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Lesson 1: A Brief History of Carbon Markets


The main goal of this training is:

  • Provide a summary of the evolution of carbon markets and their role mitigating for climate change.​

At the end of the training, participants should be able to:

  • Recall the reasons that carbon market exist as a solution to human induced climate change.​
  • List the key milestones and initiatives that led to the current state in carbon markets.​
  • Describe the lessons learned during the Kyoto Protocol that are being addressed through the implementation of the Paris Agreement.


  • Stern Review on the Economics of Climate Change. 2006.​
  • For detailed information on the Kyoto Protocol, please visit: https://unfccc.int/kyoto_protocol ​
  • The World Bank. 2018. “Carbon Markets under the Kyoto Protocol: Lessons Learned for Building an International Carbon Market under the Paris Agreement,” World Bank Working Paper, Washington, DC. ​
  • For detailed information on the Paris Agreement, please visit: https://unfccc.int/process-and-meetings/the-paris-agreement ​
  • For more information on bilateral agreements, please examine this Gold Standard Foundation report: https://www.goldstandard.org/sites/default/files/implementing_article_6-an_overview_of_preparations_in_selected_countries.pdf