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This article analyses the draft modalities for the two market approaches to implementing the Paris Agreement, which will be negotiated at the Conference of the Parties in Santiago de Chile in December 2019 and possibly beyond. The author starts by arguing that emissions trading through the International Transfer of Mitigation Outcomes and the Sustainable Development Mechanism may have a variety of impacts on climate adaptation by communities in both transferring and acquiring states. He then identifies the provisions of the draft modalities that are directly and indirectly relevant to the market-adaptation nexus. The author argues that these provisions offer limited potential to hold Parties accountable for the actions taken to protect and enhance adaptive capacity. He shows that more work is needed to ensure that any safeguards adopted are translated into the everyday practice of Parties and stakeholders, and identifies specific instances where greater clarity and specificity are needed.

Enhancing Climate Adaptation through the Paris Agreement Market Approaches: Opportunities for COP 25 and Beyond