Towards the end of 1980s the United States of America had a problem. Its power stations had been emitting large amounts of sulphur dioxide for years, which falls back to earth as acid rain. Acid rain harms plants, aquatic animals, and infrastructure.
". Eight years later, acid rain levels over large regions in eastern America had fallen by 20%, and a new way of cutting emissions emerged., suggested applying the concept of"cap-and-trade" to carbon, and so the carbon trade markets were born.Each year, organisations that have a large carbon footprint are allocated an allowance proportionate to their historical emissions. These allowances, or carbon credits, can then be bought and sold on a secondary market.
For example, a nation might reduce its carbon emissions by building wind farms to replace coal-fired power stations. This infrastructure investment will free up a portion of its carbon allowance, which could be sold to another country. But it might still count as a reduction in the first country's emissions, even though overall output hasn't changed.
Nevertheless, being the industrial powerhouse it is, China is the big kahuna because it produces heavily carbon-intensive goods at a massive rate. Without China's full cooperation to harmonise carbon pricing and carbon trading systems, most of the world's efforts will probably be undermined.The price of carbon is determined by supply and demand. The cost of carbon will rise and fall depending on whether the firms find alternatives to polluting by assigning a price to damaging activity.
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