Carbon footprint and banking #2
Carbon banking is a process through which companies and corporations purchase carbon emissions from corporations in the developing countries and those countries whose economy is in transition. The purchased carbon emission gives the companies credits to emit a tonne of carbon dioxide or any other greenhouse gas (Marechal and Hecq, 716).The exercise is helpful in mitigating the effects of greenhouses as the growth in greenhouse gases is controlled. The buying and selling of carbon credit give a rose to carbon trading. The greenhouse gases emission is also effectively controlled as carbon emission permits are allocated depending on the regulated resources.
There are also companies who have a specialty in buying and selling of carbon credits from individuals who would wish to reduce their carbon footprints on a voluntary basis. The companies then store the carbon credits to use them later or even sell to other companies who would like to emit some equivalent carbon to the atmosphere. They carry out the process through two main markets namely the compliance market secondary and the verified markets credits.
Carbon banking has been in use for a decade since its invention in a bid to curb the greenhouse effects that had negatively affected the world. The carbon banking technology has also been equally effective in curbing carbon emissions because companies and individuals have to have carbon credits for them to be allowed to emit any equivalent gr…
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