Emissions trading programs as a means of achieving targets under the Kyoto Protocol
The global problem of climate change is becoming increasingly apparent as populations and economies grow worldwide. The build-up of greenhouse gases (GHGs) in the atmosphere is cited as a prominent cause of climate change. There is a correlation between elevated concentrations of GHGs in the atmosphere, especially carbon dioxide (CO2), and global warming, which leads to extreme weather events such as droughts, floods, and melting of polar ice caps.
There is an international recognition of the immediate need to reduce GHGs and remedy the problem of global warming. The Kyoto Protocol was established in December 1997 as an agreement between over 160 countries to set targets for the reduction of GHGs, and determined available options to achieve them. The Protocol includes three Kyoto Mechanisms, which are three market-based instruments that enable nations to but or earn credits on an international scale. These mechanisms are the Clean Development Mechanism, Joint Implementation, and International Emissions Trading (IET). Developed countries that have accepted a Kyoto target throughout the world are developing emissions trading programs in order to achieve these targets in a cost-effective manner.
In emissions trading, firms or organizations can buy or sell permits for emissions, or credits for reductions of emissions, of particular pollutants. Emissions trading requires that many buyers and sellers congregate to trade the commodities of emissions allowances or emissions reduction credits. International Emissions Trading is considered to be a significant method of minimizing the overall costs involved in the reduction of GHGs.
Upon commencement of an emissions trading program, parties are allocated a certain amount of emissions, and governments may either auction these permits or provide them for free. The total sum of permits available corresponds directly to the nations emissions reduction targets. Parties that are successful in reducing emissions below permitted levels may sell unused permits to parties that have not reduced emissions below permitted levels. It may be more cost effective in some cases for parties to initially buy some unused permits rather than investing in new
But the supply far outstrips demand, Europeans are finding. The climate of this marketplace itself is decidedly cloudy. Advance prices have plunged by half. At this point, one shouldn't portray it as a liquid, vibrant market," said Atle C. Christiansen of PointCarbon, a Norway-based research firm (Climate, 2004). More than six years after governments negotiated the historic climate accord in Kyoto, Japan, the world is taking only halting steps _ not always
Unemployment stands at a respectable 4.6%. Well, fine. But the other side of the ledger groans with distress: a tax code that has become hideously biased in favor of the rich; a national debt that will probably have grown 70% by the time this president leaves Washington; a swelling cascade of mortgage defaults; a record near-$850 billion trade deficit; oil prices that are higher than they have ever been;
This is because it was not officially ratified by the U.S. Senate. The reason why, was due to the underlying fears of the damage that it could cause to the economy. This would create the atmosphere that various provisions were unfair for the U.S., leading to its eventual withdrawal from Kyoto. (U.S. Withdraws from Kyoto Protocol 2001) When such a large country will no longer follow these different provisions,
The 1980s (the period when Ronald Reagan was the U.S. President) witnessed a series of government measures targeting environmental regulations. This resulted in public outrage against the anti-environmental policies of the government leading to a renewed interest in nature clubs and groups and the formation of radical groups who led strong movements to protect the environment. (vii) the post- Reagan resurgence (1990s onwards) - President Bush and President Clinton
34). Viable choices in designing effective programs includes agencies include partnering with private and/or public operators to compliment efforts. Collaboration to diversifying travel choices through transit agencies may attract individuals, traditionally adverse to public transport. Mobility pass programs aim to connect the flexibility of car-sharing with generally less flexible modes such as the bus, light rail or commuter rail transit. Combining access to two modes for a single fare, planners
Cap and Trade Policy: In the past few years, there has been solid scientific evidence that global warming or climate change is taking place. This has contributed to the birth of carbon emissions trading within the European region and the enactment of several mitigation initiatives at the state level. These measures have in turn exerted pressure on the federal government to control the emission of carbon dioxide, which has reached fever
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