Climate change has been posing a deathly threat to our existence for quite some time now. Organizations ranging from charities, to companies, to governments are all talking about climate change. Nations are fathoming that the damages caused by climate change is just the beginning and that there is so much that will be lost. As per an article by iword, "climate change could cause approximately 250,000 additional deaths per year worldwide" 1 - which makes climate change a paramount concern. One of the best ways to reverse climate change is to achieve carbon neutrality.

Carbon neutrality, put simply, means having net-zero carbon dioxide emissions by balancing carbon emissions with carbon removal. That is, for every amount of carbon a company or country produces, it must take steps to offset or remove it from the atmosphere. Once the carbon is removed, then it must also be stored in some place. This process of removing carbon from the atmosphere and storing the removed carbon is known as carbon sequestration. Trees and forests do sequestration naturally and for free and they are known as natural sinks. When these forests are lost to wildfires and deforestation, the carbon dioxide is again released into the atmosphere.

While the Covid 19 pandemic has temporarily reduced emissions, there is still a lot to worry about. The past decade was the hottest on record with apocalyptic floods and fires becoming the new normal. Deserts are spreading, seas are warming and ice melting. " Science tells us that unless we cut fossil fuel production by 6 per cent every year between now and 2030, things will get worse.  Instead, the word is on track for a 2 per cent annual rise", quotes a UN article.

Carbon tax is one of the famous approaches to reducing carbon emissions and achieving carbon neutrality. By taxing those producing excessive carbon, there will be an incentive for large companies and corporations to shift to renewable energy resources. With Nordic countries being the first ones to introduce carbon tax, global movements and negotiations are going on to take this as a global phenomenon.

Another initiative to reduce emissions is the carbon border adjustment mechanism, which would apply carbon prices on imported goods from less climate ambitious countries which will bring the exports of those countries down. 

References:-

1. "Carbon Neutrality By 2050: The World’S Most Urgent Mission | United Nations Secretary-General". Un.Org, 2022, https://www.un.org/sg/en/content/sg/articles/2020-12-11/carbon-neutrality-2050-the-world%E2%80%99s-most-urgent-mission.

2. "Carbon Neutrality By 2050: The World’S Most Urgent Mission | United Nations Secretary-General". Un.Org, 2022, https://www.un.org/sg/en/content/sg/articles/2020-12-11/carbon-neutrality-2050-the-world%E2%80%99s-most-urgent-mission.

3. "What Is Carbon Neutrality And How Can It Be Achieved By 2050? | News | European Parliament". Europarl.Europa.Eu, 2022, https://www.europarl.europa.eu/news/en/headlines/society/20190926STO62270/what-is-carbon-neutrality-and-how-can-it-be-achieved-by-2050.