Proposed New CO2 Emissions Mitigation Mechanism

📖 The Scoop

MM, the new CO2 Emissions Mitigation Mechanism (Mitigation Mechanism) proposed in this work, is the CO2 mitigation program assisting the countries to reach the 1.5°C-2.0°C global warming limit in the year 2100.

Considering climate justice, the countries which will not reduce their CO2 emissions to the limit in a specific year will buy carbon credits. The new CO2 Emissions Mitigation Mechanism introduces an efficient way to buy carbon credits and an efficient way to use carbon credits.

This work proposes a procedure to guarantee constant carbon credit price, known in advance. This procedure does not require the involvement of carbon traders, reducing the time between the creation of emissions reduction and the actual money transfer to the project participants.

The carbon credits issued by the operating organization will be sold to the countries which did not reduce their CO2 emissions to the required limit in the specific year. These carbon credits will have a constant price without a time limit, known in advance publicly.

The money received from the buying country will be used as an incentive for CO2 mitigation projects and will be transferred directly to the project participant instead of carbon credits. Considering the 50$ carbon credit cost the maximum cumulative cost of the carbon credits proposed in this work will be 0.61% of the world cumulative GDP in the period 2025-2100. The maximum yearly cost of the carbon credits will be in the year 2037, 0.70% of the world’s GDP.

Keywords:                  

climate change, global warming, climate justice, CO2 emissions, Clean Development Mechanism, CDM, Certified Emissions Reduction, CER, CERs

Genre: Science / Global Warming & Climate Change (fancy, right?)