Putting a price on carbon is seen to be an effective measure against reckless burning of fossil fuel. Pennsylvania became the first state in the United States to adopt a carbon pricing mechanism to address climate change.
Carbon pricing means for every ton of carbon released into the atmosphere fossil fuel companies will have to pay a certain price, and that price should reflect the economic loss that the environmental damage and carbon emissions will lead to. The price is paid in the form of carbon credits, which are used to then offset the effects of carbon emissions.
It may look simple but framing a conclusive and widely acceptable carbon pricing policy has proven to be difficult in the US and in many countries, because the people opposing it argue that it hampers small business owners. The US has a social cost of carbon in place which gauges the impact of carbon emission in the future and guides policy making, carbon pricing on the other hand is a policy.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
