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A carbon tax is a tax levied on the carbon emissions required to produce goods and services. Carbon taxes are intended to make visible the "hidden" social costs of carbon emissions, which are otherwise felt only in indirect ways like more severe weather events. In this way, they are designed to reduce greenhouse gas emissions by increasing prices of the fossil fuels that emit them when burned. This both decreases demand for goods and services that produce high emissions and incentivizes making them less carbon-intensive. When a hydrocarbon fuel such as coal, petroleum, or natural gas is burned, most or all of its carbon is converted to CO2. Greenhouse gas emissions cause climate change, which damages the environment and human health. This negative externality can be reduced by taxing carbon content at any point in the product cycle. Carbon taxes are thus a type of Pigovian tax.
Carbon offsetting is a trading mechanism that allows entities such as governments, individuals, or businesses to compensate for (i.e. “offset”) their greenhouse gas emissions by supporting projects that reduce, avoid, or remove emissions elsewhere. In other words, carbon offsets focus on offsetting emissions through investments in emission reduction projects. Related to that, a carbon credit or offset credit is a transferable financial instrument, that is a derivative of an underlying commodity. It can be bought or sold after certification by a government or independent certification body. When an entity invests in a carbon offsetting program, it receives carbon credits, i.e "tokens" used to account for net climate benefits from one entity to another. One carbon offset or credit represents a reduction, avoidance or removal of one tonne of carbon dioxide or its carbon dioxide-equivalent (CO2e).
The European Union Emissions Trading System is a carbon emission trading scheme which began in 2005 and is intended to lower greenhouse gas emissions by the European Union countries. Cap and trade schemes limit emissions of specified pollutants over an area and allow companies to trade emissions rights within that area. The EU ETS covers around 45% of the EUs greenhouse gas emissions.
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 pricing is a method for nations to address climate change. The cost is applied to greenhouse gas emissions in order to encourage polluters to reduce the combustion of coal, oil and gas – the main driver of climate change. The method is widely agreed and considered to be efficient. Carbon pricing seeks to address the economic problem that emissions of CO2 and other greenhouse gases (GHG) are a negative externality – a detrimental product that is not charged for by any market.
The CRC Energy Efficiency Scheme was a mandatory carbon emissions reduction scheme in the United Kingdom which applied to large energy-intensive organisations in the public and private sectors. It was estimated that the scheme would reduce carbon emissions by 1.2 million tonnes of carbon per year by 2020. In an effort to avoid dangerous climate change, the British Government first committed to cutting UK carbon emissions by 60% by 2050, and in October 2008 increased this commitment to 80%. The scheme has also been credited with driving up demand for energy-efficient goods and services.
The Carbon Pollution Reduction Scheme was a cap-and-trade emissions trading scheme for anthropogenic greenhouse gases proposed by the Rudd government, as part of its climate change policy, which had been due to commence in Australia in 2010. It marked a major change in the energy policy of Australia. The policy began to be formulated in April 2007, when the federal Labor Party was in Opposition and the six Labor-controlled states commissioned an independent review on energy policy, the Garnaut Climate Change Review, which published a number of reports. After Labor won the 2007 federal election and formed government, it published a Green Paper on climate change for discussion and comment. The Federal Treasury then modelled some of the financial and economic impacts of the proposed CPRS scheme.
Carbon monitoring as part of greenhouse gas monitoring refers to tracking how much carbon dioxide or methane is produced by a particular activity at a particular time. For example, it may refer to tracking methane emissions from agriculture, or carbon dioxide emissions from land use changes, such as deforestation, or from burning fossil fuels, whether in a power plant, automobile, or other device. Because carbon dioxide is the greenhouse gas emitted in the largest quantities, and methane is an even more potent greenhouse gas, monitoring carbon emissions is widely seen as crucial to any effort to reduce emissions and thereby slow climate change.
Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emission trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHG). It is a form of carbon pricing. Its purpose is to limit climate change by creating a market with limited allowances for emissions. This can lower competitiveness of fossil fuels and accelerate investments into low carbon sources of energy such as wind power and photovoltaics. Fossil fuels are the main driver for climate change. They account for 89% of all CO2 emissions and 68% of all GHG emissions.
The climate policy of China is to peak its greenhouse gas emissions before 2030 and to be carbon neutral before 2060. Due to the large buildout of solar power in China and burning of coal in China the energy policy of China is closely related to its climate policy. There is also policy to adapt to climate change. Ding Xuexiang represented China at the 2023 United Nations Climate Change Conference in 2023, and may be influential in setting climate policy.
The Chinese national carbon trading scheme is an intensity-based trading system for carbon dioxide emissions by China, which started operating in 2021. This emission trading scheme (ETS) creates a carbon market where emitters can buy and sell emission credits. The scheme will allow carbon emitters to reduce emissions or purchase emission allowances from other emitters. Through this scheme, China will limit emissions while allowing economic freedom for emitters. China is the largest emitter of greenhouse gases (GHG) and many major Chinese cities have severe air pollution. The scheme is run by the Ministry of Ecology and Environment, which eventually plans to limit emissions from six of China's top carbon dioxide emitting industries. In 2021 it started with its power plants, and covers 40% of China's emissions, which is 15% of world emissions. China was able to gain experience in drafting and implementation of an ETS plan from the United Nations Framework Convention on Climate Change (UNFCCC), where China was part of the Clean Development Mechanism (CDM). China's national ETS is the largest of its kind, and will help China achieve its Nationally Determined Contribution (NDC) to the Paris Agreement. In July 2021, permits were being handed out for free rather than auctioned, and the market price per tonne of CO2e was around RMB 50, far less than the EU ETS and the UK ETS.
China Beijing Environmental Exchange (CBEEX) is a corporate domestic and international environmental equity public trading platform initiated by the China Beijing Equity Exchange (CBEX) and authorized by the Beijing municipal government.
The New Zealand Emissions Trading Scheme is an all-gases partial-coverage uncapped domestic emissions trading scheme that features price floors, forestry offsetting, free allocation and auctioning of emissions units.
The International Carbon Action Partnership (ICAP) was founded in 2007 by more than 15 government representatives as an international cooperative forum, bringing together states and sub-national jurisdictions that have implemented or are planning to implement emissions trading systems (ETS). Then governor of California, Arnold Schwarzenegger, stated at ICAP's founding ceremony:
"This first of its kind partnership will provide more incentives for clean-tech investment and economic growth while not letting polluters off the hook. And it will help renew the health of our planet."
Climate change has resulted in an increase in temperature of 2.3 °C (2022) in Europe compared to pre-industrial levels. Europe is the fastest warming continent in the world. Europe's climate is getting warmer due to anthropogenic activity. According to international climate experts, global temperature rise should not exceed 2 °C to prevent the most dangerous consequences of climate change; without reduction in greenhouse gas emissions, this could happen before 2050. Climate change has implications for all regions of Europe, with the extent and nature of impacts varying across the continent.
A carbon pricing scheme in Australia was introduced by the Gillard Labor minority government in 2011 as the Clean Energy Act 2011 which came into effect on 1 July 2012. Emissions from companies subject to the scheme dropped 7% upon its introduction. As a result of being in place for such a short time, and because the then Opposition leader Tony Abbott indicated he intended to repeal "the carbon tax", regulated organizations responded rather weakly, with very few investments in emissions reductions being made. The scheme was repealed on 17 July 2014, backdated to 1 July 2014. In its place the Abbott government set up the Emission Reduction Fund in December 2014. Emissions thereafter resumed their growth evident before the tax.
Droughts and heatwaves are the main hazards due to the climate of Turkey getting hotter. The temperature has risen by more than 1.5 °C (2.7 °F), and there is more extreme weather.
Coal, cars and lorries vent more than a third of Turkey's six hundred million tonnes of annual greenhouse gas emissions, which are mostly carbon dioxide and part of the cause of climate change in Turkey. The nation's coal-fired power stations emit the most carbon dioxide, and other significant sources are road vehicles running on petrol or diesel. After coal and oil the third most polluting fuel is fossil gas; which is burnt in Turkey's gas-fired power stations, homes and workplaces. Much methane is belched by livestock; cows alone produce half of the greenhouse gas from agriculture in Turkey.
China's greenhouse gas emissions are the largest of any country in the world both in production and consumption terms, and stem mainly from coal burning, including coal power, coal mining, and blast furnaces producing iron and steel. When measuring production-based emissions, China emitted over 14 gigatonnes (Gt) CO2eq of greenhouse gases in 2019, 27% of the world total. When measuring in consumption-based terms, which adds emissions associated with imported goods and extracts those associated with exported goods, China accounts for 13 gigatonnes (Gt) or 25% of global emissions.
The Carbon Border Adjustment Mechanism (CBAM) is a carbon tariff on carbon intensive products, such as steel, cement and some electricity, imported to the European Union. Legislated as part of the European Green Deal, it takes effect in 2026, with reporting starting in 2023. CBAM was passed by the European Parliament with 450 votes for, 115 against, and 55 abstentions and entered into force on 17 May 2023.
References
- ↑ "Turkey to launch ETS next year, says minister -media « Carbon Pulse" . Retrieved 2023-11-17.
- ↑ "Cemtech Europe opens in Istanbul: Turkey prepares to launch domestic ETS". International Cement Review. 10 October 2023. Retrieved 2023-11-17.
- ↑ "Climate Law on its way in Türkiye". Norton Rose Fulbright. Retrieved 2023-11-17.
- ↑ "İKLİM DEĞİŞİKLİĞİ KANUNU TASLAĞI" [Draft climate change law](PDF) (in Turkish).
- ↑ "[Case] Climate denialism in Turkey: Who are these people, what are they denying and why? -1". 2023-11-17. Retrieved 2023-11-17.
- ↑ "The Climate Question - Why are climate scientists receiving abuse?" (Podcast). BBC Sounds. Event occurs at 2:30. Retrieved 2023-11-14.
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