More than a hundred countries collectively accounting for 83% of global emissions have already committed to reaching net zero emissions by mid-century. Carbon offsetting is a key tool to support industries and companies around the world striving to reduce their net carbon footprint. An effective carbon market can provide flexibility in the transition to a carbon-neutral economy by creating financial incentives to reduce greenhouse gas (GHG) emissions and increase negative emissions. Carbon markets are already operating at the national or subnational level in a number of countries, including the European Union, China, and United States of America, among others. Eurasia hosts a large number of prospective buyers and sellers of both the emission allowances and carbon offsets. A carbon market engaging as many Eurasian countries as possible would therefore have the potential to make an important contribution to global decarbonization efforts.
A significant carbon offsetting potential lies in the adoption of carbon farming. Compared with conventional farming methods, carbon farming holds promise to generate lower GHG emissions and promote larger carbon sequestration by biomass and soil. Smart carbon farming may also deliver other benefits including biodiversity conservation, reduced soil erosion, improved water holding capacity of soils, among others.
The conference will focus on the rationale of and potential avenues for setting up a carbon market involving various Eurasian states; on the possibility to establish a carbon exchange to support this market in Kazakhstan; and on the integration of the Eurasian carbon market with other, national and international, carbon markets. Challenges and opportunities of deploying a carbon farming industry in Eurasia will also be discussed. The conference proceedings will draw on the international knowledge and experience in the relevant fields. The event will feature three plenary sessions:
Challenges and opportunities of climate action: Perspectives of Eurasian states
Towards a carbon market in Eurasia
Advancing carbon farming in Eurasia.