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The Intergovernmental Panel on Climate
Change (IPCC), considered by most to be the authority
on climate change, has concluded through its research,
that humans have caused increasing atmospheric concentrations
of carbon dioxide. Additionally, the IPCC contends that
new and stronger evidence links most of the warming
observed over the last 50 years to human activities.
This global warming has a devastating effect on our
planet. It causes rising sea levels, glacier retreat,
species extinction, increased outbreaks of diseases,
and an increase in the frequency and intensity of extreme
weather events such as hurricanes, tsunamis, floods
and droughts.
For low lying islands/countries the threat of global
warming is an everyday reality. In Tuvalu, for instance,
beaches are vanishing, staple crops are being poisoned
by the rising salt water; indeed, the entire island
faces the threat of one day being submerged by the rising
sea. This has lead to massive emigration of the Tuvalu
people from their island home. In many African countries,
the increasingly frequent droughts are wreaking havoc
with food supplies and the very livelihood of the indigenous
people.
Responding to the challenge of global warming, many
countries, corporations and nongovernmental organizations
are implementing a range of actions; such as, promoting
increased energy efficiency and energy conservation,
utilizing renewable energy certificates (green tags),
enforcing higher pollution standards and promoting alternative
energy use.
A market based approach has also been developed to reduce
emissions. In this system, Carbon Credit Trading, large
emitters may purchase credits from projects that reduce
emissions, or from countries/companies that have earned
credits by emitting lower green house gases than their
emission allowances.
This Scheme results in a transfer of wealth from polluters
to non-polluters, thus providing polluting firms with
an incentive to reduce their pollution, and financially
rewarding non-polluters. Developing countries, historically,
have a significantly lower share of emissions than developed
countries. Therefore, under the Kyoto Protocol, the
richer nations can source their credits from developing
nations, thus enabling developing countries to achieve
sustainable development through technology transfers,
revenue derived from the sale of their credits, and
the social benefits that result from participation in
this Scheme (increased employment, improved health,
cleaner more sanitary environment, etc).
Ultimately, a successful Carbon Credit Trading system
will lead to reduced global warming, increased income
for developing countries and a significant amount of
technological transfers to these countries helping them
in their quest for sustainable development.
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