimates. Additionally, it’s important to constantly refine the models by updating economic projections. It also involves the integration of the latest scientific data on climate change impacts. 

The Role of SCC in Global Climate Goals 

Policymakers can utilize SCC to evaluate the costs and other implications of climate goals by assigning a monetary value to carbon emissions. This will help set up relevant carbon pricing mechanisms and emission reduction plans. Governments and businesses are encouraged to reduce emissions by showing them the cost of inaction. 

Global standards and agreements also play a huge part in the creation of standardized SCC estimates. Their collaborative efforts can shape countries to set and achieve their climate targets. This can be facilitated by the integration of the SCC into international climate frameworks. 

Conclusion

The SCC is turning into an essential resource to understand and work on the environmental impact of carbon emissions. It provides a clear economic gauge of the damage from CO2. This leads to the setting up of efficient climate policies and sustainability targets. As the significance of reducing emissions keeps on growing stronger, SCC will always stay relevant in driving decision-making and policy development. 

Companies must begin incorporating SCC into their operations to get a clear picture of their economic implications. Tools like Carbon Trail’s scenario modeling and decarbonization tool enable businesses to define an internal carbon price, set emission reduction targets, and simulate the impact of carbon-cutting initiatives. This helps them identify the most effective pathways to achieve net-zero goals, leading to more informed and efficient climate actions.

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