Energy Insights 2021 Issue 5

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Page 38 of 51

S H E A R M A N & S T E R L I N G L L P | 3 7 INSIGHTS The Rise of Carbon Offsetting  BY IAIN ELDER AND COLM Ó HUIGINN In recent times, carbon-intensive sectors in many parts of the world 1 have been subject to mandatory programs that: obligate reporting of greenhouse gas ("GHG") emissions; set thresholds for permitted emissions; and enforce compliance using instruments such as carbon taxes or cap-and-trade. Governments have also signed on to binding international treaties 2 which commit them to reducing their GHG emissions and ultimately achieving carbon neutrality by 2050. Continued overleaf

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