It will be interesting to see how the industrialized world fulfills its carbon reduction obligations now that the price of crude oil has climbed over U$130/ barrel. With oil prices reaching record-highs (and predicted to yet rise), power companies may have to switch from oil to coal, which is a cheaper but dirtier fuel. Coal based plants emit more carbon dioxide. This will increase greenhouse gas emissions and make it harder for industrialized nations to meet their emissions reduction targets.
Industrialized nations will have to work harder to find methods to reduce their emissions. Further research and investment in breakthrough technologies that are clean and offer effective internal abatement solutions, is required. In the mean time, industrialized nations will have to participate in carbon trading to buy offsets that can neutralize their emissions. While the preference for carbon trading for industrialized nations will be other industrialized nations, it is expected that these countries will also look into buying verified and reliable carbon credits from the developing world, giving a boost to the carbon market there.
Industrialized nations will have to work harder to find methods to reduce their emissions. Further research and investment in breakthrough technologies that are clean and offer effective internal abatement solutions, is required. In the mean time, industrialized nations will have to participate in carbon trading to buy offsets that can neutralize their emissions. While the preference for carbon trading for industrialized nations will be other industrialized nations, it is expected that these countries will also look into buying verified and reliable carbon credits from the developing world, giving a boost to the carbon market there.
No comments:
Post a Comment