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Offsets!!!

Offsets!!!. by Dian Putrasahan. Definition. Environmental Offset Doing an environmental good that would compensate environmental harm that was put in. Carbon Offset

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Offsets!!!

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  1. Offsets!!! by Dian Putrasahan

  2. Definition Environmental Offset Doing an environmental good that would compensate environmental harm that was put in. Carbon Offset A carbon offset zeros out (offsets) all or part of the carbon dioxide emissions of a party, by reducing the emissions -- or increasing the carbon dioxide absorption -- of another party. This reduces net greenhouse gas emissions with the aim of combating global warming. Effectively offsetting the emissions of an activity makes that activity "carbon neutral".

  3. Types of Offset • Carbon, particularly carbon dioxide • Other greenhouse gases such as CH4, NOx, VOC, HFCs, etc. • Ecological (endangered species) • Relocation of sea turtle population

  4. Carbon offsetting • Sequestration (plant trees, pump CO2 into the ground or bottom of the ocean) • Buy carbon credits (originally allocated by the government and meets national emission target) • Purchase carbon allowances - investing in other emission reduction projects • Reduce amount of CO2 release • More energy efficient • Renewable energy vs fossil fuel/coal • Prevent carbon release (capture CH4 from landfills and using CH4 as natural gas)

  5. Different Levels of Implementation • Global/International (Kyoto Mechanisms, Olympics, FIFA World Cup, Super Bowl, G8 summit, etc.) • National/Government (Environmental Agencies, Regulations) • Commercial/ Industrial (Regulations and voluntarily) • Public Community (Music bands, Neighborhood, schools, etc.) • Individuals

  6. Kyoto Mechanisms • Also known as Flexible Mechanisms, it encompasses the Emissions Trading (ET), Joint Implementation (JI) and the Clean Development Mechanism (CDM) • These are mechanisms design under the Kyoto Protocol to help lower overall cost of achieving emissions standard. • These mechanisms were highly favored by the US even before they decided not to ratify on the Kyoto Protocol. http://en.wikipedia.org/wiki/Flexible_Mechanisms

  7. EU ETS European Union Emissions Trading Scheme was created in conjunction with the Kyoto Protocol, and is the world’s first international CO2 emissions trading program that limits the amount of CO2 emissions from the large installations throughout the EU. It uses a market-based platform to provide incentives for reduction of GHG emissions in a cost effective manner. The scheme operates through the trade and allocation of GHG emissions allowances within the members of 25 countries in the EU. Phase I: (Jan 2005 – Dec 2007) It only covers CO2 gas emissions. Focused on power sector and energy-intensive industrial sector, it represents close to 50% of European emissions. Phase II: (2008-2012) Potentially cover 5 additional GHG emissions. CDM and JI will be introduced through Linking Directives. Currently, it doesn’t allow ETS CO2 credit to be obtained from carbon sinks, such as tree planting. http://en.wikipedia.org/wiki/EU_ETS

  8. Joint Implementation • An arrangement which allows Annex-1 countries with GHG reduction commitment to invest in emissions reduction projects in another industrialized country as an alternative to reducing emissions in their own countries. • Since the countries involved have emissions reduction requirements, JI projects cause less concern on spurious emissions reduction than CDM. • Credits awarded in JI projects are called Emission Reduction Units (ERUs), where one ERU is equivalent to a reduction of a tonne of CO2 emission. http://en.wikipedia.org/wiki/Joint_Implementation

  9. Clean Development Mechanism Similar to JI, however, it is geared towards investing in emission reduction projects in developing countries. In theory, it allows buyers to dramatically reduce the cost, while maintaining same emission reductions without CDM. However, in practise, emission reductions could be worse than with CDM. The purpose of the CDM was to help industrialized countries to meet their emission reduction targets, as well as assist developing countries to have sustainable development while contributing to the stabilization of GHG concentrations in the atmosphere. What going to prevent the Annex-1 countries from making unlimited use of CDM? Article 6.1 d) has a provision that use of CDM be ‘supplemental’ to domestic actions to reduce emissions. Credits in CDM are awarded as Certified Emissions Reductions and is equivalent to 1 tonne of CO2 emission.

  10. Problems with CDM http://www.newint.org/features/2006/07/01/carbon-offsets-facts/

  11. Correlation of EUA prices and Fuel Prices Point Carbon, 2006

  12. Growth of Emission Reduction Projects Point Carbon, 2006

  13. Individual Voluntary Offsets • Switching to renewable energy sources, which can reduce CO2 output by ~20% compared to fossil-fuel driven energy. • Using energy efficient light bulbs and appliances • Replacing loft insulation with solar panels • Walk/bike to work, or use public transportation that uses renewable energy • Investing in sustainable projects to offset remaining carbon footprint • Education/Outreach to the increase public awareness

  14. Voluntary Carbon Offset • What about traveling by plane? Currently can’t really reduce emissions from flight travel. One could try carpooling and driving with a good gas mileage car. If one really has to fly, the next option is then to compensate CO2 emissions • tree planting or investing in organizations that focus on the use of renewable energy

  15. Conclusion • Carbon market has created a new interplay between energy commodities and strengthened energy market interactions. The carbon market places a cost on emissions and a value on reductions, and leads to large scale reductions in the near term. This makes it a good option for the world to transition into a low-carbon economy. • Carbon offset has its flaws. It is a start in reducing CO2 emissions, but it is definitely NOT a solution. • Where possible, reducing carbon emissions is the best option. Compensation for CO2 emissions is the second option when reduction is not feasible.

  16. Websites • http://en.wikipedia.org/wiki/Carbon_offset • http://carbonfund.org/site/pages/why_offset_carbon/ • http://www.davidsuzuki.org/Climate_Change/What_You_Can_Do/carbon_neutral.asp • http://www.theclimategroup.org/ • http://www.newint.org/issues/2006/07/01/ • http://www.myclimate.org/index.php?lang=en • http://www.climatecare.org/ • http://www.e-bluehorizons.com/ • http://www.terrapass.com/ • http://www.climatebiz.com/index.cfm

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