Carbon footprints are a way to measure the impact of an individual or company on greenhouse gas emissions. Reducing one's carbon footprint helps to prevent climate change and protect the environment.
To reduce your carbon foot print, you can do many things. For instance, use less electricity, drive fewer miles and recycle. A major part of reducing a person's carbon footprint is to purchase from companies who are committed towards sustainability.
By purchasing products and services, you reduce the demand for fossil-fuel based energy. This reduces your carbon footprint. This also helps to support local economies and encourages individuals to adopt a sustainable lifestyle.
To achieve the goal of climate neutrality by 2050, it will require all members of the community to take part in over 130 actions. Everyone can reduce their carbon footprint by taking personal action to save energy, use public transportation, drive more efficiently, and recycle.
Emission Control Areas is an international shipping zone that requires cleaner fuels or engines to reduce emissions. These emissions affect human health and biodiversity in the oceans, including black carbon from diesel exhaust.
A Emission Reduction Buy Agreement (ERPA), also known as an Emission Reduction Purchase Contract, is a contract that involves the World Bank in its capacity as trustee of FCPF or CPF and a government from a country with a keen interest in reducing deforestation, or developing clean technology. The contract specifies how much GHG must be reduced in a given period of time, which activities are eligible for funding, and the trigger for results-based payments. Usually lasting 5-10 years, it involves land management, climate-smart farming, or forest landscape conservation. Most often, 80-95% benefits from these agreements will be shared with indigenous communities and local communities who take part in emission reduction activities.
The implementation of ECAs represents a significant step in the right directions, but a number challenges remain. For example, natural gas suppliers are hesitant to invest in LNG bunkering infrastructure without long-term purchase contracts with shipping companies, and it will take time for shippers to switch to using cleaner fuels.
In order to make the process easier, the Bank has created a dedicated team. With capacity building programs like the FCPF Readiness Fund, which reduces transaction costs, we put countries in an improved position to discuss ERPAs. The FCPF's Readiness Fund is a great example of how we can reduce transaction costs and put countries in a better position to negotiate an ERPA.
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