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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.
Environment and Climate Change Canada is the department of the Government of Canada responsible for coordinating environmental policies and programs, as well as preserving and enhancing the natural environment and renewable resources. It is also colloquially known by its former name, Environment Canada.
Ontario's Drive Clean is an automobile emissions control program introduced by the Government of Ontario and came into effect April 1999. The program was initially intended to weed out vehicles producing unrestrained amounts of particulate emissions contributing to smog and increasing pollution. It applies only to vehicles registered in southern parts of Ontario from Windsor to Ottawa due to the volume of vehicles in that part of the province. It is administered by privately owned facilities that have been accredited by Ontario's Ministry of the Environment and Climate Change (MOECC) and the Ministry of Transportation (MTO).
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.
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 Assemblymember Fran Pavley and Speaker of the California Assembly Fabian Nunez and signed into law by Governor Arnold Schwarzenegger on September 27, 2006.
Carbon pricing is a method for governments to mitigate climate change, in which a monetary cost is applied to greenhouse gas emissions. This is done to encourage polluters to reduce fossil fuel combustion, the main driver of climate change. A carbon price usually takes the form of a carbon tax, or an emissions trading scheme (ETS) that requires firms to purchase allowances to emit. The method is widely agreed to be an efficient policy for reducing greenhouse gas emissions. Carbon pricing seeks to address the economic problem that emissions of CO2 and other greenhouse gases are a negative externality – a detrimental product that is not charged for by any market.
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.
The environmental policy of the Stephen Harper government was implemented when Stephen Harper was the Prime Minister of Canada from 2006 to 2015, under two minority governments until 2011 when the Conservative Party of Canada won a majority in the 2011 Canadian federal election. During the term of Stephen Harper, Canada's greenhouse gas emissions decreased from 730 to 723 Mt of carbon dioxide equivalent. In contrast, during the period from 1993 until 2006, under various Liberal governments, Canada's greenhouse gas emissions increased 617 to 730 Mt of carbon dioxide equivalent.
Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emissions trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHGs). A form of carbon pricing, its purpose is to limit climate change by creating a market with limited allowances for emissions. Carbon emissions trading is a common method that countries use to attempt to meet their pledges under the Paris Agreement, with schemes operational in China, the European Union, and other countries.
Greenhouse gas emissions by Australia totalled 533 million tonnes CO2-equivalent based on greenhouse gas national inventory report data for 2019; representing per capita CO2e emissions of 21 tons, three times the global average. Coal was responsible for 30% of emissions. The national Greenhouse Gas Inventory estimates for the year to March 2021 were 494.2 million tonnes, which is 27.8 million tonnes, or 5.3%, lower than the previous year. It is 20.8% lower than in 2005. According to the government, the result reflects the decrease in transport emissions due to COVID-19 pandemic restrictions, reduced fugitive emissions, and reductions in emissions from electricity; however, there were increased greenhouse gas emissions from the land and agriculture sectors.
Climate change is greatly impacting Canada's environment and landscapes. Extreme weather has become more frequent and severe because of the continued release of greenhouse gases into the atmosphere. The number of climate change–related events, such as the 2021 British Columbia Floods and an increasing number of forest fires, has become an increasing concern over time. Canada's annual average temperature over land warmed by 1.7 degrees Celsius between 1948 and 2016. The rate of warming is highest in Canada's north, the Prairies, and northern British Columbia. The country's precipitation has increased in recent years and wildfires expanded from seasonal events to year-round threats.
The climate change policy of the United States has major impacts on global climate change and global climate change mitigation. This is because the United States is the second largest emitter of greenhouse gasses in the world after China, and is among the countries with the highest greenhouse gas emissions per person in the world. Cumulatively, the United States has emitted over a trillion metric tons of greenhouse gases, more than any country in the world.
Air quality laws govern the emission of air pollutants into the atmosphere. A specialized subset of air quality laws regulate the quality of air inside buildings. Air quality laws are often designed specifically to protect human health by limiting or eliminating airborne pollutant concentrations. Other initiatives are designed to address broader ecological problems, such as limitations on chemicals that affect the ozone layer, and emissions trading programs to address acid rain or climate change. Regulatory efforts include identifying and categorising air pollutants, setting limits on acceptable emissions levels, and dictating necessary or appropriate mitigation technologies.
The German Climate Action Plan 2050 is a climate protection policy document approved by the German government on 14 November 2016. The plan outlines measures by which Germany can meet its various national greenhouse gas emissions reduction goals through to 2050 and service its international commitments under the 2016 Paris Climate Agreement. The Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB), under minister Barbara Hendricks, led the development of the plan. The plan was progressively watered down since a draft was first leaked in early May 2016. Projections from the environment ministry in September 2016 indicate that Germany will likely miss its 2020 climate target.
Air pollution in Germany has significantly decreased over the past decade. Air pollution occurs when harmful substances are released into the Earth's atmosphere. These pollutants are released through human activity and natural sources. Germany took interest in reducing its greenhouse gas (GHG) emissions by switching to renewable energy sources. Renewable energy use rate from 6.3% in 2000 to 34% in 2016. Through the transition to renewable energy sources, some people believe Germany has become the climate change policy leader and renewable energy leader in the European Union (EU) and in the world with ambitious climate change programs, though Germany's CO
2 emissions per capita are in fact among the highest in Europe, almost twice those of e.g. France. The current goal of the German government was approved on 14 November 2016 in the German Climate Action Plan 2050, which outlines measures by which Germany can meet its greenhouse gas emissions by 2050. By 2050, Germany wants to reduce their GHGs by 80 to 95% and by 2030 they want to reduce it by 55%, compared to the EU target of 40%.
Green economy policies in Canada are policies that contribute to transitioning the Canadian economy to a more environmentally sustainable one. The green economy can be defined as an economy, "that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities." Aspects of a green economy would include stable growth in income and employment that is driven by private and public investment into policies and actions that reduce carbon emissions, pollution and prevent the loss of biodiversity.
As the most populous state in the United States, California's climate policies influence both global climate change and federal climate policy. In line with the views of climate scientists, the state of California has progressively passed emission-reduction legislation.
Carbon pricing in Canada is implemented either as a regulatory fee or tax levied on the carbon content of fuels at the Canadian provincial, territorial or federal level. Provinces and territories of Canada are allowed to create their own system of carbon pricing as long as they comply with the minimum requirements set by the federal government; individual provinces and territories thus may have a higher tax than the federally mandated one but not a lower one. Currently, all provinces and territories are subject to a carbon pricing mechanism, either by an in-province program or by one of two federal programs. As of April 2024, the federal minimum tax was set at CA$80 per tonne of CO2 equivalent, set to increase to CA$170 in 2030.
The Canadian province of Alberta faces a number of environmental issues related to natural resource extraction—including oil and gas industry with its oil sands—endangered species, melting glaciers in banff, floods and droughts, wildfires, and global climate change. While the oil and gas industries generates substantial economic wealth, the Athabasca oil sands, which are situated almost entirely in Alberta, are the "fourth most carbon intensive on the planet behind Algeria, Venezuela and Cameroon" according to an August 8, 2018 article in the American Association for the Advancement of Science's journal Science. This article details some of the environmental issues including past ecological disasters in Alberta and describes some of the efforts at the municipal, provincial and federal level to mitigate the risks and impacts.
References
- 1 2 "Ministry of the Environment, Conservation and Parks". Government of Ontario . Retrieved 2014-11-14.
- ↑ "Wynne to name Hoskins health minister in major cabinet shuffle - CBC News".
- ↑ "Doug Ford and Cabinet to be Sworn-in as Ontario's First Ever Government for the People".
- ↑ "Air Quality Ontario". Government of Ontario . Retrieved 2014-11-14.
- 1 2 "Archived - Ontario's Climate Change Update 2014".
- ↑ "Climate Ready: Adaptation Strategy and Action Plan 2011-2014 | Ontario.ca". Archived from the original on 2014-03-26.
- 1 2 "Report greenhouse gas (GHG) emissions".
- ↑ "Law Document English View". 24 July 2014.
- ↑ "Cap and trade in Ontario".
- ↑ "Ontario cap-and-trade auctions bring in nearly $2B this year". Financial Post. 6 December 2017.
- ↑ "Ontario's getting out of the 'carbon tax business,' Doug Ford says. But what's next? - CBC News".
- ↑ "Drive Clean Test". Government of Ontario . Retrieved 2014-12-16.
- ↑ "Ontario Cancelling Outdated, Ineffective Drive Clean Program".
- ↑ McCarthy, Shawn (July 31, 2017). "Environment Minister Glen Murray resigns from Kathleen Wynne's cabinet". The Globe and Mail .
