Guest Opinion: In 2016, the Global Monitoring Laboratory at Mauna Loa, Hawaii, set off an international alarm when it declared that the global annual minimum levels of CO2 in the atmosphere had crossed the mark of 400 parts per million. The last time earth’s atmosphere contained a similar concentration of CO2 was in the Pliocene Era, some 5 million years ago. To put this into the right perspective, it is important to know that the “safe” level of CO2 concentration in the air is 350 PPM.
Greenhouse emissions caused due to industrial and commercial activities are the primary cause behind rising worldwide phenomena like wildfires, erratic weather, floods, and droughts. The fine balance found in nature and the earth’s ecosystems is in real danger if the GHGs levels remain unchecked. The 2019 Global Climate Report, published by NOAA, stated that the global average temperature has risen at a rate of 0.07°C (0.13°F) per decade since 1880 and 0.18°C / 0.32°F per decade since 1981.
The global response to this alarming situation came in the form of the 1997 Kyoto Protocol and the 2016 Paris Climate Agreement. Under these multilateral agreements, more than 192 countries shall be bound by the emission reduction targets set under the UNFCC mandates. The goal is to limit global warming to 1.5-2 degrees celsius and deliver the environmental benefits of reducing carbon emissions.
Minimising the Carbon Footprint
Currently, China, the USA, India, and Russia are the four largest GHG emitters. Around 40% of countries contribute less than 2% of the global share of carbon emissions. Australia accounts for 1.2% of global GHC emissions. Its flourishing mining industry, heavy dependency on coal for power generation, and other industrial & commercial activities is the primary reason behind the high level of GHGs emissions.
The Rise of Carbon Offsets and Carbon Markets
The 1997 Kyoto Protocol, adopted in 2005, gave the Clean Development Mechanism. CDM intended to reduce carbon emission by putting caps on emission levels for businesses and industries. This gave rise to carbon markets where businesses could earn transferable credits for lower emissions which could later be traded with another corporation for cash. The cap-and-trade system ensures that global emission levels remain under the desired volume without hampering the efficiency of emission heavy industries and businesses.
Carbon Offset – A viable solution for the time being
The concept of carbon offset revolves around the idea that emissions caused by activity at one place can be evened out by investing in projects that help remove excess CO2 in another place. For e.g., a business involved in the production of thermal power through coal can even out their carbon footprint by purchasing a membership in an offset program involving conserving a patch of timber forest in Brazil. Businesses and individuals prefer to invest in carbon offset programs as a viable means to fulfil their legal and moral obligations towards the cause of combating climate change.
Environmental benefits of Reducing Carbon Emissions
Earth’s ecology and the environment is a sensitive and fragile system. Even the slightest change of around 2-4 degrees Celsius will leave a lasting impact and affect everything, including climate, weather, sea-levels, etc.
All countries need to contribute effectively to reach the target of bringing down the global temperature rise to 2 degrees Celsius or lower. Today the various carbon offset programs focus on achieving this target through different modes such as tree-plantation, investing in alternate energy, etc. The basic idea behind these programs is to reduce emissions directly or indirectly or to create a carbon sink to absorb and lock the excess CO2.
Other environmental benefits of reducing carbon emissions through carbon offset projects are conservation of forest and natural habitats, improvement in air and water quality, better management of the environment, etc. Some of the best carbon offset programs in Australia are directed to benefit the indigenous population, the natural resources like the Great Barrier Reef and eco-hotspots.
In Australia alone, there are around 800 carbon offset programs like the Yarra Yarra Biodiversity Corridor in South Western Australia, fire management program in Arnhem Land, Great Barrier Reef preservation, etc.
The world’s carbon offset market is slowly maturing and is expected to increase in volume post-COVID-19 slowdown. Some common carbon offset project concepts are – Renewable/ Alternative Energy Projects, Energy Efficiency projects, Farming Projects, Carbon sequestration Projects, etc.
Carbon offsets can be traded in the open markets like any other commodity. However, not all offset programs are equally efficient and genuine. Global standards and certifications like Verified Carbon Standard (VCS), The Gold Standard (GS), Carbon Farming Initiative (CFI- Australia), and National Carbon Offset Standard (NCOS- Australia) ensure that only the best carbon offset programs in Australia receive the certification of standardisation.
By sequestering carbon in trees, forest offsets provide a unique opportunity for climate-change mitigation alongside co-benefits such as conservation and sustainable forest management.
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