Carbon offsets and creditsA carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. A carbon credit or offset credit is a transferrable financial instrument (i.e. a derivative of an underlying commodity) certified by governments or independent certification bodies to represent an emission reduction that can then be bought or sold. Both offsets and credits are measured in tonnes of carbon dioxide-equivalent (CO2e).
Hybrid powerHybrid power are combinations between different technologies to produce power. In power engineering, the term 'hybrid' describes a combined power and energy storage system. Examples of power producers used in hybrid power are photovoltaics, wind turbines, and various types of engine-generators - e.g. diesel gen-sets. Hybrid power plants often contain a renewable energy component (such as PV) that is balanced via a second form of generation or storage such as a diesel genset, fuel cell or battery storage system.
Climate change mitigationClimate change mitigation is action to limit climate change by reducing emissions of greenhouse gases or removing those gases from the atmosphere. The recent rise in global average temperature is mostly due to emissions from burning fossil fuels such as coal, oil, and natural gas. Mitigation can reduce emissions by transitioning to sustainable energy sources, conserving energy, and increasing efficiency. It is possible to remove carbon dioxide () from the atmosphere by enlarging forests, restoring wetlands and using other natural and technical processes.
Carbon taxA carbon tax is a tax levied on the carbon emissions required to produce goods and services. Carbon taxes are intended to make visible the "hidden" social costs of carbon emissions, which are otherwise felt only in indirect ways like more severe weather events. In this way, they are designed to reduce greenhouse gas emissions by increasing prices of the fossil fuels that emit them when burned. This both decreases demand for goods and services that produce high emissions and incentivizes making them less carbon-intensive.
Greenhouse gas monitoringGreenhouse gas monitoring is the direct measurement of greenhouse gas emissions and levels. There are several different methods of measuring carbon dioxide concentrations in the atmosphere, including infrared analyzing and manometry. Methane and nitrous oxide are measured by other instruments. Greenhouse gases are measured from space such as by the Orbiting Carbon Observatory and networks of ground stations such as the Integrated Carbon Observation System.
Emissions tradingEmissions trading is a market-based approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). Carbon emission trading for and other greenhouse gases has been introduced in China, the European Union and other countries as a key tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants.
Kyoto ProtocolThe Kyoto Protocol was an international treaty which extended the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is occurring and that human-made CO2 emissions are driving it. The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. There were 192 parties (Canada withdrew from the protocol, effective December 2012) to the Protocol in 2020.
Wind powerWind power is the use of wind energy to generate useful work. Historically, wind power was used by sails, windmills and windpumps, but today it is mostly used to generate electricity. This article deals only with wind power for electricity generation. Today, wind power is generated almost completely with wind turbines, generally grouped into wind farms and connected to the electrical grid. In 2022, wind supplied over 2000 TWh of electricity, which was over 7% of world electricity and about 2% of world energy.
Total costIn economics, total cost (TC) is the minimum dollar cost of producing some quantity of output. This is the total economic cost of production and is made up of variable cost, which varies according to the quantity of a good produced and includes inputs such as labor and raw materials, plus fixed cost, which is independent of the quantity of a good produced and includes inputs that cannot be varied in the short term such as buildings and machinery, including possibly sunk costs.
Economics of climate change mitigationThe economics of climate change mitigation is part of the economics of climate change related to climate change mitigation, that is actions that are designed to limit the amount of long-term climate change. Mitigation may be achieved through the reduction of greenhouse gas (GHG) emissions and the enhancement of sinks that absorb GHGs, for example forests. The atmosphere is an international public good and GHG emissions are an international externality.
