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Environmental finance is a field within finance that employs market-based environmental policy instruments to improve the ecological impact of investment strategies. The primary objective of environmental finance is to regress the negative impacts of climate change through pricing and trading schemes. The field of environmental finance was established in response to the poor management of economic crises by government bodies globally. Environmental finance aims to reallocate a businesses resources to improve the sustainability of investments whilst also retaining profit margins.
A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. It is closely related with ecological economics, but has a more politically applied focus. The 2011 UNEP Green Economy Report argues "that to be green, an economy must not only be efficient, but also fair. Fairness implies recognizing global and country level equity dimensions, particularly in assuring a Just Transition to an economy that is low-carbon, resource efficient, and socially inclusive."
The Carbon Trust was developed and launched in the UK over 1999-2001 as part of the development of the Climate Change Levy (CCL), a tax on business energy use that still operates today. The Carbon Trust was originally funded by around £50m of UK tax revenue generated from the Levy to help businesses reduce energy costs and therefore offset the additional cost of paying the CCL. The establishment of the Carbon Trust was announced in the 2000 UK White Paper "Climate Change - the UK Programme". It was launched alongside the introduction of the CCL in March–April 2001.
Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. Sustainable consulting is a specialized field that offers guidance and solutions for businesses seeking to operate in an environmentally responsible and sustainable way. The goal of sustainable consulting is to help organizations reduce their environmental impact while maintaining profitability and social responsibility. There are many types of environmental consultants, but the two main groups are those who enter the field from the industry side, and those who enter the field from the environmentalist side.
The Climate Group is a non-profit organisation that works with businesses and government leaders aiming to address climate change. The Group has programmes focusing on renewable energy and reducing greenhouse gas emissions.
The carbon footprint (or greenhouse gas footprint) makes it possible to compare the total amount of greenhouse gases emitted from an activity, product, company or country. Carbon footprints are usually reported in tonnes of emissions (CO2-equivalent) per unit of comparison. Such units includes year, person, kilogram of protein and kilometer travelled. A product's carbon footprint includes the emissions for the entire life cycle. These run from the production along the supply chain to its final consumption and disposal. Similarly an organization's carbon footprint includes the direct as well as the indirect emissions that it causes. The Greenhouse Gas Protocol that is used for carbon accounting of organizations calls these Scope 1, 2 and 3 emissions. There are several methodologies and online tools to calculate the carbon footprint. They depend on whether the focus is on a country, organization, product or individual person. For example, the carbon footprint of a product could help consumers decide which product to buy if they want to be climate aware. For climate change mitigation activities, the carbon footprint can help distinguish those economic activities with a high footprint from those with a low footprint. So the carbon footprint concept allows everyone to make comparisons between the climate impacts of individuals, products, companies and countries. It also helps people devise strategies and priorities for reducing the carbon footprint.
A carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. A carbon credit or offset credit is a transferrable financial instrument (i.e. a derivative of an underlying commodity) certified by governments or independent certification bodies to represent an emission reduction that can then be bought or sold. Both offsets and credits are measured in tonnes of carbon dioxide-equivalent (CO2e). One carbon offset or credit represents the reduction or removal of one tonne of carbon dioxide or its equivalent in other greenhouse gases.
Business action on climate change includes a range of activities relating to climate change, and to influencing political decisions on climate change-related regulation, such as the Kyoto Protocol. Major multinationals have played and to some extent continue to play a significant role in the politics of climate change, especially in the United States, through lobbying of government and funding of climate change deniers. Business also plays a key role in the mitigation of climate change, through decisions to invest in researching and implementing new energy technologies and energy efficiency measures.
Carbon accounting is a framework of methods to measure and track how much greenhouse gas (GHG) an organization emits. It can also be used to track projects or actions to reduce emissions in sectors such as forestry or renewable energy. Corporations, cities and other groups use these techniques to help limit climate change. Organizations will often set an emissions baseline, create targets for reducing emissions, and track progress towards them. The accounting methods enable them to do this in a more consistent and transparent manner.
Aircraft engines produce gases, noise, and particulates from fossil fuel combustion, raising environmental concerns over their global effects and their effects on local air quality. Jet airliners contribute to climate change by emitting carbon dioxide, the best understood greenhouse gas, and, with less scientific understanding, nitrogen oxides, contrails and particulates. Their radiative forcing is estimated at 1.3–1.4 that of CO2 alone, excluding induced cirrus cloud with a very low level of scientific understanding. In 2018, global commercial operations generated 2.4% of all CO2 emissions.
A low-carbon economy (LCE) or decarbonised economy is an economy based on energy sources that produce low levels of greenhouse gas (GHG) emissions. GHG emissions due to human activity are the dominant cause of observed climate change since the mid-20th century. Continued emission of greenhouse gases will cause long-lasting changes around the world, increasing the likelihood of severe, pervasive, and irreversible effects for people and ecosystems. Shifting to a low-carbon economy on a global scale could bring substantial benefits both for developed and developing countries. Many countries around the world are designing and implementing low-emission development strategies (LEDS). These strategies seek to achieve social, economic, and environmental development goals while reducing long-term greenhouse gas emissions and increasing resilience to the effects of climate change.
Energy Saving Trust is a British organization devoted to promoting energy efficiency, energy conservation, and the sustainable use of energy, thereby reducing carbon dioxide emissions and helping to prevent man-made climate change. It was founded in the United Kingdom as a government-sponsored initiative in 1992, following the global Earth Summit.
The carboNZero programme and CEMARS programme are the world’s first internationally accredited greenhouse gas (GHG) certification schemes under ISO 14065. They provide tools for organisations, products, services and events to measure and reduce their greenhouse gas emissions, and optionally offset it. The programmes are owned and operated by Toitū Envirocare - Enviro-Mark Solutions Limited, a wholly owned subsidiary of Landcare Research.
ClimateCare is a profit for purpose environmental and social impact company known for its role providing carbon offset services, with a particular focus on using carbon and other results based finance to support its 'Climate+Care Projects'. It also provides businesses and governments with sustainable development programmes, environmental and social impact measurement and project development.
The America's Climate Security Act of 2007 was a global warming bill that was considered by the United States Senate to reduce the amount of greenhouse gases emitted in the United States. Also known as the Lieberman–Warner bill, bill number S. 2191, the legislation was introduced by Sens. Joseph Lieberman (I-CT) and John Warner (R-VA) on October 18, 2007. The bill was approved by the Senate Committee on Environment and Public Works in December 2007, and was debated in the Senate during the week of June 2. The bill would create a national cap-and-trade scheme for greenhouse gas emissions, in which polluters would mostly be allocated right-to-emit credits based on how much greenhouse gas they currently emit. The cap would get tighter over time, until by 2050, emissions would be reduced to 63% below 2005 levels. Several environmental groups expressed their encouragement at the progress in legislation on the global warming issue while at the same time expressing disappointment that the bill did not reduce emissions enough. On June 6, 2008, the bill was killed by Senate Republicans over worries that it would damage the economy.
Eco Securities is a company specialized in carbon markets and greenhouse gas (GHG) mitigation projects worldwide. Eco Securities specializes in sourcing, developing and financing projects on renewable energy, energy efficiency, forestry and waste management with a positive environmental impact.
Emissions Reduction Currency Systems (ERCS) are schemes that provide a positive economic and or social reward for reductions in greenhouse gas emissions, either through distribution or redistribution of national currency or through the publishing of coupons, reward points, local currency, or complementary currency.
Belgrave Trust was a social enterprise firm that used carbon offsets to allow consumers to live more carbon neutrally. Revenues derived through subscribers and the sale of products were used to offset greenhouse gases through the purchase and retirement of carbon offset securities that fund projects creating clean energy or reducing emissions.
Pedro Moura Costa is an entrepreneur involved in environmental finance with a focus on the international efforts for greenhouse gas (GHG) emission reductions. Of particular relevance, he was the founder and President of EcoSecurities Group Plc., one of the leading project developers for the international carbon markets, and has written widely about the policy and science of climate change mitigation, including contributions to the Intergovernmental Panel on Climate Change (IPCC) reports.
CO2balance UK Ltd is a British profit-for-purpose carbon management consultancy and project developer founded in 2003. It is known for developing carbon finance projects in developing countries that reduce carbon emissions and support the Sustainable Development Goals. CO2balance also provides businesses and individuals with carbon footprint calculation and reduction services, bestowing the label of ‘CarbonZero’ on those organisations that completely offset the footprint of their operations.
References
- ↑ James Murray (August 12, 2011). "BusinessGreen Leaders Awards 2011: Offset complete". Business Green. Retrieved August 31, 2012.
- ↑ "Carbon Clear | EcoAct". eco-act.com. Retrieved 2021-09-22.
- ↑ "Jamal Gore – E Co". www.ecoltdgroup.com. Archived from the original on 2021-09-25. Retrieved 2020-04-22.
- ↑ Ewing, Tejas (2008). "The ENDS Guide to Carbon Offsets". Environmental Data Services.