Global warming is the persistent increase in the temperature of the surface of the earth. It is caused by the release of what are called greenhouse gases as a result of human activity. These gases stay in the atmosphere and trap the solar radiation causing global warming. The most important greenhouse gas is carbon dioxide which is released when fossil fuels are burnt.The effects of global warming are disastrous and the governments of all countries are jointly and severally seized of this critical issue. Various solutions are being pursued to stop global warming. However the only path that has begun to show results is a scheme known as carbon emissions trading. This scheme is well under way in the United States of America and the European Union and other governments are pushing hard to implement it as well. Each manufacturer is set a quota on how much carbon dioxide it can release into the atmosphere. The quota depends on a number of factors such as products manufactured, manufacturing capacity and technology used. Then the emissions of each manufacturer are measured. Manufacturers who are more efficient release less carbon dioxide than their quota and therefore are able to sell the balance. Manufacturers who are less efficient release more carbon dioxide than their quota and are compelled to buy the unused quota of the efficient manufacturers. These quotas are sold competitively on exchanges not unlike the stock exchanges. There are brokers who shop around and buy the quotas cheap and make a packet on selling the quotas to companies who are desperate to buy. Continue Reading…
Global warming is the consistent rise in the temperature of the earth’s surface, both land and water. Certain gases, notably carbon dioxide, trap solar radiation and reflect it back to the earth. This is the main cause of global warming. These gases are released as a result of human activity, which if anything is likely to increase in the coming years. This is why global warming has become a cause for concern.