Is Cap and Trade the Right Solution for Carbon Emissions Reduction?
Ever since the slow realization set in and we began to understand that our conspicuous
consumption over the decades has led to serious damage to our environment, as a society we have been looking for ways to turn it around. Certainly, the problem is gigantic as we are very reliant on the use of fossil fuels for our energy. The subsequent emission of dangerous greenhouse gases has caused a considerable problem and must be addressed.While we might all agree that greenhouse gas emissions need to be curtailed to prevent its adverse effects to the environment, ultimately, the government takes on a major role in initiating change in this aspect. Some are already moving in this direction, as in the United Kingdom a cap and trade carbon system has been introduced to force the largest consumers to cut back on their conventional methods and their output of these dangerous gases.Also known as the Carbon Reduction Commitment (CRC), the cap and trade carbon system is aimed at the largest carbon producers and has been recently introduced in the United Kingdom. Over a period of time a limit is to be placed on the amount of carbon emissions considered safe and each individual organization will have to trade allowances with the government to be able to emit carbon gases at all.A cap and trade carbon system is a development of a scheme that has been in existence for some time now. Setting a limit of requiring consumers to trade in the marketplace to achieve carbon emissions reduction is not a new concept, however, commodity pricing for carbon emissions is something new. Studies are taking a closer look on how the British cap and trade carbon system works, as many countries would like to adopt such format in the increasing efforts to reduce carbon emissions.The British government has decided that approximately 5,000 companies in the country are major producers of greenhouse gases due to their consumption of energy. In two years time, every company shall be required to curtail carbon footprint, in compliance of the cap and trade carbon system. Those that do not, will find that they face an increasing cost as they purchase their carbon allowances and will also find that their underperformance will be communicated to society as a whole.The Carbon Reduction Commitment has set goals of reducing the overall level of emissions each year up until 2050, by which time the intention is that carbon emissions will have been reduced by 80%. It is felt that this kind of aggressive action is necessary to ensure that even more serious and potentially devastating damage to our environment and climate is contained.The cap and trade carbon system adopted by the British may well appear in the United States as well, as legislation being considered in mid to late 2009 seeks to adopt a similar program.While it is unrealistic to expect companies and individuals to make significant attempts to reduce their carbon footprints without encouragement by the government, the jury is still out as to whether a cap and trade carbon system is the right approach or not.Is Cap and Trade the Right Solution for Carbon Emissions Reduction?
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