Session: 04-02: Research for the Clean Energy Transition II

Paper Number: 131488

131488 - Energy Transition Through Voluntary Carbon Credit System 

Abstract: 

The Earth is currently witnessing substantial transformations in its climate, posing considerable risks to ecosystems, humanity, healthcare, the economy, and virtually every facet of life. The primary driver of these transformations lies in emissions resulting from human activities. These actions have significantly increased the concentration of carbon dioxide (CO2) in the atmosphere, creating a barrier that traps greenhouse gases (GHG). This barrier, in turn, redirects radiation towards Earth, contributing to a rise in temperatures and global warming.

To effectively tackle these challenges, an urgent shift towards clean energy and environmentally sustainable technology is not just beneficial but imperative. At the forefront of this effort stands the Clean Development Mechanism (CDM), a significant component of the 2005 Kyoto Protocol designed to curtail emissions. Complementing the CDM is the Carbon Credit market, a platform for trading carbon emissions. The carbon credit system establishes a marketplace where individuals engaging in sustainable practices can earn credits. These credits, in turn, become commodities that industries can purchase to offset their carbon tax liability or work towards achieving a net-zero emissions state, all in exchange for financial compensation.

This approach creates a symbiotic relationship that encourages businesses to either adopt cleaner technologies or invest in environmentally friendly projects. In doing so, it not only helps mitigate the adverse impact of carbon emissions but also facilitates a smoother transition towards cleaner energy sources. The essence of the carbon credit system lies in its capacity to incentivize sustainable practices, creating a tangible link between environmentally conscious actions and financial benefits.

The concept is simple: those engaging in sustainable practices, whether individuals, businesses, or projects, earn credits. These credits, akin to a form of currency, can then be traded in the marketplace. Industries, on the other hand, seeking to balance their carbon footprint or meet ambitious emissions reduction goals can purchase these credits. This not only aids in financial compensation for those contributing to sustainable practices but also provides industries with a practical mechanism to offset their environmental impact.

The significance of this approach becomes even more pronounced when considering its role in fostering energy transition. By creating a tangible and financially rewarding link between sustainable actions and compensation, the carbon credit system acts as a catalyst for positive change. It encourages businesses to actively engage in eco-friendly initiatives, thereby accelerating the adoption of cleaner technologies and sustainable practices.

In essence, the carbon credit system emerges as a pragmatic tool in the global effort to combat climate change. It provides a mechanism where the collective drive towards sustainability is not just a moral imperative but a financially rewarding endeavor. The market-driven approach creates a dynamic where sustainable practices are not only encouraged but actively sought after by industries aiming to balance their environmental impact.

As the world grapples with the urgent need for a transition towards clean energy, the carbon credit system stands as a beacon of hope. It not only offers a practical solution for mitigating the impact of emissions but also charts a course towards a more sustainable and environmentally conscious future. Through this nuanced and interconnected approach, the carbon credit system plays a pivotal role in steering the global community towards a healthier and more balanced relationship with the planet.

Presenting Author: Aparna R M Kumaraguru College of Technology

Presenting Author Biography: Currently in my second year of civil engineering at Kumaraguru College of Technology, I am an avid and enthusiastic learner who has demonstrated excellence in both academic pursuits and extracurricular activities. My passion centers around environmental engineering and climate change, with a specific focus on areas such as pollution management, carbon cycle, blue carbon, and climate science. Since my first year of study, I have actively engaged with these topics, consistently seeking to expand my knowledge and make meaningful contributions to these crucial areas of research and practice.

In my previous project works, I conducted a study on the removal of unwanted algal matter from water bodies and investigated the exposure of air pollutants in roadside vendors. These projects allowed me to apply my theoretical knowledge in practical settings, gaining valuable insights into the real-world applications of environmental engineering.

Currently, I am involved in ongoing project works that reflect my commitment to addressing environmental challenges. These projects include a study on greenhouse gas abatement through afforestation, focusing on the pivotal role of trees in mitigating climate change. Additionally, I am working on a project related to carbon economy, exploring ways to enhance sustainability and reduce carbon footprints in various processes.

Through my academic journey and project works, I aspire to contribute meaningfully to the field of environmental engineering and play a role in addressing the pressing issues of climate change. My dedication to continuous learning and hands-on project experiences underscores my commitment to making a positive impact in these vital areas of study.

Authors:

Brathikan Vijayamohan Mankayarkarasi UNIVERSITY OF EDINBURGH
Aparna R M Kumaraguru College of Technology