Greenhouse Gas (GHG) Tracking and Reporting To Become Law By 2010
Greenhouse gas (GHG) emissions have been a topic of concern for many years and are a significant contributor to climate change. In response to this problem, many countries have taken steps to reduce their GHG emissions. One such step is the tracking and reporting of GHG emissions.
The tracking and reporting of GHG emissions is the process of measuring and quantifying the amount of greenhouse gases emitted by a company, organization, or government entity. It is a key component of any GHG reduction strategy, as it provides a baseline measurement of emissions that can be used to track progress over time.
In recent years, the tracking and reporting of GHG emissions has become increasingly important, both for sustainability and regulatory reasons. Many countries have implemented regulations that require companies to measure and report their emissions, with the aim of reducing overall GHG output.
One of the most significant initiatives in this area is the Paris Agreement, signed in 2015. The agreement calls on countries to limit global temperature rise to below 2°C above pre-industrial levels, with a long-term goal of keeping the increase to no more than 1.5°C. To achieve this goal, each country must set nationally determined contributions (NDCs) that outline their GHG reduction targets.
To accurately measure progress towards these targets, countries must have reliable data on GHG emissions. This requires the tracking and reporting of emissions from all sectors of the economy, including industry, transportation, agriculture, and buildings.
In the United States, the Environmental Protection Agency (EPA) has been tracking GHG emissions since the early 1990s. In 2009, the agency established the Mandatory Reporting of Greenhouse Gases rule, which requires large emitting facilities to report their emissions to the EPA on an annual basis.
Since then, many other countries have followed suit. For example, the European Union (EU) established the European Emissions Trading System (EU ETS) in 2005, which requires companies to purchase permits for their emissions. To do so, they must have accurate data on their GHG output.
Similarly, Canada introduced the Greenhouse Gas Pollution Pricing Act in 2019, which places a price on carbon emissions. To comply with the act, companies must report their emissions to the government.
These regulations have been effective in driving emissions reductions, as companies are incentivized to reduce their emissions in order to avoid paying for permits or carbon taxes.
However, there is still much work to be done. Many countries do not have comprehensive systems in place for tracking and reporting GHG emissions, and there is a need for greater standardization and transparency in reporting methodologies.
To address these challenges, the Global Reporting Initiative (GRI) and the Carbon Disclosure Project (CDP) have developed guidelines for companies to report their emissions. These frameworks provide a standardized approach to measuring and reporting GHG emissions, which improves transparency and comparability across different organizations.
In addition to these guidelines, there is growing interest in using technology to improve the accuracy and efficiency of GHG tracking and reporting. For example, satellite imagery can be used to monitor deforestation, which is a significant source of emissions.
Another approach is the use of blockchain technology, which can create a transparent and secure system for tracking emissions. This approach has the potential to revolutionize the way we track emissions, by creating a decentralized system that is resistant to fraud and tampering.
Looking ahead, there is a growing consensus that the tracking and reporting of GHG emissions will become increasingly important in the years to come. As the impacts of climate change become more severe, there will be greater pressure on governments and companies to take action to reduce their emissions.
In response to this pressure, we can expect to see more regulations introduced that require companies to report their emissions. This will create a market for GHG tracking and reporting services, as companies seek to comply with these regulations and reduce their emissions.
In conclusion, tracking and reporting GHG emissions is an essential component of any strategy to reduce emissions and combat climate change. While progress has been made in this area, there is still much work to be done to standardize and streamline reporting methodologies, and to use technology to improve the accuracy and efficiency of GHG tracking. As regulatory pressure and public demand for climate action continues to grow, we can expect to see even greater importance placed on the tracking and reporting of GHG emissions in the years to come.