Lower carbon emissions are achieved by reducing carbon dioxide released during power plant combustion, converting to renewable energy sources like solar, wind, or nuclear power, and other measures.
The obvious choice is to increase efficiency, improve car gas economy, improve homes’ insulation and energy management, and use LED lighting. However, efficiency can also be increased by changing our behaviour to allow us to do the same tasks while consuming less energy and following the method of carbon abatement cost.
For instance, by making better use of carpools, we could reduce the number of trips we make to do our shopping or make public transportation in our cities function. We might also convert to burning cleaner fuels to generate electricity or run cars.
Methane is a less complex form of hydrocarbon than coal or gasoline; its main combustion products are water and CO2, with minor quantities of nitrous and sulphurous gases that cause pollution. It makes natural gas primarily composed of methane, a cleaner fuel than coal or gasoline. As opposed to this, burning coal releases large amounts of these gases and other toxic pollutants, some of which contain mercury, which has a long-lasting negative impact on the environment.
What is Carbon Abatement Cost?
The carbon abatement cost is the expense of pollution reduction or prevention as a result of new regulations. The cost of abatement can be classified into four groups:
- Treatment: The cost of capturing and removing pollution after it has been generated during production (for example, an air pollution car filter).
- Recycling: The cost of processing waste after production for different use.
- Disposal: The cost of putting or destroying the waste produced during production.
- Prevention: The cost of any method/device/process to decrease the amount of pollution/waste generated during production.
Carbon Abatement Cost Approach
The implicit value of the damage prevented in the carbon abatement cost approach is represented by the costs of preventing or reducing damage or the costs of complying with legal requirements. This method is justified by the assumption that legislators considered public willingness while establishing the norm, resulting in a revealed preference damage estimate that is no less accurate than the simpler valuation techniques.
Another disadvantage of the carbon abatement cost approach comes with modernisation, which is changing society’s preferences. Change as knowledge, analysis, values, and policies evolve. Therefore, actual effects today and their current worth to society may have little resemblance to previously stated preferences.
In a Nutshell
CCS is a technique or method for capturing and storing carbon, which reduces emissions into the atmosphere. In essence, this entails removing carbon from the atmosphere where it is being released, liquefying it, and putting it into a reservoir below the earth. It is a very new technology, and numerous studies are being conducted worldwide to ascertain how to make it function.
Under the North Sea, the Norwegians have conducted one of the first significant experiments by injecting a significant amount of CO2 into a layer of sandstone from which they had previously produced oil and gas. The other methods of cutting emissions are based on energy-producing technology that doesn’t use fossil fuels.
For example, wind and solar power are growing, but they are still more expensive than producing electricity from fossil fuels. The US Energy Information Administration has studied the costs of generating electricity by various methods, and some of their findings are shown. Here, the system-Levelized costs are the sum total of the costs incurred during a power plant’s construction and safe operation.
The best approach for your business to work in support of sustainable development can ploy and support organisations with a better sustainable approach.