Each country which has ratified Kyoto protocol is assigned a ‘cap’ that is the maximum amount of greenhouse gases a country can emit. These countries set ‘caps’ on the emissions of local organizations and companies called as ‘operators’. Countries manage this through ‘registries’ which are often reviewed by United Nations Framework Convention on Climate Change (UNFCCC).
Emissions Trading and Carbon Credits
Each operator has an allowance of credits, where each unit gives the owner the right to emit one metric tonne of carbon dioxide (in case of carbon emissions) or other equivalent gas. Operators who have not used up their quotas can sell their unused allowance as carbon credits, while businesses who are about to exceed their quotas can buy extra allowances as credits, privately or in the open market. An operator also has an option of cutting emissions by his own means such as using clean machinery or by purchasing emission credits.
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