While Green Ventures, as an Indian based company, is focused upon the UNFCCC and the Clean Development Mechanism, the European Union has another type of system in place to reduce its emissions.
In the EU Emission Trading Scheme of the European Union all involved companies have an allotment of permits that allows them to emit a certain amount of GHGases; if this allotment is “used up”, companies can buy credits from companies that did not reach their limit.
The European scheme has produced a substantial market: more than 8 million tons of CO2 emissions were traded in Europe in 2010, worth US $ 130 billion (source: wired). But the system can hardly be called fail proof. In the last couple of months hackers have stolen several million US $ worth of credits, some of it even twice....
In the EU Emission Trading Scheme of the European Union all involved companies have an allotment of permits that allows them to emit a certain amount of GHGases; if this allotment is “used up”, companies can buy credits from companies that did not reach their limit.
The European scheme has produced a substantial market: more than 8 million tons of CO2 emissions were traded in Europe in 2010, worth US $ 130 billion (source: wired). But the system can hardly be called fail proof. In the last couple of months hackers have stolen several million US $ worth of credits, some of it even twice....
