Every news outlet, media station, and social media platform are jumping on the globally trending topic #COP26. #COP26 sounds like another top-of-the-line socially promoted hashtag to the average person. But unfortunately, many people have no idea what it means or even the “buzzwords” associated with the entire event.
You don’t have to worry; at the Electricity Hub, we are committed to consumer enlightenment on not-so-easy to understand industry terminology. We are here to take the stress of researching the trend off your table.
#COP26 – ‘COP’ is an acronym for ‘Conference of the Parties’ where ‘the Parties’ are governments signatory to the UN Framework Convention of Climate Change (UNFCCC). Every year COP brings these governments together to discuss how to address climate change jointly. This is the 26th edition of the event. The conference will host world leaders, energy giants, on-grid and off-grid power firms, students, energy enthusiasts, climate activists and stakeholders to seek a binding agreement on climate action.
#ClimateChange – Well, as you must have heard, the world is experiencing worrying and, in some cases, extreme consequences of continuous exploration and exploitation of the earth’s natural resources. This has led to the depletion of the critical protective cover called the Ozone layer; the effect is the rapid change in climate conditions, including extreme weather conditions, increased desertification, and lack of access to basic energy needs.
#FossilFuels – Fossil Fuels are hydrocarbons which are naturally occurring materials that include coal, petroleum, natural gas
#GreenHouseGas – Green House Gases (GHG) are gases that trap heat or radiation in the atmosphere. When these gases are trapped in the atmosphere, they cause changes to the climate and adversely affect the environment, affecting health, agricultural production, and social security.
#CO2Emissions – CO2 is the scientific abbreviation for Carbon Dioxide, a Green House Gas (see the above). CO2 is a colourless and odourless gas released into the atmosphere from the burning of fossil fuels, solid waste, trees and other biological materials and also from chemical reactions in industrial operations (e.g., cement manufacture).
#CarbonTrading – As a strategy for the global commitment to reducing GHG, the Kyoto Protocol ratified the Carbon Trading, which permits the sale of carbon credits between countries. Countries are awarded carbon permits yearly; these permits are reduced every succeeding year. A carbon permit is the allowable level of carbon a country can emit.
#CarbonCredits – Carbon Credits are literally like commercial products; however, each country in this regard has a carbon emission cap which means, as a country, you cannot emit more than a certain amount of carbon emission. The Carbon Credit allows a country that emits below its cap to sell off the excess carbon to other countries that have exceeded or may exceed their carbon caps for a fixed price.
#CarbonPricing – Carbon Pricing is a measure aimed at curbing carbon emissions globally which effectively puts a price on the total carbon a country or organisation emits. For example, thermal power generation companies primarily use fossil fuels to generate electricity, which contributes to the rising global emissions; carbon pricing ensures an added price for every ton of carbon emitted. The implication of this is a rise in the retail cost of electricity for the end-user. As a revenue reliant commercial venture, carbon pricing will force thermal electricity generating companies to seek cleaner and renewable sources of energy for electricity generation to make the retail tariffs affordable to the end-user.
#ClimateFinancing – Climate Financing refers to local, national and transnational financing acquired from private, public and alternative funding sources that seek to support mitigation and adaptation actions that will address and ensure resilience to the effects of climate change.