Every year, the United Nations' Framework Conference on Climate Change (UNFCC) hosts the Conference of the Parties (COP). The objective of the annual conference is to tackle climate change, stabilize greenhouse gas concentrations in the atmosphere, and to reach a post-Kyoto Protocol agreement. The Kyoto Protocol was initially adopted in 1997 as an extension to the United Nations Framework Convention on Climate Change (UNFCCC). In December 2019, COP25 was held in Madrid, Spain, where talks were unable to reach a consensus on many issues and instead deferred into 2020, including reporting requirements for transparency and timeframes for climate pledges.
Global energy-related CO2 emissions stood at around 36.57 billion metric tons in 2018, a significant increase from the pre-Industrial era. In 2018, China was the largest producer of CO2 emissions. In order to reduce the production of carbon dioxide, several countries have started issuing tradable green certificates. Carbon pricing is considered one of the most effective methods to encourage corporations to lower emissions and to encourage more sustainable production. The increase in energy generation from renewable energy sources is seen as another way to cut down on carbon dioxide emissions.