Global Carbon Dioxide Levels Reach 4 Million Year High

Simon H
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Global Carbon Dioxide Levels Reach 4 Million Year High

Based on geological data gathered over the six decades that scientists have been measuring atmospheric CO2, this year’s peak seems to be the greatest in up to 4.5 million years.

Geological data reveal the three centuries ago, before the industrial civilization began, there were 280 CO2 molecules for every million molecules of air.

The amount of CO2 measured in PPM (Parts Per Million) shot up to 316 PPM back in the late 1950’s. Since then, it has climbed upwards to 419 PPM.

In other words, by burning fossil fuels in generators and automobiles, humanity has raised concentrations of the most significant greenhouse gas by 50%.

Researchers projected as early as April 2020 that pandemic-related economic disruptions that substantially lowered emissions will have almost little influence on CO2 trajectory.

The May average increased by 1.8 ppm over May 2020, which was somewhat less than the yearly growth rate in 2017 and 2011.

CO2 concentrations in the atmosphere change year to year, averaging around 2.5 ppm each year from 2010 to 2019.

The figures are influenced not just by pollution, but also by changes in the rate at which seas and plants absorb CO2.

The atmospheric concentration has a seasonal cycle, with a high in May when plants in the Northern Hemisphere (where the majority of them reside) begin to take CO2 into tissue.

Original source: https://www.bnnbloomberg.ca/co-reaches-its-highest-level-in-more-than-4-million-years-1.1613801

Russian Petrochemical Giant Plans to use Forest Carbon Credits to Offset Emissions

Carbon Credits
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Russian Petrochemical Giant Plans to use Forest Carbon Credits to Offset Emissions

Sibur PJSC intends to offset part of its emissions beginning in 2024 by exploiting the carbon-capture potential of Russia’s vast forests. Sibur will explore purchasing carbon credits from projects that plant trees or increase the ability of existing woods to absorb CO2, making it one of the first Russian firms to do so.

Sibur is already assisting with a pilot carbon monitoring project in western Siberia to examine the potential of local forests as carbon sinks.

The Russian government is eager to capitalize on the “carbon sink” potential of its enormous forests, but such initiatives have been criticized by climate experts.

President Vladimir Putin estimated in April that Russia’s biosphere absorbs roughly 2.5 billion tonnes of CO2 equivalent each year, however this amount has to be confirmed scientifically.

Carbon-offset schemes have been criticized by scientists and campaigners for a lack of adequate monitoring. Europe, which aims to be the world’s first climate-neutral continent by 2050, does not accept any offset contributions in its emissions-reduction strategy.

According to Sibur’s head of sustainable development, Sibur wants to proceed with the offsets because “they are essential to our investors, our clients; it is precisely one of those situations when market needs go beyond regulatory expectations.”

To maintain a level playing field for domestic businesses, the EU intends to impose a charge on emissions contained in some imported goods. The so-called Carbon Border Adjustment Mechanism (CBAM) would apply to businesses such as cement and power, and would be implemented as early as 2023. The EU has said that countries with comparable emission-reduction efforts may be exempt from the charge.

Later this July, the European Commission is expected to release a draught legislation outlining the mechanism’s specifics. According to Russia’s Energy Ministry, the levy may cost the country’s oil and gas industry $3 billion to $4 billion each year.

Sibur is concerned about the likelihood of the tax, but has yet to submit an estimate for its own possible losses and is waiting for the commission’s recommendation. The firm is revising its environmental, social, and governance plan through 2025, which will be available in the second half of this year and may contain more aggressive emission-reduction objectives.

Source: https://www.bnnbloomberg.ca/sibur-plans-to-use-russia-s-forests-to-offset-carbon-from-2024-1.1609726

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