Carbon credit
– a market-driven way of reducing the impact of greenhouse gas emissions; it allows an agent to benefit financially from an emission reduction. There are two forms of carbon credit, those that are part of national and international trade and those that are purchased by individuals. Internationally, to achieve Kyoto Protocol objectives, ‘caps’ (limits) on participating country’s emissions are established. To meet these limits countries, in turn, set ‘caps’ (allowances or credits: 1 convertible and transferable credit = 1 metric tonne of Script error: No such module "Chem2".
-e emissions) for operators. Operators that meet the agreed ‘caps’ can then sell unused credits to operators who exceed ‘caps’. Operators can then choose the most cost-effective way of reducing emissions. Individual carbon credits would operate in a similar way cf. carbon offset.
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