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Global Warming Essay

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Climate change is a major global issue. Canada is the ninth largest emitter of greenhouse gas that needs to enact on a climate policy [1] (Mildenberger et al. 2016).Greenhouse gas slows down and prevents heat loss in space which increases the temperature of the Earth’s surface leading to global warming. Activities of energy industries, transportation, residential and commercial activities, manufacturing, construction, industrial processes, and agriculture emit greenhouse gases. Human activities emit Carbon dioxide (CO2) that is responsible for an increase of 85% in global warming (Ayşegül Toptal, Bilgesu Çetinkaya 2017). Loss of sea ice, thawing permafrost, and coastal erosion are already increasing in speed [7-9 Mildenberger et al. 2016], …show more content…

The "trade" refers to a market where companies can buy or sell “allowances,” or pay others to reduce emissions on their behalf, in order to comply with the cap in the lowest cost and most efficient way. The government sets an industry-wide limit to carbon production. Corporations that produce more than the set carbon limit are able to buy allowances from corporations who produce below the allowed amount. By doing this , it creates a market for carbon so that companies can actually make money by reducing their carbon output. As time progresses, the government will incrementally lower the cap, which will reduce the number of allowances issued and increase their price. Ontario's Climate Change Mitigation and Low-carbon Economy Act, 2016 (the "Climate Act"), creates a cap-and-trade system that covers 82 percent of Ontario's direct emissions. This system includes all fossil fuels (e.g., gasoline, diesel and natural gas) used in Ontario by individuals, governments and businesses, and some other important Greenhouse Gases. The first four-year compliance period began on January 1, 2017, and continues until 2020. The cap-and-trade system alone is predicted to provide only 2.8 Mt of the 18.5 Greenhouse gas reductions needed to meet Ontario's 2020 Greenhouse gas target. The government declared that the next 9.8 Mt of reductions will come from its Climate Change Action Plan, to be funded by the Greenhouse Gas Reduction Account, i.e., from selling cap-and-trade

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