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Concept information

national and international action > climate policy > greenhouse gas market

Término preferido

greenhouse gas market  

Definición

  • Emission trading schemes (ETS) for carbon dioxide (CO2) and other greenhouse gases (GHGs) are an approach to limit climate change by creating a market with limited allowances for emissions. Additional costs on GHG emissions can lower competitiveness of fossil fuels and accelerate investments into low carbon sources of energy such as wind power and photovoltaics. Fossil fuels are the main driver for climate change. They account for 89% of all CO2 emissions and 68% of all GHG emissions. Under emission trading, a country or a polluter having more emissions is able to purchase the right to emit more. The country or entity having fewer emissions sells the right to emit carbon to other countries or entities. As a result, the most cost-effective carbon reduction methods would be exploited first. ETS and carbon taxes are a common method for countries to meet their pledges under the Paris Agreement. Carbon ETS are in operation in China, the European Union and other countries. However, they are usually not harmonized with any defined carbon budgets, which are required to maintain global warming below the critical thresholds of 1.5°C or "well below" 2°C. The existing schemes only cover a limited scope of emissions. The EU-ETS focusses on industry and large power generation, leaving the introduction of additional schemes for transport and private consumption to the member states. Though units are counted in tonnes of carbon dioxide equivalent, other potent GHGs such as methane (CH4) or nitrous oxide (N2O) from agriculture are usually not part these schemes yet. Apart from that, an oversupply leads to low prices of allowances with almost no effect on fossil fuel combustion. In July 2021, emission trade allowances (ETAs) covered a wide price range from 6€/tCO2 in China's new national carbon market to 57€/tCO2 in the EU-ETS. The German Environment Agency estimates the environmental damage between €180 (206 $) and €640/tCO2 (731 $). (Source: DBpedia)

Concepto genérico

Etiquetas alternativas

  • carbon emission trading
  • carbon market
  • CO2 market
  • GHG market

En otras lenguas

URI

http://data.loterre.fr/ark:/67375/CHC-DLB4N3MF-C

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