Carbon Credits: Value Allocation and Degrees Celcius

carbon credits: But global greenhouse gas emissions have continued to increase, atmospheric concentrations of carbon dioxide are at their highest levels in 800,000 years, and current policies will likely result in warming of about 3 degrees by 2100. ; Moreover, the recent COP25 negotiations in Madrid ended in failure, with governments squabbling over the value and allocation of carbon credits held over from a discredited previous policy regime, according to The Japan Times. At the same time, however, stunning technological progress during the 2010s makes it possible to cut emissions at a cost far lower than we dared hope a decade ago. In 2015, at the COP21 climate conference in Paris, 196 countries agreed to limit global warming to well below 2 degrees Celcius above preindustrial levels. The costs of solar and wind power have fallen more than 80 percent and 70 percent, respectively, while lithium-ion battery costs are down from 1,000 per kilowatt-hour in 2010 to 160 per kWh today. In addition, it is now clear that even the harder-to-abate sectors of the economy, such as heavy industry including steel, cement and chemicals and long-distance transport shipping, aviation and trucking can be decarbonized at costs which, although significant for any one company acting alone, are trivial in terms of the impact on people's living standards. These and other breakthroughs guarantee that energy systems which are as much as 85 percent dependent on variable renewables could produce zero-carbon electricity at costs that are fully competitive with those of fossil fuel-based systems. (news.financializer.com). As reported in the news.

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