However, in the upper atmosphere, it helps to protect the earth from ultra-violet radiation and chemicals which tend to destroy ozone in the upper atmosphere are regulated under the Montreal Protocol Ozone at ground level and in the lower atmosphere is linked with smog and health problems. Also created by reactions involving nitrogen oxide gases resulting from motor vehicles and power plants. Rising global temperatures may act to increase water vapour in the atmosphere. Used largely in heavy industry to insulate high voltage equipment and to assist in the manufacture of cable cooling systems. Used largely in refrigeration and insulating foam. Also used as a replacement for CFCs in manufacturing semiconductors. Generated by burning fossil fuels, in the manufacture of fertilizer and by cultivation of soils. Other sources are landfills, coal mines, paddy fields, natural gas systems, and livestock. The Kyoto Protocol at present commits 41 developed countries (known as Annex I countries) to reduce their GHG emissions by at least 5% below their 1990 baseline emission by the commitment period of 2008-2012. Subsequently, to supplement the Convention, the Kyoto Protocol came into force in February 2005, which sets limits to the maximum amount of emission of Green House Gases (GHGs) by countries. To address the issue of global warming, the United Nations Framework Convention on Climate Change (UNFCCC) was adopted in 1992, with the objective of limiting the concentration of Green House Gases (GHGs1) in the atmosphere. One challenge facing the human race is that of global warming. The paper tries to draw lines and analyse the various ways in which the accounting of these credits can be executed in an unambiguous and a fair manner.ġ.1 – GREEN HOUSE GASES AND THEIR EMISSION. The guidance notes issued by the Institute of Chartered Accountants of India do emphasize on the recording the sale and purchase of the Carbon Credits in the books of accounts, but there still exists a kind of ambiguity. There are two types of issues – One pertains to the Financial implications of the emission trading system and the other relates to the financial implication to CDM projects on host entities in developed countries. The Protocol provided various mechanisms to control the climate changes, like the Cleam Development Mechanism (CDM), Joint Implementation (JII), International Emission Trading (IET).Īccounting issues pertaining to the carbon Emission Trading Scheme (ETS) remain as an accounting minefield. As of March 2012, 191 member nations have ratified the protocol with the exception of United States, which is the world’s largest emitter of Greenhouse gases.Īs per this protocol 36 countries have committed on the reduction of the green House Gases by 5.2% by 2012. This came into effect on 16 th February 2005. The United Nations Framework Convention on Climate Change (UNFCCC) has adopted a protocol in 1997 at the summit in Kyoto, Japan. Sea Levels have risen by 20 cm over the last 130 years and are expected to rise by 1ft to 5ft in the next 100 to 300 years, which could send parts of countries like Bangladesh, Maldives, Egypt, Kiribati, Tulavu or even cities like Shanghai, Tokyo, Mumbai, London and New York under water Global Warming has the dooming effects of melting the polar ice caps, thermal expansion of water leading to an increase in the average sea levels, depletion of the ozone cover and natural calamities. Scientists have identified the cause as increase in green house Gases emissions, depletion of Forests, Fossil Fuel and Industrial Emission.
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