Carbon trading goes personal

The Royal Society has kicked off a new personal carbon trading scheme, called CarbonLimited.

Here’s how they explain it:

Personal carbon trading is based on the concept that each citizen should be allocated with an equal ‘carbon allowance’ as part of a ‘cap and trade’ scheme designed to control carbon emissions. The ‘cap’ (the total body of emissions allowed under the scheme) would initially be set at current emissions levels and gradually be reduce to meet the long-term carbon emission reduction goals. These carbon allowances, more likely to be called ’carbon credits’ would be issued at no cost to individuals and surrendered electronically when purchasing fuel and electricity. People using less than their share could sell the surplus to people or businesses using more than their allotted share, via a market. In this way, it would provide an incentive for every individual to take steps to reduce their ‘personal emissions’, in other words, the emissions for which they are directly responsible.

All very intriguing, Greenbang will be watching…