To reduce greenhouse gases, the UN gives firms more carbon credits (that they can sell on the open market) the more destructive the gases they capture and destroy. Rather than ridding the planet of these gases, firms now, ironically, produce large volumes of these gases and receive carbon credits for destroying them. To date, 46% of all carbon credits have been awarded to 19 plants that produce the gas HCFC-22.
Tag Archives: Greenhouse gas emissions
Flight of (Expensive) Fancy
Starting 1/1/12 Europe will impose a cap-and-trade system on airlines to reduce their greenhouse gas emissions. Airlines will initially get free permits to cover 85% of their existing carbon-dioxide emissions but will have to buy any additional permits. While the permit price is still TBA, it seems it will be based on a price of €13 ($16.5) /ton of carbon dioxide; adding about €2 to €12 per ticket depending on distance.