The most recent dinner conversation with my father revolved around global warming concerns that has gripped the entire planet these days. I feel ashamed to say that though being a post graduate, I have been really busy pursuing other ends and haven't been able to gain much insight into the whole phenomena, the Kyoto protocol that has taken place and many other issues that I feel should be getting more importance than they do presently. Maybe i'm not alone in my ignorance. Thanks to my dad i'm a more knowledgeable person now. This blog is for the those (like me) who dont know or are still wondering what carbon credits is all about.
The Kyoto Protocol was adopted at the third Conference of the Parties to the UNFCCC (COP 3) in Kyoto, Japan, on 11 December 1997. It finally came into force on 16 February, 2005. Developed countries must reduce their Green House Gas (GHS) emissions below levels specified for each of them in the Treaty and must be met within a five-year time frame, between 2008-12, and add up to a total cut in GHG emissions of at least 5% against the baseline of 1990. There is a heavier burden on developed nations under the principle of 'common but differentiated responsibilities.'
What are carbon points?
Carbon credits or points can be 'encashed' with developed countries under the Clean Development Mechanism (CDM) laid down by Kyoto Protocol. One carbon credit or CER (Carbon Emission Reduction) is equivalent to one tonne of CO2 reduced.
Who buys these points?
Under the protocol, if the developed nations cannot reduce emissions as compared to 1990 levels from 2008-12, they can buy carbon points from developing countries. In this way carbon points are like an unit of trading as gold or stock shares. Cost of carbon in 2006- $5-10/tonne
How to earn carbon points?
If an organisation reduces CO2 emission, it earns carbon points. Third world countries can accumulate Carbon credits by following environment friendly practices like reducing use of cement in concrete and afforestation.
Getting Started:
A project is identified. The project is designed using approved methodology. Foreign collaboration is sought. The project report goes to the designated authority for approval in this case the ministry of environment and forests. Then, it is sent to the executive board of the CDM for clearance. The project is validated for registration. Project is continuously monitored before certificate is issued.
For more information, one can visit this site http://ec.europa.eu/environment/climat/kyoto.htm
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