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Personal carbon trading |
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Personal carbon trading is the process in which carbon credits are allotted to individuals on the basis of per capita income. Personal carbon trading is also another way of appreciating emissions restrictions.
Personal carbon trading are sometimes also known as personal carbon allowances. Sustainable Development Commission (SDC) in the year 2005 recommended that Government should fund personal carbon trading. Personal carbon trading ensures achieving annual cuts in national carbon budget of any country. This is a key constituent in dealing with legally-binding cuts in emissions.
Personal carbon trading (PCT) can be termed as a process that describes a lot of different proposals which involves direct individual participation in a cap and trade or ‘emissions trading’ scheme specially made to reduce carbon emissions. A cap and trade scheme can be described as a scheme by which a price for carbon can be introduced in the economy. Personal carbon trading (PCT) can also be treated as a carbon tax and regulation imposed on carbon emissions.
Among several proposals associated with Personal carbon trading (PCT), some of the proposals involve free allotment of carbon credits to individuals. The individuals on other hand use this credit for purchasing electricity, heating and transport fuel or spend on air travel expense. Personal carbon trading (PCT) also involves trading between individuals, who are low carbon consumers and high carbon consuming consumers. In this scheme low carbon consumers sell their surplus credits in the carbon market, which is again purchased by high carbon consuming consumers.
Several benefits can be drawn from personal carbon trading scheme. This scheme allows the cost of carbon emissions to be included in everyday decision-making and purchasing decisions. This will result in promoting energy efficiency and behavioral modifications. This is a type of incentive to develop and adopt of new low carbon technologies.
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