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What is the Greenhouse Gas Emissions Trading Scheme?
In a concerted effort to reduce carbon emissions worldwide, several regulatory bodies throughout the world have created a greenhouse gas emissions trading scheme where companies can be involved with the business of carbon trading. The carbon emissions trading market has become a $30 billion industry and continues to grow. The biggest greenhouse gas emissions trading scheme is the European Union Greenhouse Gas Emissions Trading Scheme, also known as the ETC.
Participation in a greenhouse gas emissions trading scheme is either voluntary or mandatory. The ETC requires mandatory involvement, which is one of the arguments against it. Detractors say it is the government’s way of taking over carbon emissions regulating.
Carbon trading is a free market system where companies involved with carbon emissions can buy and sell carbon credits in an effort to reduce overall carbon emissions. This free market strategy was based on similar strategies used in the United States during the 1990s to reduce the amount of toxins released into the air that were causing acid rain. The success of those programs prompted governments to follow those programs rather than using a tax based system. The current free market system utilizing a greenhouse gas emissions trading scheme is seen by experts as a more productive and low cost way of reducing carbon emissions. Although there are a fair share of detractors, the carbon emissions trading market is thriving. Worldwide emissions are down, but only time and more research will tell if it is the best method.
The information supplied in this article is not to be considered as medical advice and is for educational purposes only.