Many politicians and scientists advocate the use of market forces to help us win the war against global warming and climate change. This is an approach taken by the newly elected President of the United States and also by the government in the Britain. A UK cap and trade scheme is under the spotlight right now as it seeks to manipulate the domestic market to reduce carbon emissions.
The UK cap and trade scheme sets an overall limit on the amount of carbon dioxide emissions that can be released to the atmosphere. The goal of the British government is to gradually reduce this each year up until the year 2050, by which time an 80% reduction will hopefully have been achieved.
Every organization that needs to emit carbon as part of its ordinary operation must buy a certain amount of "allowances" from the government. These allowances will be managed within an overall cap. By forcing this element of scarcity, the UK cap and trade scheme effectively creates a real-time value for carbon and turns it into a newly minted commodity.
As a tonne of CO2 will retain an actual value under the UK cap and trade scheme, it follows that an enterprise will be incentivized to reduce its reliance on carbon by introducing efficiencies within its cycle. As it will rely less on carbon emissions, it may sell its unused allowances on the market, trading to other companies who may not be as efficient. In this way, market forces will eventually force a reduction in overall carbon emissions.
A similar version of the UK cap and trade scheme may well be adopted within the United States, if legislation circulating through Congress is eventually taken up. It seems only a matter of time before such hard-hitting programs are introduced, as without them the task of actually reducing carbon emissions in an industrialized society is much harder.
Significant financial penalties await those organizations who fail to actively and successfully participate in the Carbon Reduction Commitment. According to their known electricity usage figures, the largest emitters of carbon dioxide must join the UK cap and trade program and make sure that they succeed.
There is considerable pressure on those entities that must participate in the Carbon Reduction Commitment. Not only will they need to engage with market forces accordingly, they will be hit with additional fines should they find that they need to buy additional allocations. The government has said that they will publicize performance results to consumers, which could lead to negative reactions.
The UK cap and trade project will not get underway in earnest until 2011, but organizations affected are already engaged. The process of identification refers to 2008 consumption records and registration with preparation will take place during 2010.
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The UK cap and trade scheme sets an overall limit on the amount of carbon dioxide emissions that can be released to the atmosphere. The goal of the British government is to gradually reduce this each year up until the year 2050, by which time an 80% reduction will hopefully have been achieved.
Every organization that needs to emit carbon as part of its ordinary operation must buy a certain amount of "allowances" from the government. These allowances will be managed within an overall cap. By forcing this element of scarcity, the UK cap and trade scheme effectively creates a real-time value for carbon and turns it into a newly minted commodity.
As a tonne of CO2 will retain an actual value under the UK cap and trade scheme, it follows that an enterprise will be incentivized to reduce its reliance on carbon by introducing efficiencies within its cycle. As it will rely less on carbon emissions, it may sell its unused allowances on the market, trading to other companies who may not be as efficient. In this way, market forces will eventually force a reduction in overall carbon emissions.
A similar version of the UK cap and trade scheme may well be adopted within the United States, if legislation circulating through Congress is eventually taken up. It seems only a matter of time before such hard-hitting programs are introduced, as without them the task of actually reducing carbon emissions in an industrialized society is much harder.
Significant financial penalties await those organizations who fail to actively and successfully participate in the Carbon Reduction Commitment. According to their known electricity usage figures, the largest emitters of carbon dioxide must join the UK cap and trade program and make sure that they succeed.
There is considerable pressure on those entities that must participate in the Carbon Reduction Commitment. Not only will they need to engage with market forces accordingly, they will be hit with additional fines should they find that they need to buy additional allocations. The government has said that they will publicize performance results to consumers, which could lead to negative reactions.
The UK cap and trade project will not get underway in earnest until 2011, but organizations affected are already engaged. The process of identification refers to 2008 consumption records and registration with preparation will take place during 2010.
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