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Effectiveness of the Emissions Trading Scheme

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Authorities are now increasingly and progressively upholding measures aimed at controlling these emissions even as industry players have realized the economic benefits of preserving the vented gas (Gerner and Svensson, 8). Countries and organizations have are obliged to adhere to regulations governing emissions and which are based on the Kyoto Protocol of 1997. In Europe, the European Union (EU) has promoted the EU Emissions Trading Scheme (EU ETS) as a variable model for its member countries that especially enhances CO2 preservation and the greenhouse effect.
The oil and gas industry faces a number of challenges as it struggled to curb emissions within the United Kingdom Continental Shelf (UKCS) offshore industry. This includes fire, gas explosions, gas venting, and structural infrastructure collapse in its aging structures. Some of these calamities have had some fatalities on human life like the 1988 Piper Alpha disaster. Active legislative measures have been undertaken to curb this episode within the industry with some noted success, however, the nature of the rapidly evolving industry and technology mitigate against some of these tactics. In the UKCS, the Health and Safety Executive (HSE) is mandated to regulate the sector2. The HSE has set up an Offshore Division in a Hazardous Installations Directorate who is tasked as preventing major catastrophes and consequences while ensuring a more stable working environment for the firms (HSE, 1).
1. World Bank Report estimates that this is adequate fuel to supply all of Germany and France’s consumption. In Africa, the wasted energy can provide 50 percent of the continent’s electricity requirements.
2. The HSE is a UK agency more concerned about the safety of the more than 20,000 employees in the offshore oil and gas industry. The aging infrastructure still poses a potential health hazard to the workers and the environment.