ABSTRACT
Global human-induced climate change threatens ecosystems, biodiversity, human and animal health, communities and lives. Markets for capital, goods and services form the basis of many economies around the world and have long contributed to this complex problem by facilitating a single-minded pursuit of economic growth. Currently, markets do not deliver outcomes that are consistent with climate justice or the just transition to a low-carbon economy at the speed that is required to successfully avert the worst physical, economic, social and health risks from climate change. This chapter argues that the dual goals of mitigating climate risks and supporting inclusive economic prosperity are mutually dependent. Success with one requires success with the other, and success with either one of these goals requires awareness and science-based action by all market participants, both locally and globally. Markets are able to deliver these dual goals provided they operate within an equitable legal and regulatory framework. This chapter outlines some of the initiatives that can harness powerful market forces to address the climate crisis not only in a timely fashion, but also in ways that are consistent with concepts of climate justice.
