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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 (EUA’s), which represents the right to release carbon dioxide into the atmosphere, are issued to all the largest polluters. By buying these allowances and permanently removing them, it forces industrial companies to reduce their emissions. As the ETS scheme develops over time there are to be less allowances available making it much harder for industrial companies to sustain their high levels of emissions 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.
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