Today the Rose House Dean, Professor Garrick Blalock, gave a discussion that was very interesting. In the beginning of the discussion he asked a series of questions, including:
Do we think that we should leave the planet in a same or better state for future generations?
Do we think that cars emit greenhouse gases that contribute to global warming?
How many of us own a car?
He then led us through a discussion, which included the voluntary carbon market, which is a carbon-credit trade. I had never heard about this concept and decided to further inform myself of this concept. The questions I explored and the answers I found follow:
Where do carbon credits come from?
Carbon credits come from GHG emission reduction projects that deliver measurable reductions in emissions by either replacing the use of dirty fossil fuels with renewable energy; reducing the use of fossil fuels through energy efficiency; or capturing and storing already released carbon in trees and other plants. Professor Garrick Blalock mentioned that capturing and storing already released carbon in trees and other plants is known as carbon sequestration and requires the protection of existing forests or the planting of additional trees and plants. The atmosphere has no national boarders and does not care where GHGs are emitted or prevented. The most important factor in terms of fighting climate change is reducing the total amount of emissions worldwide.
How does carbon offsetting provide a solution to climate change?
Carbon offsetting on its own will not provide a solution to climate change, it will need a multi-layered approach with different schemes working in conjunction. However, carbon offsetting does have a large role to play in the overall approach to carbon management. Reducing emissions internally takes time and money; carbon offsetting is a quick and cost effective way to balance a carbon footprint. At the same time, the emission reduction projects paid for by offsets introduce clean technology and investment into developing countries, helping communities to improve their economy and industry but not at the cost of the environment.
Are carbon credits just permission to pollute?
Carbon credits are not permission to pollute, because even with the clean technology we continue to develop, our society as a whole is going to carry on polluting the atmosphere. It is not possible to not pollute, but one thing we can do is regulate it. Under Emissions Trading Schemes there is a maximum amount of CO2 that countries, or companies, are allowed to release into the air every year. Countries and organisations can buy or sell carbon credits, that is, the allowance to put more carbon into the air, from other countries and organisations. Where one might lose a carbon credit, the other is gaining it. In fact, having carbon credits is believed to help reduce pollution as it encourages companies to continually reduce emissions. Buying obligatory carbon credits is an additional cost to a company, it therefore motivates companies and countries to look for ways to internally reduce the amount of CO2 they emit. Likewise, there is an incentive to pollute less than the allocation as selling the surplus carbon credits is also lucrative.