The photo is sourced from Hightech Plus
The price of CO2 in carbon trading markets ranges from $20 to $100 per ton. “Expanding public transport reduces the need for private cars and leads to a reduction in carbon footprint. This should be considered when assessing the economic efficiency of the metro and buses,” Chung emphasized. In his opinion, changes are also needed in the international accounting of CO2 emissions: carbon emission should be counted not only on production but also consumption which should add embedded carbon in the imported goods in order to avoid carbon leakage from developed to developing countries and to achieve global net reduction.
Changes are also needed to include consumer participation by bottom up approach to supplement current top down approach by the Government and the business. Voluntary consumer participation to share the responsibility based on PDC<Personally Determined Contribution> and “Me first” principle can facilitate the implementationof NDC<Nationally DeterminedContribution> of the Paris Climate Agreement. There is also great potential for low-carbon solutions in Russia: according to Chung, this includes the production of “blue” hydrogen, by capturing carbon and burying under the ground.
