With carbon offsetting, environmental pollution caused by greenhouse gas emissions is tried to be compensated. It is a solution that has been revealed in the name of eliminating global warming and climate change. Carbon offsetting is attempted to be achieved with the measures taken in international markets.
There have been institutions, organizations, and companies that have requested voluntary offset to reduce the rate of carbon emissions. Different strategies have been developed to minimize emissions for businesses in every sector, from government institutions to private companies. In practice, to reduce carbon emissions, there have been voluntary offsets. 90% of those involved in voluntary offsetting agreed that they would produce projects to reduce carbon emissions as corporate social responsibility projects or establish a sponsorship relationship for projects created in this field. At the same time, they have committed that they will be exemplary by leading their sectors and encouraging them to reduce emissions by industry.
How Does the Carbon Offset System Work?
Carbon offsetting is a system that works as a financial instrument. By turning it into a financial instrument, a value has been given to the emitted carbon. Companies have committed to pay as much as they emit carbon. It is almost as if a credit system has been created and a quota has been placed on carbon emissions. An additional payment was made for the portion above the credit limit per carbon unit, and an attempt was made to provide an equalization.
On the other hand, States have put some taxation by following another policy to stop pollution. Companies have turned to solutions that reduce carbon emissions to minimize the taxes they will pay due to carbon.
Point Carbon is a company researching carbon markets in Washington and Oslo. After determining the quota in carbon emissions, a study was conducted in 2009 to measure how much increase or decrease there was. According to the research, 8,200,000,000 (eight billion two hundred million) metric tons of excess carbon dioxide were emitted in 2009 alone, and a per-carbon payment was made. In other words, an offset has been made for 8.200.000.000 (eight billion two hundred million) metric carbon dioxide. It has been observed that there has been a decrease in carbon dioxide emissions by approximately 68% from 2008 to 2009. Between 2008 and 2009, they reduced the value per carbon price by 40% as a stock market that did not lose weight in terms of stakeholder participation or being an authority in its sector. This depreciation has occurred without depreciation and has shown that carbon emissions have decreased with sanctions and incentives. Therefore, there has been a decrease in the offset demand.
What is the Importance of Renewable Energy in Carbon Offset?
Renewable energy, which is used as an alternative to carbon-emitting energy sources, wind, solar, hydroelectric or biofuel, etc., should be understood. By balancing, it is aimed to reduce the production cost difference between renewable and conventional (wood, coal, oil and natural gas, fossil, nuclear, river, etc.) energies. It is aimed to expand the use and production areas of renewable energy resources by increasing them.
As a result of directing to renewable energy sources, the possibility of producing energy has increased day by day, and it has become cheaper and widespread. Among the renewable energies, the most preferred ones were wind and solar. It is thought that the demand for usage and production will increase day by day. Research for the coming years shows that the renewable energy market will grow by 2050. In fact, according to a study, the rate of renewable energy production in 2050 will dominate in the band of 57% to 71% among all energy types.
Nuclear energies are considered an option for carbon offsetting, just like renewable energy. Nuclear energy is a type of energy that does not emit carbon and has the feature of producing energy by capturing the carbon present in the atmosphere. However, since the risk of damaging the planet is very high, many organizations and states do not look forward to increasing nuclear energy.
To summarize, there are advantages for companies and governments to turn to renewable energy. The first of these advantages is that they will not pay due to carbon offsetting. Another advantage is that they can renew their brand image with an environmentally conscious and sensitive attitude. By displaying an environmentally sensitive attitude, they will increase their prestige in society. The last advantages are that while a system is being built that comes under the dominance of renewable energy day by day, it is crucial to take their place in this system as soon as possible. It is essential not to be left behind in competition and to participate in the process.
Author:
Çağın Ergün
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