Carbon credits and other cap and trade programs are increasingly popular ways to reduce carbon emissions and other forms of pollution.
In Japan, Nissan recently announced the creation of the Nissan Zero Emission Fund for owners of their Leaf EV (electric vehicle). Leaf owners will generate carbon credits equal to the amount of CO2 emissions that would have resulted annually from their driving a traditional automobile. Funds generated from the sale of these carbon credits will be re-invested in a zero-emission infrastructure for Japan.
Nearby, the Australian government is introducing the Carbon Farming Initiative, which will give carbon credits to farmers who capture the greenhouse gases emitted by manure.
Meanwhile, a study conducted by Forest Trends’ Ecosystem Marketplace Initiative and Bloomberg New Energy Finance found that voluntary carbon offsetting hit a three year high in 2011. It further found that the United States is the world’s largest buyer of voluntary offsets. The study also noted that voluntary offsets were very much on the rise in Africa. The continent is the third largest supplier of carbon credits thanks to the promotion and use of clean cook stoves in rural areas and other similar initiatives.
In California, the debate is raging over how to spend the money generated by its very own carbon trading program. The program, which is scheduled to kick off its first carbon credit auction on November 14th, is the first of its kind in the country. Inside Climate News takes a look at why many Californians – supporters and critics of the scheme alike – are unhappy with Governor Jerry Brown’s proposal to use the money to cover debt problems.