When we think about greenhouse gas (GHG) emissions, we may consider what our impact has on the US as a whole. But, who considers how much greater this situation is on a global level? The United Nations Framework Convention on Climate Change (UNFCCC) does. They are an international treaty that creates various programs with the aim of reducing the carbon footprint of countries around the world.
United Nations Framework Convention on Climate Change (UNFCCC) established the Kyoto Protocol to create binding targets that restrict GHG (Green House Gas) concentrations in the atmosphere and bring them down levels less harmful to the environment. Emissions trading was among the mechanisms that were devised by the signatories of the Kyoto Protocol in 1997. The US was not a participating member of the Kyoto Protocol due to potential harm it could cause on the US economy per President George W. Bush.
How to Measure GHG Decreases
The Kyoto Protocol has commitments from 37 industrialized nations to implement projects that aim to reduce their carbon emissions and other greenhouse gas discharges. The Protocol requires member-countries to meet their goals primarily through national efforts. They may, however, supplement their efforts using emissions trading. Emissions trading, as defined in Article 17, allows a country that has already hit their goal to then create excess emission units. These extras units or credits could then be sold to other countries to offset their own carbon emissions.
But is it even possible for member-countries to measure their greenhouse gas emissions? Well, not exactly. To get an accurate readout of its emissions, member-countries would have to attach greenhouse gas meters to every smokestack, tailpipe, and yes, landfill. Since this is downright unfeasible, the experts have instead turned their attention to tracking the inputs, like how many gallons of fossil fuels are consumed and how many pounds of waste are produced, rather than taking pains to measure the output of the emission itself. Through this method, carbon emissions are determined.
Pros and Cons of Emissions Trading
On the whole, the objective of the UNFCCC, with the inception of the Kyoto Protocol to reduce our carbon footprint, is very admirable. In fact, the UNFCCC reported that in 2008, the first year that action was implemented for the Kyoto Protocol, member-countries were able to reduce their greenhouse gas emissions by as much as 5% below the 1990 levels. This is a wonderful accomplishment and far ahead of their self-imposed 2012 deadline.
The problem, however, is with emissions trading. While most member-countries are very dedicated to implement measures to reduce their carbon emissions, other member-countries prefer to buy emission reduction units to offset their carbon emissions as a cheaper or easier option. In the end, critiques question if the objective of the Kyoto Protocol really creating any real benefits at all.
US GHG Reduction Efforts
The US Environmental Protection Agency (EPA) has implemented a carbon credit program as well. The Environmental Credit Corporation (ECC) has developed a system to create environmental assets using GHG reduction. The six types of GHG emissions are issued a valued based on their level of global warming potential. For example, a ton of carbon dioxide equals one carbon credit. Once verified by the ECC, an entity can earn carbon credits to trade or sell to other organizations.
