Cap and Trade Schemes
Caps and Trade or Emission trading is a market-based approach to control pollution by providing economic incentives for reducing the emissions of the pollutants.In this, a limit is set on each party that emits such harmful toxins in the environment and a permit needs to be bought that specifies that limit. If in any case, the limit needs to be increased then the owner-party of the permit has to pay extra. Through such capping, a way can be found to best meet the environmental and economic policy targets. Through better regulation and book-keeping of the bigger industries can be done, who is one of the prime suspects in causing pollution. Green House Gas Inventory: In this, the annual calculation of greenhouse gas emissions is done and then its compliance is checked with national and international policies. Be it production-based consumption-based, each category of emission is checked and reported. The most stubborn greenhouse gases include Carbon dioxide, Methane, Nitrous Oxide, and Fluorinated gases. This helps in understanding the best direction in which mitigation efforts, strategies, further progression in controlling the greenhouse gases should be evolving. Through this local and national level plans can be set up that point towards more efficient use of energy technologies and increase awareness among the communities about the risks of climate change.
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