14. Carbon Credit
Carbon credits represent a market-based approach to reducing greenhouse gas emissions by assigning a monetary value to the cost of polluting. These credits can be generated through carbon sequestration projects or CO2-saving initiatives, forming an essential part of compliance and verified markets. The chapter discusses various methods of carbon capture, transport, and storage, alongside the economic principles applied to environmental accountability, including the Polluter Pays Principle and the importance of green building practices.
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What we have learnt
- Carbon credits are a tradable permit system aimed at reducing greenhouse gas emissions.
- Carbon sequestration involves capturing and storing CO2, with various technologies and methods discussed for effective implementation.
- The Polluter Pays Principle emphasizes that those responsible for pollution should also bear its costs, promoting environmental accountability.
Key Concepts
- -- Carbon Credits
- Tradable permits that represent the right to emit one tonne of carbon dioxide, serving as a market mechanism to incentivize reductions in greenhouse gas emissions.
- -- Carbon Sequestration
- The process of capturing and storing atmospheric carbon dioxide to mitigate climate change, involving both natural and artificial methods.
- -- Polluter Pays Principle
- An economic principle stating that those who produce pollution should bear the costs associated with it, thereby internalizing environmental externalities.
- -- Green Building
- Construction practices that are environmentally responsible, efficient in resource usage, and provide healthier spaces for occupants.
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