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The Kyoto Protocol (Japanese: 京都議定書, Hepburn: Kyōto Giteisho) was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is occurring and that human-made CO2 emissions are driving it. The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. There were 192 parties (Canada withdrew from the protocol, effective December 2012) to the Protocol in 2020.
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.
The World Business Council for Sustainable Development (WBCSD) is a CEO-led organization of over 200 international companies. The council is also connected to 60 national and regional business councils and partner organizations.
The carbon footprint (or greenhouse gas footprint) serves as an indicator to compare the total amount of greenhouse gases emitted from an activity, product, company or country. Carbon footprints are usually reported in tons of emissions (CO2-equivalent) per unit of comparison; such as per year, person, kg protein, km travelled and alike. For a product, its carbon footprint includes the emissions for the entire life cycle from the production along the supply chain to its final consumption. Similarly for an organization, its carbon footprint includes the direct as well as the indirect emissions caused by the organization (called Scope 1, 2 and 3 in the Greenhouse Gas Protocol that is used for carbon accounting of organizations). Several methodologies and online tools exist to calculate the carbon footprint, depending 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. In the context of climate change mitigation activities, the carbon footprint can help distinguish those economic activities with a high footprint from those with a low footprint. In other words, the carbon footprint concept allows everyone to make comparisons between the climate-relevant impacts of individuals, products, companies, countries. In doing so, it helps to 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 ton 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.
Flexible mechanisms, also sometimes known as Flexibility Mechanisms or Kyoto Mechanisms, refers to emissions trading, the Clean Development Mechanism and Joint Implementation. These are mechanisms defined under the Kyoto Protocol intended to lower the overall costs of achieving its emissions targets. These mechanisms enable Parties to achieve emission reductions or to remove carbon from the atmosphere cost-effectively in other countries. While the cost of limiting emissions varies considerably from region to region, the benefit for the atmosphere is in principle the same, wherever the action is taken.
Carbon finance is a branch of environmental finance that covers financial tools such as carbon emission trading to reduce the impact of greenhouse gases (GHG) on the environment by giving carbon emissions a price.
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.
Greenhouse gas inventories are emission inventories of greenhouse gas emissions that are developed for a variety of reasons. Scientists use inventories of natural and anthropogenic (human-caused) emissions as tools when developing atmospheric models. Policy makers use inventories to develop strategies and policies for emissions reductions and to track the progress of those policies.
The Global Warming Solutions Act of 2006, or Assembly Bill (AB) 32, is a California State Law that fights global warming by establishing a comprehensive program to reduce greenhouse gas emissions from all sources throughout the state. AB32 was co-authored by then-Assemblymember Fran Pavley and then-Speaker of the California Assembly Fabian Nunez and signed into law by Governor Arnold Schwarzenegger on September 27, 2006.
The United States produced 5.2 billion metric tons of carbon dioxide equivalent greenhouse gas (GHG) emissions in 2020, the second largest in the world after greenhouse gas emissions by China and among the countries with the highest greenhouse gas emissions per person. In 2019 China is estimated to have emitted 27% of world GHG, followed by the United States with 11%, then India with 6.6%. In total the United States has emitted a quarter of world GHG, more than any other country. Annual emissions are over 15 tons per person and, amongst the top eight emitters, is the highest country by greenhouse gas emissions per person. However, the IEA estimates that the richest decile in the US emits over 55 tonnes of CO2 per capita each year. Because coal-fired power stations are gradually shutting down, in the 2010s emissions from electricity generation fell to second place behind transportation which is now the largest single source. In 2020, 27% of the GHG emissions of the United States were from transportation, 25% from electricity, 24% from industry, 13% from commercial and residential buildings and 11% from agriculture. In 2021, the electric power sector was the second largest source of U.S. greenhouse gas emissions, accounting for 25% of the U.S. total. These greenhouse gas emissions are contributing to climate change in the United States, as well as worldwide.
The Emissions & Generation Resource Integrated Database (eGRID) is a comprehensive source of data on the environmental characteristics of almost all electric power generated in the United States. eGRID is issued by the U.S. Environmental Protection Agency (EPA).
Canada was active in the negotiations that led to the Kyoto Protocol in 1997. The Liberal government that signed the accord in 1997 ratified it in parliament in 2002. Canada's Kyoto target was a 6% total reduction in greenhouse gas (GHG) emissions by 2012, compared to 1990 levels of 461 megatonnes (Mt). Despite signing the accord, greenhouse gas emissions increased approximately 24.1% between 1990 and 2008. In 2011, Conservative Prime Minister Stephen Harper withdrew Canada from the Kyoto Protocol.
Personal carbon credits are carbon credits created and owned by individuals who reduce their green house gas (GHG) emissions by a real and verifiable amount. Individuals cause GHG emissions from a variety of direct and indirect activities including transportation use, electrical use and home heating and cooling. Verifiable reductions in GHG emissions are aggregated into 1 metric ton increments and they become personal Carbon Credits. There are many firms that are creating applications to efficiently measure and track these emissions, while providing options to purchase and offset personal emissions.
The Kyoto Protocol was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change. A number of governments across the world took a variety of actions.
The Verified Carbon Standard (VCS), formerly the Voluntary Carbon Standard, is a standard for certifying carbon emissions reductions. VCS is administered by Verra, a 501(c)(3) organization.
The World Resources Institute (WRI) is a global research non-profit organization established in 1982 with funding from the MacArthur Foundation under the leadership of James Gustave Speth. Subsequent presidents include Jonathan Lash, Andrew D. Steer and current president Ani Dasgupta (2021-).
References
- ↑ "Corporate Standard". ghgprotocol.org. GHG Protocol, World Resources Institute , World Business Council for Sustainable Development. Retrieved 12 July 2023.
provides requirements and guidance for companies and other organizations preparing a corporate-level GHG emissions inventory
- ↑ "About Us". ghgprotocol.org. GHG Protocol, WRI, WBCSD. Retrieved 12 July 2023.
private and public sector operations, value chains and mitigation actions
- ↑ "GHG Protocol Learning Management System". ghgprotocol.lambdastore.net/. GHG Protocol, WRI, WBCSD. Retrieved 12 July 2023.
- ↑ "Terms of Use". ghgprotocol.org. GHG Protocol, WRI, WBCSD. Retrieved 12 July 2023.
- ↑ "United Nations Framework Convention on Climate Change". unfccc.int. United Nations . Retrieved 12 July 2023.
- ↑ "The GHG Protocol: A corporate reporting and accounting standard (revised edition)". wbcsd.org. World Business Council for Sustainable Development. Retrieved 13 July 2023.
The Greenhouse Gas Protocol Initiative is a multi-stakeholder partnership of businesses, non-governmental organizations (NGOs), governments, and others convened by the World Resources Institute (WRI), a U.S.-based environmental NGO, and the World Business Council for Sustainable Development (WBCSD), a Geneva-based coalition of 170 international companies.
- ↑ Kaplan, Robert S.; Ramanna, Karthik (April 12, 2022). "We Need Better Carbon Accounting. Here's How to Get There". hbr.org; Harvard Business Review . Harvard University . Retrieved 12 July 2023.
The authors' recent HBR article, "Accounting for Climate Change" (Nov-Dec 2021), noted how the current dominant system for carbon accounting, the GHG Protocol, misses this critical point by allowing companies to guestimate upstream and downstream emissions. To address this shortcoming, they introduced an E-liability accounting system, based on well-established practices from inventory and cost accounting,