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A study Carbon Credit

A study Carbon Credit

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Published by Vaishal
Report on carbon credit or carbon trading. Introducton to carbon tading & kyoto protocol, How does kyoto mechanism works, What are the procedures, Parties involved in it, etc.
Report on carbon credit or carbon trading. Introducton to carbon tading & kyoto protocol, How does kyoto mechanism works, What are the procedures, Parties involved in it, etc.

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Published by: Vaishal on Sep 17, 2009
Copyright:Attribution Non-commercial

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12/27/2012

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The dramatic imagery of global warming frightens people.Melting glaciers, freak storms and stranded polar bears - the mascots of climate change - show how quickly and drastically greenhouse gasemissions (GHG) are changing our planet. Such graphic examples,combined with the rising price of energy, drive people to want to reduceconsumption and lower their personal shares of global emissions. Butbehind the emotional front of climate change lays a developing frameworkof economic solutions to the problem. Two major market-based optionsexist, and politicians around the world have largely settled on
carbontrading
to regulate GHG emissions.It is estimated that 60-70% of Green House Gases emission is throughfuel combustion in industries like cement, steel, textiles and fertilizers.They are released as by-products of certain industrial process, whichadversely affect the ozone layer, leading to global warming. With growingconcerns among nations to curb pollution levels while maintaining thegrowth in their economic activities, the emission trading (ET) industry hascome to life.And, with the increasing ratification of Kyoto Protocol (KP) by countriesand rising social accountability of polluting industries in the developednations, the carbon emissions trading is likely to emerge as a multibillion-
 
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dollar market in global emissions trading. The recent surge in carboncredits trading activities in Europe is an indication of how the emissionstrading industry is going to pan out in the years to come. Carbon creditsseek to reduce these emissions by giving them a monetary value. Onecredit gives the owner the right to emit one ton of carbon dioxide. Such acredit can be sold in the international market at the prevailing marketprice. This means that carbon becomes a cost of business and is seen likeother inputs such as raw materials or labor.
LIST OF TOP 10 COUNTRIES BY CARBON DIOXIDE EMISSION
(In „000 of metric ton
s)
 Country
 
Annual CO
2
emissions
 
% of totalemissions
 01 China & Taiwan 7,010,170 24.4 %02 United States 6,049,435 22.2 %-European Union4,001,222 14.7 %03 Russia 1,524,993 5.6 %04 India 1,342,962 4.9 %05 Japan 1,257,963 4.6 %06 Germany 860,522 3.1 %07 Canada 639,403 2.3 %08 United Kingdom 587,261 2.2 %09 South Korea 465,643 1.7 %10 Italy 449,948 1.7 %
TABLE: 1. (Source:www.unfccc.org
)
 
 
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Following diagram shows emission of carbon dioxide by different countries
FIGURE: 1. (Source:www.unfccc.org)
FACTS ABOUT CARBON EMISSION:
Global greenhouse gas emissions rose 70 % between 1970 & 2004and would rise another 25 to 90 % above 2000 levels by 2030without new restraints. The Intergovernmental Panel on ClimateChange 2007 assessment report said world temperatures are likelyto rise between 1.1 to 6.4 degrees Celsius by 2100, triggering morefrequent floods, droughts, melting of icecaps and threateningspecies extinction.Carbon emissions from the next five years of burning rainforests willbe greater than that for the entire history of aviation up to 2025,according to the Global Canopy Programme. An estimated 30 per
cent of the world‟s total greenhouse emissions in 1997 came from
wildfires in Borneo, which destroyed one million hectares of forests.Since 1751 roughly 315 billion tonnes of carbon have been releasedto the atmosphere from the consumption of fossil fuels and cementproduction. Half of these emissions have occurred since the mid1970s.

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