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The current GHG emission reduction policies predominantly concern the implementation of limitation and asset trading mechanisms. These trading mechanisms mainly focus on assets which are linked to CO2 emissions and constitute the carbon economy. An international regulation defined by States under the aegis of the United Nations sets the principles, objectives and obligations imposed on the actors involved in the carbon economy.
Tools used by policies which set carbon emission caps for States or industrial manufacturers, or voluntary commitments in some cases, permit markets have the advantage of being flexible. They enable the actors concerned to achieve an economic trade-off between internal emission reductions and the sale or purchase of permits on a market, so that emissions are reduced at the lowest economic cost.
However, the incentive to reduce emissions, proportional to the GHG emission price, primarily depends on the policy regulator who can increase the pressure on emissions by lowering the total volume of distributed carbon assets.
The Kyoto Protocol does not impose emission-reducing commitments on all countries. It has introduced project mechanisms which progressively involve developing countries in the emission reduction process. The purchase of credits thus generated by projects enables the transfer of finance and technology.
In concrete terms, these are both greenhouse gas quotas and emission reductions which are traded and which constitute “ carbon assets ”. There are three types :
The development of the carbon economy is based on the setting up of infrastructures which are adapted to this new market, allowing for the most efficient distribution of emission-reducing efforts to be achieved :
Constructing a sustainable town. Innovating for the environment. Investing responsibly.
Sustainable development goes hand in hand with our actions on a day to day basis.
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