648ac05e257f3_sustainable_solutions_for_carbon_reduction_final.pptx
- 1. SUSTAINABLE SOLUTIONS FOR CARBON REDUCTION Team Name - 683701-U6ZT021F Team Members- Riya Jain Himanshu Ranjan Subhransu Nayak
- 2. Reducing emissions is challenging, something that doesn’t happen overnight and with our present system of energy and land use preventing any carbon dioxide is not currently possible for most organizations, this is where carbon credits come in. Buying carbon credits compensates for the unavoidable emissions you create today by financing projects that reduce or absorb carbon emissions anywhere in the world.
- 3. A 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 instrument certified by governments or independent certification bodies to represent an emission reduction of one metric ton of CO2, or an equivalent amount of other greenhouse gases (GHGs). Both offsets and credits are measured in tonnes of carbon dioxide- equivalent (CO2e). One carbon offset or credit represents the reduction or removal of one ton of carbon dioxide or its equivalent in other greenhouse gases. What is Carbon Credit?
- 4. The carbon currency is the economic instrument of the Global Carbon Reward (GCR) policy. The main function of the currency is to deliver public and private finance at a scale that can address the ambition of the Paris Climate Agreement— and to do so without imposing any direct costs on citizens, businesses or governments. The carbon currency will be a new type of ‘representative money’ because it will represent carbon that has been mitigated. Carbon Credit as Currency
- 5. Carbon Credit enabling Sustainable development Examples of projects that successfully align climate action with global priorities on SDGs. One example is the water borehole project by Plannet Zero in Mozambique, a country in southeastern Africa. The project involves the installation and repair of water boreholes throughout the Manica province in western Mozambique. The boreholes provide access to clean water and eliminate the need for boiling water to make it safe for drinking. The project is also reducing about 10,000 tonnes of CO2 or its equivalent each year. Apart from its carbon reduction outcomes, the project also delivers several co-benefits and SDGs. Water borehole project co-benefits: • 3125 additional people gain access to safe water • Improvement of indoor air quality due to reduced need to boil water • Reduction in the occurrence of water-borne diseases locally • Time spent collecting firewood will be reduced by >30 minutes a day with the removed need for wood fuel to boil water • The boreholes are monitored and tested annually for water quality • Water point committees will be set up and trained to ensure that they are empowered to manage the boreholes The project delivers these specific sustainable development benefits: • SDG 3: Good Health and Well-being • SDG 5: Gender Equality • SDG 6: Clean Water and Sanitation • SDG 13: Climate Action The boreholes covered by the project will be powered entirely by emission-free technologies such as hand or solar-powered pumps. They, in turn, produce carbon credits linked with other sustainable development goals the project meets.
- 6. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. An investor that considers only a carbon project in terms of its carbon reduction benefits is choosing the tree over the entire forest. Opting for carbon credits that supports a number of sustainable development goals that also align with corporate sustainability delivers great benefits. Apparently, each SDG has its own targets to achieve but it can also tackle other development issues like SDG 13. Carbon Credit enabling Sustainable development
- 7. Carbon Offsetting Methods to mitigate Climate Change •Forestry. •Tree planting projects restore areas facing deforestation. Trees absorb and hold carbon. Without them, that carbon would be in the atmosphere, making global warming worse. •Agriculture. •Farmers grow crops using technology and techniques to maximize resources and reduce waste when growing crops. •Aviation. •Airline operators optimize flight paths with AI to minimize creation of contrail clouds. •Renewable energy. •These projects replace fossil fuel use with clean, renewable energy, such as that generated from a wind farm. •Water management. •Projects get clean water to areas with polluted or otherwise contaminated water so that they can reduce the need to chemically treat or boil water. •Waste management. •Projects capture the methane generated in landfills from waste disposal. •Carbon sequestration. •Projects use carbon capture and storage to put carbon in places where it's unlikely to be released back into the atmosphere. They take carbon out of the air and store it in soil, in swamps, in trees and even in rock. •Energy efficiency. •Projects aim to improve the efficiency of existing infrastructure by upgrading building insulation, for instance.
- 8. Environmental, Social and Economic impact of Carbon offsetting Environmental Impact • Reduction of GHG Emissions leading to curb Global Temperature Rise, thus mitigating climate change. • Water, Air, Soil Quality will improve. Social Impact • With lesser emissions Health will improve. • Conservation of Biodiversity • With evolving green energy sectors Employment opportunity arise across all genders. Economic Impact • Reutilization of artificially captured Carbon will introduce new sustainable supply chain which will lead to sustainable business growth • As Soil and water quality improves it will lead to increased agricultural yield.
- 9. Carbon Credit and Renewable Energy Carbon credits play a crucial role in supporting the development of clean energy sources by making them more affordable. Currently, scaling green technologies like solar mini-grids at the necessary rate for achieving a net zero scenario is nearly impossible due to their high prices. However, carbon credits can help lower the prices of clean energy products, making them accessible to low-income households and facilitating the adoption of sustainable solutions.
- 10. Carbon Credit and Community Development Projects Projects that generate carbon credits in developing nations often have additional positive outcomes known as co-benefits for the local communities involved. For example, the introduction of clean cookstoves in Africa not only improves cooking conditions but also enhances the skills of women. These projects also bring health and social co-benefits by eliminating or reducing the harmful particulate matter emitted from burning wood, leading to improved overall well-being in the community. These credits contribute to the improved well-being and prosperity of communities worldwide while simultaneously combating climate change through the financing of impactful projects
- 11. Carbon Credit and Conservation projects As farmers and ranchers embrace regenerative farming, their land goes from being a net-emitter of GHG to sequestering carbon. In other words, becoming a carbon sink. The reduction or sequestration of CO2 by regenerative farming methods can lead to the creation of carbon credits. These credits are created and brought to market by project developers. They then sold the credits to big companies seeking to offset their own emissions while supporting farmers. In return, farmers receive additional revenue for every ton of CO2 reduced or sequestered by their farmlands. On the buyers’ side, investors and companies like Cargill, JPMorgan Chase, Shopify, and Microsoft have committed to promoting farming methods that regenerate the soil by buying carbon credits from farmers. Through various regenerative farming techniques, corporations can invest to improve soil health and help grow farmers’ income. They can support growers today. And on top of that is reducing GHG emissions significantly.
- 12. Credits must represent emission removal or reduction that would not have happened otherwise. This requires monitoring organizations to inspect and ensure a project is using verified methodologies and science in their calculations. Creating carbon credits must not result in emissions elsewhere. For example, if one forest is protected as part of a project, another unprotected area cannot see an increase in deforestation as a result. Credits represent emission reductions that cannot be reversed. For example, projects may seek to store carbon underground. There is a low likelihood this carbon makes its way back into the atmosphere. Once purchased, organizations should be transparent with stakeholders about their offsetting strategy and the projects they are supporting. Transparency is important to avoid greenwashing accusations. Greenwashing is marketing spin used to convince people that an organization's products, goals and policies are environmentally friendly. Establishing a Global regulatory body to regulate cap and trade scheme of Carbon Credits. Establishing a Robust Carbon Credit Program
- 13. Corporate Funding to research Centers to develop technologies to curb emissions or developing technologies to avoid emissions of GHG gases. With development of technologies, acquire Proprietary rights of the technology. Sell Technologies to those industries with Carbon Offsetting Goals. Generate revenue and share certain stakes with the research centers to promote further research and to fund further research and development. Promoting Innovation
- 14. Use CSR initiatives for forestation and earn Carbon credits. Generate revenue by selling credits and invest in renewables or CCUS. Create a sustainable cycle of Carbon by reutilizing captured Carbon Dioxide as raw material for Methanol production, soda ash production, Urea production etc. Use Hub and Cluster model of CCUS by collaborating with other industries, which will enable a cost effective measure of offsetting Carbon Emissions. Integrating Carbon Credits into Business Strategies
- 15. One of the main challenges is the lack of awareness and understanding of carbon credits among businesses and organizations. This makes it difficult for them to identify and implement carbon reduction initiatives that can generate carbon credits. Start ups like Carbon Clean are taking initiatives and bringing the technologies to the industries to demonstrate the practical aspects of CCUS. Tata, Tuticorin Chemicals in India have already installed a small scale carbon Capturing units at their units. Tuticorin chemicals is able to reutilize the capture Carbon Dioxide which set the example for sustainable Urea production methods. Many of the other industries like Thermax have started reviewing the prospect of these technologies so that they can leverage cap and trade scheme in future. Another challenge is the complex and time-consuming process of obtaining carbon credits. Companies and organizations need to undergo rigorous verification and validation processes to ensure that their carbon reduction initiatives meet the standards set by international organizations. Governments across globe should also announce the regulations for Cap and Trade scheme as soon as possible, so that industries will be motivated to leverage it for revenue generation as fast as possible. • Carbon credits present a significant opportunity for India to reduce its carbon footprint and promote sustainable practices. Renewable energy projects, energy efficiency measures, and waste-to-energy projects are some of the most common ways to generate carbon credits in India. Overcoming Challenges
- 16. Thank You