Regarding “Carbon credits”, which one of the following statements is not correct?
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The carbon credit system was ratified in conjuction with the Kyoto Protocol.
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Carbon credits are awarded to countries or groups that have reduced greenhouse gases below their emission quota.
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The goal of the carbon credit system is to limit the increase of carbondioxide emission.
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Carbon credits are traded at a price fixed from time to time by the United Nations Environment Programme.
(i) A carbon credit is a generic term for any tradable certificate or permit representing the right to emit one ton of carbon or carbon dioxide equivalent (tCO2e). The mechanism was formalised in the Kyoto Protocol, an international agreement between more than 170 countries. (ii) The developed country would be given credits for meeting its emission reduction targets, while the developing country would receive the capital investment and clean technology or beneficial change in land use. (iii) This carbon credit system is to limit the emission of carbon dioxide. (iv) There are many companies that sell carbon credits to commercial and individual customers who are interested in lowering their carbon footprint on a voluntary basis.