The Carbon markets and their effects on climate justice

The carbon markets are the most popular climate policy for reducing greenhouse gas emissions. They are the profit-based markets which prioritize cost-efficiency rather than climate justice, and environmental additionality. As an intra-system solution, the carbon markets present all the problems and contradictions of the neoliberal environmental policies. This thesis questions the effects of the carbon markets on climate justice. It argues that the carbon markets have been deepening and increasing climate injustice due to their profit-based neoliberal features. Subsequently, the unequal representation on the international and local climate politics, commodified characteristic of carbon and offsetting mechanisms contribute to increase climate injustice. To analyze and clarify those effects on the carbon markets, this thesis discusses three cases: California Cap and Trade Program, the impacts of the CDM projects in China, and REDD+ projects. Those three cases are the examples of the most applied three mechanisms: Emission Trading System, Clean Development Mechanism, and Voluntary Carbon Mechanism. Those three cases indicate how and why the carbon markets deepen and increase climate injustice. The thesis explores the limitations and problems of market-driven environmental policies.