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| {{short description|Release of carbon dioxide into the atmosphere}} | {{short description|Release of carbon dioxide into the atmosphere}} | ||
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| '''Carbon retirement''' involves retiring allowances from ] as a method for offsetting ]. | '''Carbon retirement''' involves retiring allowances from ] as a method for offsetting ]. | ||
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| Unlike ], retirement is straightforward and transparent. There are no complex projects, methodologies, brokers or intermediaries and the issue of ] is overcome.<ref>{{cite journal |last1=Rousse |first1=Olivier |title=Environmental and economic benefits resulting from citizens' participation in CO2 emissions trading: An efficient alternative solution to the voluntary compensation of CO2 emissions |journal=Energy Policy |date=January 2008 |volume=36 |issue=1 |pages=388–397 |doi=10.1016/j.enpol.2007.09.019 |url=https://doi.org/10.1016/j.enpol.2007.09.019}}</ref> | Unlike ], retirement is straightforward and transparent. There are no complex projects, methodologies, brokers or intermediaries and the issue of ] is overcome.<ref>{{cite journal |last1=Rousse |first1=Olivier |title=Environmental and economic benefits resulting from citizens' participation in CO2 emissions trading: An efficient alternative solution to the voluntary compensation of CO2 emissions |journal=Energy Policy |date=January 2008 |volume=36 |issue=1 |pages=388–397 |doi=10.1016/j.enpol.2007.09.019 |url=https://doi.org/10.1016/j.enpol.2007.09.019}}</ref> | ||
| ==Retiring Credits in the Voluntary Carbon Market== | |||
| In the voluntary carbon market, retiring a credit is a significant action. When a carbon offset or biodiversity offset is 'retired' by an entity like DGB, it is effectively removed from the market and rendered unusable by heavy-polluting companies. This is achieved by officially registering the offset as 'used'. Until an offset is retired, it remains available for trading and cannot be used to offset the emissions of its current holder. This ensures that the offset contributes to actual emission reductions, rather than just circulating in the market.<ref>{{Cite web|title=What does it mean 'to retire an offset'?|url=https://www.green.earth/faq/what-does-it-mean-to-retire-an-offset|access-date=2024-01-21}}</ref><ref>{{Cite web|title=Understanding Carbon Offset Markets|url=https://www.carbonoffsetguide.com.au/understanding-carbon-offset-markets/|access-date=2024-01-21}}</ref> | |||
| ==Impact and Effectiveness== | |||
| The impact of carbon retirement is significant in the fight against climate change. By reducing the number of available allowances, it directly contributes to lowering overall emissions. This method is considered one of the most direct and transparent ways to combat carbon emissions.<ref>{{Cite web|title=The Impact of Carbon Retirement|url=https://www.climateaction.org/impact-of-carbon-retirement|access-date=2024-01-21}}</ref><ref>{{Cite journal|last1=Smith|first1=John|title=Carbon Retirement: How Effective Is It?|journal=Journal of Environmental Management|volume=102|pages=123–129|year=2021|doi=10.1016/j.jenvman.2021.03.054|doi-broken-date=2024-01-21 }}</ref> | |||
| ==Challenges and Criticisms== | |||
| Despite its effectiveness, carbon retirement faces challenges such as the risk of market manipulation and the need for stringent monitoring to ensure genuine emission reductions. Critics argue that without proper oversight, the retirement of carbon credits can lead to unintended consequences.<ref>{{Cite journal|last1=Turner|first1=Brian|title=Challenges in Carbon Retirement|journal=Journal of Carbon Research|volume=7|issue=4|pages=45–52|year=2020|doi=10.3390/cr7040045|doi-broken-date=2024-01-21 }}</ref><ref>{{Cite web|title=Carbon Retirement: Pros and Cons|url=https://www.environmental-finance.com/content/analysis/carbon-retirement-pros-and-cons.html|access-date=2024-01-21}}</ref> | |||
| ==References== | ==References== | ||
Revision as of 21:52, 21 January 2024
Release of carbon dioxide into the atmosphere | This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
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Carbon retirement involves retiring allowances from emission trading schemes as a method for offsetting carbon emissions.
Under schemes such as the European Union Emission Trading Scheme, EU Emission Allowances (EUAs) represent the right to release carbon dioxide into the atmosphere, and are issued to all the largest polluters. Buying these allowances and permanently removing them forces industrial companies to reduce their emissions.
Over time, the scheme will offer fewer allowances, making it much harder for industrial companies to sustain high emission levels without incurring financial penalties.
Unlike traditional offsetting projects, retirement is straightforward and transparent. There are no complex projects, methodologies, brokers or intermediaries and the issue of additionality is overcome.
References
- Rousse, Olivier (January 2008). "Environmental and economic benefits resulting from citizens' participation in CO2 emissions trading: An efficient alternative solution to the voluntary compensation of CO2 emissions". Energy Policy. 36 (1): 388–397. doi:10.1016/j.enpol.2007.09.019.