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'''Carbon retirement''' involves retiring allowances from ] to offset ]. Once retired, the allowances are permanently removed from the market. Under schemes such as the ] (EUETS), polluters may purchase EU Emission Allowances (EUAs), which represent the right to release carbon dioxide into the atmosphere. Purchasing these allowances and thus permanently removing them from the market forces other companies to reduce their emissions. '''Carbon retirement''' is a mechanism within emission trading schemes, notably the ] (EUETS), designed to mitigate climate change by permanently removing emission allowances from circulation. These allowances, or ] (EUAs), permit holders to emit a specified amount of carbon dioxide. By purchasing and retiring these allowances, companies effectively reduce the total emissions cap, compelling others to decrease their emissions to stay within the tightening limits. This process not only contributes to the overall reduction of ] but also incentivizes industries to adopt more sustainable practices due to the increasing scarcity and cost of allowances.


Additionally, carbon retirement encompasses the purchase and permanent retirement of ], which are certificates representing the prevention of greenhouse gas emissions or the removal of these gases from the atmosphere. Companies often use these credits to offset emissions from operations that are challenging to eliminate immediately, thus contributing to their environmental responsibility efforts.
Over time, the scheme will offer fewer allowances to corporations, making it much more difficult for industrial companies to sustain high emission levels without incurring financial penalties.


Carbon retirement involves retiring ] – certificates representing reduced ] or ] (GHGs) removed from the atmosphere. The company could then purchase and “retire” carbon credits as compensation for emissions from sources that will eventually be eliminated. Carbon retirement involves retiring ] – certificates representing reduced ] or ] (GHGs) removed from the atmosphere. The company could then purchase and “retire” carbon credits as compensation for emissions from sources that will eventually be eliminated.


== Historical Analysis and Media Coverage of Carbon Retirement ==
=== History in Media ===
2008 - An article published in the journal ] argued that retirement is "straightforward and transparent" when compared to ]. There are no complex projects, methodologies, brokers, intermediaries, or ]<ref>{{cite journal |last1=Rousse |first1=Olivier |date=January 2008 |title=Environmental and economic benefits resulting from citizens' participation in CO2 emissions trading: An efficient alternative solution to the voluntary compensation of CO2 emissions |url=https://doi.org/10.1016/j.enpol.2007.09.019 |journal=Energy Policy |volume=36 |issue=1 |pages=388–397 |doi=10.1016/j.enpol.2007.09.019}}</ref> 2008 - 2008: An article in the journal ] described carbon retirement as "straightforward and transparent," highlighting its advantages over traditional ], which can involve complex methodologies, brokers, intermediaries, and concerns about additionality <ref>{{cite journal |last1=Rousse |first1=Olivier |date=January 2008 |title=Environmental and economic benefits resulting from citizens' participation in CO2 emissions trading: An efficient alternative solution to the voluntary compensation of CO2 emissions |url=https://doi.org/10.1016/j.enpol.2007.09.019 |journal=Energy Policy |volume=36 |issue=1 |pages=388–397 |doi=10.1016/j.enpol.2007.09.019}}</ref>


2020 - ] estimated that in 2020, buyers retired carbon credits for ~95 million tons of carbon-dioxide equivalent (MtCO2e), more than doubling 2017 values.<ref>{{Cite web |title=Carbon credits: Scaling voluntary markets {{!}} McKinsey |url=https://www.mckinsey.com/capabilities/sustainability/our-insights/a-blueprint-for-scaling-voluntary-carbon-markets-to-meet-the-climate-challenge |access-date=2024-02-21 |website=www.mckinsey.com}}</ref> 2020 - ] reported a significant uptick in the retirement of carbon credits, with approximately 95 million tons of CO2 equivalent (MtCO2e) retired in 2020 alone, more than doubling the figures from 2017..<ref>{{Cite web |title=Carbon credits: Scaling voluntary markets {{!}} McKinsey |url=https://www.mckinsey.com/capabilities/sustainability/our-insights/a-blueprint-for-scaling-voluntary-carbon-markets-to-meet-the-climate-challenge |access-date=2024-02-21 |website=www.mckinsey.com}}</ref>


2022 - British media ] reported that 146 million carbon credits were retired from the four largest registries for carbon-offset projects in the voluntary market, more than double the volume just three years earlier.<ref>{{Cite web |last=Pearson |first=Josh Gabbatiss, Tom |date=2023-09-28 |title=Analysis: How some of the world’s largest companies rely on carbon offsets to ‘reach net-zero’ |url=https://interactive.carbonbrief.org/carbon-offsets-2023/companies.html |access-date=2024-02-21 |website=Carbon Brief |language=en}}</ref> 2022 - British media outlet ] observed that 146 million carbon credits were retired from the four largest registries for carbon-offset projects in the voluntary market, indicating a substantial increase in the volume of retired credits within just three years.<ref>{{Cite web |last=Pearson |first=Josh Gabbatiss, Tom |date=2023-09-28 |title=Analysis: How some of the world’s largest companies rely on carbon offsets to ‘reach net-zero’ |url=https://interactive.carbonbrief.org/carbon-offsets-2023/companies.html |access-date=2024-02-21 |website=Carbon Brief |language=en}}</ref>


==References== ==References==

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Carbon retirement is a mechanism within emission trading schemes, notably the European Union Emission Trading Scheme (EUETS), designed to mitigate climate change by permanently removing emission allowances from circulation. These allowances, or EU Emission Allowances (EUAs), permit holders to emit a specified amount of carbon dioxide. By purchasing and retiring these allowances, companies effectively reduce the total emissions cap, compelling others to decrease their emissions to stay within the tightening limits. This process not only contributes to the overall reduction of carbon emissions but also incentivizes industries to adopt more sustainable practices due to the increasing scarcity and cost of allowances.

Additionally, carbon retirement encompasses the purchase and permanent retirement of carbon credits, which are certificates representing the prevention of greenhouse gas emissions or the removal of these gases from the atmosphere. Companies often use these credits to offset emissions from operations that are challenging to eliminate immediately, thus contributing to their environmental responsibility efforts.

Carbon retirement involves retiring carbon credits – certificates representing reduced greenhouse gas emissions or greenhouse gasses (GHGs) removed from the atmosphere. The company could then purchase and “retire” carbon credits as compensation for emissions from sources that will eventually be eliminated.

Historical Analysis and Media Coverage of Carbon Retirement

2008 - 2008: An article in the journal Energy Policy described carbon retirement as "straightforward and transparent," highlighting its advantages over traditional offsetting projects, which can involve complex methodologies, brokers, intermediaries, and concerns about additionality

2020 - McKinsey Sustainability reported a significant uptick in the retirement of carbon credits, with approximately 95 million tons of CO2 equivalent (MtCO2e) retired in 2020 alone, more than doubling the figures from 2017..

2022 - British media outlet CarbonBrief observed that 146 million carbon credits were retired from the four largest registries for carbon-offset projects in the voluntary market, indicating a substantial increase in the volume of retired credits within just three years.

References

  1. 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.
  2. "Carbon credits: Scaling voluntary markets | McKinsey". www.mckinsey.com. Retrieved 2024-02-21.
  3. Pearson, Josh Gabbatiss, Tom (2023-09-28). "Analysis: How some of the world's largest companies rely on carbon offsets to 'reach net-zero'". Carbon Brief. Retrieved 2024-02-21.{{cite web}}: CS1 maint: multiple names: authors list (link)

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