What is the solution to the climate crisis? 

The solutions to the global climate crisis at this point include cutting carbon emissions by 50% by 2030, to reach net zero (Net zero of carbon emissions) of the global economy by 2050, and securing natural carbon sinks. To achieve this task, each country is considering introducing a carbon tax. 

The carbon tax is a policy that imposes a tax on the carbon content of fossil fuels such as coal, oil, and natural gas to price carbon dioxide (CO2) emissions. The goal is to reduce the amount of greenhouse gases (GHGs) emitted into the atmosphere and encourage the transition to cleaner and more sustainable energy sources.

The carbon tax aims to reduce GHG emissions, the root cause of climate change, and can generate government revenue, but it can disproportionately affect low-income households, and without a global agreement on carbon pricing, there is a risk of carbon leakage in which emission-intensive industries move to countries with weak environmental regulations.

To date, British Columbia in Canada has implemented a revenue-neutral carbon tax since 2008 to support economic growth, while Sweden has imposed a carbon tax since 1991 to help reduce greenhouse gas emissions and shift to a more sustainable energy system.

In addition, the European Union (EU) is implementing a carbon trading system that sets an upper limit on the total amount of greenhouse gases that participating countries can emit and allows companies to trade emissions.

The ongoing carbon tax will be applied to fixed emission sources such as power plants, not the ships at present, but will be expanded not only to power plants, but also to marine and ships. Panasia has developed OCCS, and actively consults with shipyard and shipowners, including HMM and Samsung Heavy Industries.

In addition, regulations on methane as well as carbon reduction are gradually emerging, and Panasia is striving to develop iCER to deal with this trend.