As the world nears the warming limit set forth by international agreement, carbon emissions have become a costly commodity. Not Cool episode 14 examines the rapidly expanding domain of carbon finance, along with the wider economic implications of the changing climate. Ariel is joined by Filippo Berardi, an environmental management and international development specialist at the Global Environment Facility (GEF). Filippo explains the international carbon market, the economic risks of not addressing climate change, and the benefits of a low carbon economy. He also discusses where international funds can best be invested, what it would cost to fully operationalize the Paris Climate Agreement, and how the fall of the Soviet Union impacted carbon finance at the international level. Topics discussed include: -UNFCCC: funding, allocation of resources -Cap and trade system vs. carbon tax -Emission trading -Carbon offsets -Planetary carbon budget -Economic risks of not addressing climate change -Roles for public sector vs. private sector -What a low carbon economy would look like

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“What did the council decide on item 42?” — answered with the speaker and the moment.