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Final paper Essay Example

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The legal (in regard to Intellectual property and subsidies), economic, financial and political challenges.Market-based strategies such as pricing externalities can facilitate cost-effective abatement; provide efficient innovation incentives and government fiscal policies. In pricing the carbon emissions, the government gives incentives to individuals and companies to identify and implement best and low-cost ways to reduce emissions. The firms and individuals are also expected to invest in the development of new technology, processes and ideas that can mitigate future carbon emissions.Various approaches to this technique have been used, they include; carbon taxes, cap and trade and clean energy policy. The cap and trade has been hailed by many as the most innovative yet most complex tool towards the control of greenhouse emissions and facilitated the development of carbon neutral energy infrastructure. It aims at providing firms with better flexibility in selecting the least costly tool of compliance and provision of capital to support clean energy technologies (Climate change and the private sector, Pp 84). Such externalities have exhibited the effectiveness of market-based solutions. Congestion charges affected in the cities of Singapore; London and Stockholm have led to the reduction of traffic congestion in urban areas. It has also resulted to a reduction in air pollution and provided net social benefits. In the U.S, the Sulphur (IV) Oxide (SO2) cap and trade program has led to the reduction of SO2 emissions from power plants by almost half since 1990. Its success motivated the design and investment in the EU’s Emission Trading Scheme (EU ETS) to reduce power plant emissions in Europe. The positive results have provided credible reason to consider market-based solutions as probable approaches to mitigating greenhouse gas emissions.Zero-carbon technologies are critical in the reduction of gas emissions. Carbon credits have been identified as the immediate solutions towards the reduction of Green House Gas (GHGs). The credit allows individuals or business investments to emit at least one ton of carbon (IV) oxide. The credits are given to nations that have reduced their greenhouse gas emissions. They are traded at the carbon trade exchange through voluntary market and the compliance market. On the regulatory or compliance market the credits are produced through projects that are by the United Nations Framework Convention on

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Condon B., & Sinha T., (2013), The Role of Climate Change in Global Economic Governance. Oxford Press Pp 18

Hart C., (2013), Climate Change and the Private Sector: Scaling up private Sector Response to Climate Change. Routledge Pp 84

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