Volume : VIII, Issue : IX, September - 2019

Global Warming and Carbon Trading: An Economic and Ethical Dimentions.

Dr Santanu Das

Abstract :

Global warming is the most significant threat to the world during 21st century. It is the unusual rapid increase in earth average surface temperature over past century primarily due to the green house gasses released by people burning fossil fuels. Carbon trading is a system whereby countries or individual companies are set emission targets. Those that cannot meet their target can buy credits from countries or companies. Carbon credits as a concept was discussed and formalized in the Kyoto Protocol. In December 1997, the Third Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Kyoto Protocol. The protocol requires developed and developing countries to limit their Greenhouse Gas (GHG) emissions to individual targets. The notions of ‘right’ or ‘wrong’, ‘good’ or ‘bad’ are meaningless without any reference to the idea of ultimate end or highest good.Our actions are right if they are conducive to the highest good. Thus, "Ethics" is sometimes defined as “an enquiry into the nature of the ultimate end of human action ---the highest good of man --- and the means of attaining it" The possibilities are endless; hence making it an open market. Operators that have not used up their quotas can sell their unused allowances as carbon credits, while businesses that are about to exceed their quotas can buy the extra allowances as credits, privately or on the open market. As demand for energy grows over time, the total emissions must still stay within the cap, but it allows industry some flexibility and predictability in its planning to accommodate this. This paper intends to explore the contradiction between "Business Ethics" and "Business Practice" in the light of Kyoto Protocol.

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

GLOBAL WARMING AND CARBON TRADING: AN ECONOMIC AND ETHICAL DIMENTIONS., Dr Santanu Das GLOBAL JOURNAL FOR RESEARCH ANALYSIS : Volume-8 | Issue-9 | September-2019

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