Climate change could be described as a “tragedy of the commons.” That is, one where a shared resource, such as the planet’s atmosphere, gets degraded because everyone has an incentive to put immediate self-interest above what’s good for all.
Seen this way, a pact among all countries to contain carbon emissions has always been a tough ask. That the 2015 UN climate huddle in Paris produced an agreement was almost miraculous, even if we now find that its 1.5° Celsius cap on global warming was an unrealistic goal. On current trends, this is the decade that the planet will exceed that limit.
This explains the disappointment over 2025 climate talks achieving little beyond vague promises. The crisis calls for urgent responses, even if the US has pulled out of multilateral efforts to solve it. This means that coalitions of the convinced must accelerate climate action regardless of what others do.
Within jurisdictions, carbon pricing and credit markets offer a solution to the sticky “commons” problem. It’s important for India to press ahead with its own plan. Emission targets are being set and a trading portal is being built. Let’s aim for a credible market. It could aid Indian exports too.